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Goal: Secure Land for Local Goal: Secure Land for Local, Achievable Housing Models to Consider: Community Land Trusts and Land Banks 12.5.17 Community Land Trusts (CLT) Land Banks WHAT Community land trusts are nonprofit, community- Land banks are usually governmental or quasi- based organizations designed to ensure government entities, but could be nonprofit community stewardship of land. Community land corporations, that are focused on the conversion of trusts can be used for many types of development vacant, abandoned, and tax delinquent properties (including commercial and retail), but are primarily into productive use. In addition to tax foreclosed used to ensure long-term housing affordability. parcels, land banks can acquire Real Estate Owned (REO) properties and receive private donations and public land transfers. HOW o The trust acquires land and maintains o Land Banks were created to strategically ownership of it permanently. acquire problem properties, using their o Land Trusts either develop the land special powers (see Benefits Section) and themselves or lease it to developers. convert these liabilities into assets. o Land Trusts lease the land to homeowners for o They may demolish obsolete structures; a nominal fee through a 99-year ground remediate soil; give side lots to neighboring lease instead of a traditional sale owners, donate land to nonprofits, or o Ground Lease and Deed are recorded, assemble properties for larger developers. enforceable, legally-binding o Land Banks then transfer the properties back www.mountainhousingcouncil.org 1 Community Land Trusts (CLT) Land Banks o Homeowners own home and all to responsible ownership and productive use HOW improvements in accordance with local land use goals and (continued) o When the homeowner sells, the family earns priorities, creating a more efficient and only a portion of the increased property effective system to eliminate blight. value. The remainder is kept by the trust, preserving the affordability for future low- to moderate-income families. o Includes: affordable rental housing, commercial spaces, gardens, and community facilities. Do they Yes, a CLT holds land in “trust” and uses its No, a land bank typically does not maintain any stay ownership to keep an eye on how it is used, its long-term interest in or restrictions on land it sells. involved? condition, and its affordability. Benefits o Increased access to home ownership. o Most land banks have special powers that o Banks land for affordable housing, taking it enable them to undertake acquisition and off of market. maintenance activities more effectively and o Creates affordable housing by taking the efficiently than other public or nonprofit cost of land out of the purchase price of a entities. Special powers include (varies state home. by state): o Keeps housing affordable for future buyers by § Obtain property at low or no cost through controlling the resale price of houses on land the tax foreclosure process trust land through a ground lease and resale § Hold land tax-free formula. § Clear title and/or extinguish back taxes www.mountainhousingcouncil.org 2 Community Land Trusts (CLT) Land Banks o Homeowners enjoy the security, control, tax § Lease properties for temporary uses Benefits advantages and ability to build equity just § Negotiate sales based not only on the Continued like any home owner. If they sell their home, highest bid but also on the outcome that the resale formula ensures that the home most closely aligns with community needs, remains affordable for the next family. such as workforce housing, a grocery o Rather than provide individual subsidies to store, or expanded recreational space households to purchase homes, permanent o When thoughtfully executed, land banking affordable housing is created that will remain can resolve some of the toughest barriers to even after the first tenant/owner moves on. returning land to productive use, helping to o A study by the Lincoln Institute of Land Policy unlock the value of problem properties and showed that, as of 2010, homeowners within converting them into assets for community a land trust were 10 times less likely to default revitalization. on their homes than their private-market o Land banks are a direct response to vacant, counterparts. abandoned, and tax-delinquent properties which destabilize neighborhoods, create fire and safety hazards, drive down property values, and drain local tax dollars. Are loans Yes - Most of the largest banks in the country are Assuming yes as the homeowner would gain available regularly making Land Trust home loans. ownership of the land and home so it would be a for traditional home sale. potential buyers? www.mountainhousingcouncil.org 3 Community Land Trusts (CLT) Land Banks Funding Community