Community land trusts provide far fewer units than other forms of affordable housing, but advocates now believe the model can be one possible solution to preserving the affordability of limited-equity co-ops. We take a closer look.
As cities across the country consider giving tenants the right of first refusal, municipalities must be meticulous in crafting policies that preserve and expand tenants' ability to form housing cooperatives.
Unlike so many owners who are quickly selling their properties to the highest bidder amidst rising real estate values, an East Oakland landlord was intent on giving the existing tenants a fair shot to purchase the property.
For Section 8 recipients, a step toward economic mobility (and community control) can be limited-equity cooperatives. A Section 8 voucher can be used to pay some of the monthly carrying costs of a co-op unit.
Stabilizing their home came at a steep price. These residents no longer face the threat of possible eviction, but they now confront the well-disguised iron hand of the market wrapped in the velvet gloves of “affordability” and “fairness,” pitting them against efforts by their public financiers to force them into higher rents over time.
This nonprofit is organizing a real estate investment cooperative for the Mid-Atlantic region of the United States, with the exclusive purpose of incubating, funding, and assisting “community land cooperatives.”
In our nation’s most vulnerable places, every vulnerable person and those more fortunate who care about their well being, are best served when we come together to help ourselves.
Federal programs and cultural attitudes that helped launch a majority of the large limited-equity co-ops across the nation are long gone, but at a smaller scale, this model of resident-controlled, long-term affordable housing may be experiencing new interest.