Are you interested in helping promote truly affordable housing? Will you help us organize tenants in distressed buildings to join our project?
There are approximately 47 HDFCs (low-income cooperatives) in East Harlem, many of which need access to capital, repairs and technical support, and are vulnerable to being sold to private investors.
If the East Harlem/El Barrio Community Land Trust were to be expanded, it could:
- Create a stable source of housing for segments of the population currently excluded from the housing market
- Prevent displacement of residents currently at risk and thus stabilize the neighborhood.
- Provide a shared focus for organizing and a framework for collaboration at neighborhood and city levels.
- Lay the groundwork for a Citywide Land Trust that serves as a “central server” (with local land trust governance); creates subsidiaries to pool some resources; and provides a path to permanent affordability and community planning across the city.
How Can a CLT Help Me?
- In joining the MHA, HDFC residents give up ownership but gain the ability to finance repairs and rehabilitation.
- All residents gain support from the MHA-CLT and protection from rapidly rising rents and speculators through the CLT ground lease.
- All residents gain a say in the building management through the MHA and broader community planning through the CLT.
- The city gives up potential income from the larger number of higher paying tenants that might have moved in if the buildings had gone to investors.
- The city gains the ability to preserve past subsidies and a long term, responsible steward of subsidies going forward.
Want to be a part of building the East Harlem/El Barrio Community Land Trust? Become a contributor, organize your building, and get involved! For more information, please contact: email@example.com.
Source: Information and graphics courtesy of the New York City Community Land Initiative (NYCCLI).