Land Trusts can become Community A variety of sources, which may include: Sources Development Corporations. This makes them o Revenue from the sale of properties eligible for: o Foundation Grants o HOME Investment Partnership Funds o General Fund appropriations from local and o Community Development Block Grant county governments Program (CDBG) o Federal and state grants – ex. Neighborhood o HUD Section 4 (Capacity Building Grants) Stabilization Program via CDBG funds o HUD Choice Neighborhoods – 40% of o Yearly budget allocations or in-kind residents in neighborhood must live below assistance such as shared staffing by their Federal Poverty Line local units of government o HUD Section 202: Supportive Housing for the Elderly o Low Income Housing Tax Credit (LIHTC) o NeighborWorks America (Neighborhood Reinvestment Act) Other Sources of Funding Include: Federal Home Loan Bank, Private Lending Institutions, State Housing Finance Agencies, Institute for Community Economics’ Revolving Loan Fund, Housing Trust Funds, Tax Increment Financing, Municipal Real Estate, Private Developer Exactions, Pension Funds, Private Foundations, Private Land Donations, Development Fees, and Lease Fees www.mountainhousingcouncil.org 4 Community Land Trusts (CLT) Land Banks Allowed in YES – there are currently 15 CLTs operating in CA YES – CA Department of Housing and Community CA? Development (HCD) recommends land banking as a strategy to assist in development of affordable housing, but they are not aware of any currently operating in CA. How to It takes about three years for a CLT to establish itself Typically, land banks are created as public entities create within a community. by a local ordinance, pursuant to authority one? o Determine local sponsorship and support – provided in state-enabling legislation. Land government, individuals/grassroots, banking programs can also be developed within banks/businesses, or other non-profits existing entities, such as redevelopment authorities, o Resource Organizing – find and secure housing departments, or planning departments. funding o Acquire, develop, and/or improve land Further Information at: Land Bank Authorities Guide Further information at: How to Start a Community Land Trust Markets Land trusts operate in all markets, though they are Land banks are more common or more active in best known for their goal of preventing weaker or mixed markets where there is more displacement in appreciating markets. vacancy. When One or more of the following rationales are Some common triggers for creating a land bank does this commonly identified: include: strategy o Developing communities without displacing o Large inventories of vacant and abandoned make people (avoiding gentrification and property sense to displacement of low-income residents) o Properties with little to no market value www.mountainhousingcouncil.org 5 Community Land Trusts (CLT) Land Banks use? o Perpetuating the affordability of privately o Properties with delinquent taxes in excess of When owned housing (avoiding market-rates on fair market value does this housing that was developed intentionally for o Properties with title problems strategy affordability by public or private measures) o Inflexible policies that dictate the disposition make o Retaining the public’s investment in of public property, denying local sense to affordable housing (avoiding market-rates on governments the chance to be strategic and use? housing that was developed for affordability nimble Continued by with public dollars) o The speculation and uncertainty inherent in o Protecting the occupancy, use, condition, the auction sale of tax-foreclosed properties and design of affordable housing (ensuring o Where there are statutory powers, occupancy, stewardship and maintenance intergovernmental agreements or policies in of affordable housing over time) place for a land bank to acquire properties o Assembling land for diversity of development through the tax foreclosure process at little to o Enabling the mobility of low-income people no cost (providing additional routes to housing for lower- and moderate-income people beyond what the market offers) o Backstopping the security of first-time homeowners (stepping in to cure defaults and prevent foreclosures, protecting the homeowner, the housing, the bank and the community) www.mountainhousingcouncil.org 6 Community Land Trusts (CLT) Land Banks Examples Champlain Housing Trust Fulton County/City of Atlanta Land Bank Authority o the largest community land trust in the o Prioritizes land transfers for the purpose of country affordable housing o has over $223 million in assets under its o Allows developers to acquire tax-delinquent stewardship, properties at below market prices in o manages 2,200 apartments, exchange for producing
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