This is how NYC’s affordable housing orgs plan to compete with investors and developers

Members of land trust see land leases as a sustainable strategy toward home ownership

New York /
Oct.October 26, 2017 11:15 AM

A new land trust wants to help low-income New Yorkers compete with developers and investors for homes.

One key component of the land trust’s plan is to keep ownership of land under their homes, allowing them to control the prices that they resell for and keep them relatively inexpensive, according to the Wall Street Journal.

Founding members of the land trust include Habitat for Humanity New York City and the Mutual Housing Association of New York. The group’s creators said they could create 250 units over the next few years, and they plan to focus on areas like southeast Queens, southeast Brooklyn and the Bronx.

The trust plans to keep many homes affordable for households earning 80 percent of median income in New York, which works out to about $76,000 for a family of four.

Although there was a shift away from promoting low-income home ownership after the foreclosure crisis, housing groups are now looking to help such tenants find homes as real estate prices continue to climb.

Melora Hiller, chief executive of Grounded Solutions, a company that works with community land trusts, told the Journal that the New York group could be a national leader on this issue.

“Since the foreclosure crisis,” she said, “we’ve seen a steady increase in the number of communities trying to prevent displacement.” [WSJ] Eddie Small


Related Articles

arrow_forward_ios
A rendering of 165 Broome Street (Credit: Handel Architects)
Nonprofit plans affordable housing development near Essex Crossing
Nonprofit plans affordable housing development near Essex Crossing
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
Lever House set for $100M redevelopment, restoration
Lever House set for $100M redevelopment, restoration
Lever House set for $100M redevelopment, restoration
Smile! BDG nabs $125M refinancing at Harlem multifamily
Smile! BDG nabs $125M refinancing at Harlem multifamily
Smile! BDG nabs $125M refinancing at Harlem multifamily
BFC Partners managing principal Donald Capoccia and renderings of 1607 Surf Avenue on Coney Island (BFCNYC)
BFC breaks ground on next phase of Coney Island affordable project
BFC breaks ground on next phase of Coney Island affordable project
John Arrillaga (Raymond Purpur of the Stanford Athletic Department)
John Arrillaga, pioneering Silicon Valley developer, dead at 84
John Arrillaga, pioneering Silicon Valley developer, dead at 84
Vector Group/Douglas Elliman's Howard Lorber (iStock, Getty Images, Vector Group Ltd., Douglas Elliman)
Howard Lorber’s $1.8M salary at Elliman offset by Vector pay cut
Howard Lorber’s $1.8M salary at Elliman offset by Vector pay cut
Fredrik Eklund with Tyler Whitman, Ryan Serhant, and Kirsten Jordan and Steve Gold (Getty, Bravo TV)
“The end of an era”: Fredrik Eklund quits Million Dollar Listing
“The end of an era”: Fredrik Eklund quits Million Dollar Listing
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...