Testimony – City Council Committee on Finance Hearing

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  • Post category:enyclt

The COVID-19 crisis has made our effort to create a CLT in East New York all the more urgent.
We know that Financial crises have had a devastating impact on East New York residents.

Currently in ENY real estate shell companies are buying up homes with delinquent mortgages and selling them for over a million dollars. From January to March of this year, 60% of home sales in ENY went to real estate LLCs.

What CLTs can do is protect homeowners from economic downturns. Homeowners in CLTs are nine times less likely to be in foreclosure proceedings than those with traditional mortgage arrangements.

City council Funding is critical for the development of our CLT in East New York so we are asking the City Council to please support the Citywide CLT Initiative.