During the NNIP/Cure Foreclosure Symposium [http://www2.urban.org/nnip/symposium.html] Junious Williams, CEO of the Urban Strategies Council in Oakland, CA, spoke about their development of the Oakland Community Land Trust in partnership with ACORN [website is http://www.oakclt.org but still under development]. The land trust will buy up REO properties, pay off the lien-holder, rehab the property and then sell the home (but not the land) to a family earning 50-80% of area median income. When the home is resold the original owner would keep all of their investment and a share of the equity appreciation, which allows the Oakland Community Land Trust to maintain the affordability for the next family. The Trust has initial plans to acquire 200 REO properties.
Is any other locality looking into starting up a community land trust or are there any communities who have a trust that has been operating successfully with positive outcomes re foreclosure prevention?
Is any other locality looking into starting up a community land trust or are there any communities who have a trust that has been operating successfully with positive outcomes re foreclosure prevention?
Tags: affordable, land, reo, stabilization, trust
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In Washington, DC, City First Enterprises, a nonprofit bank holding company, is initiating the first phase of City First Homes, a District-wide community land trust. In addition to developing 100 newly constructed, permanently affordable homes, City First Homes will also be acquiring and rehabbing 17 REO homes to be made permanently affordable. This first phase is part of a larger effort to create 1,000 units of permanently affordable housing throughout Washington, DC.
I have attached a brief program overview. More information is also available at http://www.cfenterprises.org. - Attachments:
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