Given the present realities of housing markets throughout the country and corresponding national efforts like the Neighborhood Stabilization Program (NSP), it is an appropriate time to focus on the positive impact a CLT can have in communities with lower property values and on the ways CLTs are using NSP funds to stabilize neighborhoods affected by the foreclosure crisis. Here are some current projects.
Diamond State CLT (DSCLT) is a partner with Kent, New Castle, and Sussex counties, as well as the cities of Dover and Wilmington, in the Neighborhood Stabilization Program (NSP). DSCLT’s role in the partnership is recruiting and training buyers for some of the homes rehabbed under NSP. These are priced significantly under market value and affordable to households at 80 percent area median income and below. These homes are expected to become available in the 4th quarter of 2009 and be available throughout the state.
The initial project of the Oakland Community Land Trust is based on NSP funds from the city of Oakland, and will involve the acquisition and rehabilitation of 200 single-family homes in Oakland. These homes will be sold to families earning between 50 and 80 percent of the area median income, and as part of the OakCLT, will remain affordable to people in this income range forever.
Champlain Housing Trust has developed separate partnerships with the Vermont Housing Finance Agency (VHFA) and the city of Burlington to increase the affordable housing stock using NSP funds. CHT works with its respective partners to identify and inspect properties and negotiate with sellers for CHT purchase. CHT then develops and rehabilitates the properties for affordable resale as CLT homes. CHT has access to $7,000,000 in statewide funds from VHFA and $1,000,000 in NSP funds from the city of Burlington. It intends to create 20 permanently affordable homes over three years with the NSP funds.