July 19, 2017 Comments Off on Funding for Community Land Trusts Views: 804 Downtown New York, New York News

Funding for Community Land Trusts

Three new community land trusts (CLTs) will be funded with help from a $1.65 million grant from the Enterprise Foundation announced July 18, 2017.

“We are grateful to Enterprise for helping us to expand the use of Community Land Trusts,” said Maria Torres-Springer, commissioner of the City Department of Housing Preservation and Development.

The trusts are nonprofit organizations that own land and build homes on the land that are sold to qualified buyers. The trust keeps ownership of the land under the house which maintains the affordability written into their deeds. One of the trusts will work throughout the city, though they will primarily be active in southeast Queens, Edgemere (pictured) and central Brooklyn.

Funding for the initiative comes from a bank settlement negotiated by New York State Attorney General Eric T. Schneiderman.

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