Developing Our Own Community Land Trust (CLT): Affordable Homeownership on Protected Land
Conservation land trusts like the KLT traditionally focus on protecting open space. However, since we are in an urban area, we are exploring how to support the permanent protection of land for affordable homeownership. The KLT has been studying this Community Land Trust model, immersing ourselves in Kingston's housing issues and meeting with stakeholders since 2017.
This year we will be part of a community engagement process to orient Kingston to the CLT model and to support a community-led process of building a CLT that is tailored to Kingston's needs.
As a parallel effort we are working on developing a pilot CLT project with Habitat for Humanity and we hope to partner with the new Kingston City Land Bank to acquire land to put into trust and for Ulster Habitat for Humanity to build a house on and sell to a first time low income home buyer in a shared equity model.
The Land Bank's website is http://www.kingstoncitylandbank.org
***Reach out at email@example.com if you are interested in helping us develop this initiative! We will also make announcements for upcoming events on this topic***
What is a Community Land Trust (CLT)?
CLTs create affordable housing while still allowing low-income residents to build equity as homeowners. Moreover, because the CLT retains ownership of the underlying land, this housing remains permanently affordable, even as the original beneficiaries of an affordable home price sell and move on. This long-term, continuing benefit makes CLTs an especially efficient use of affordable housing subsidies.
By locking in permanent access to affordable housing, CLTs can play an important role in countering the market-driven displacement associated with gentrification. And by stewarding neighborhood land for the public good, not speculative profit, CLTs have played an equally important role in stabilizing communities by preventing unnecessary foreclosures
Source: Democracy Collaborative
View Habitat for Humanity NYC's video overview of the CLT model