Challenges to Community Land Trusts During the Housing Crisis
A recent article in the Chicago Tribune highlights the success of the Highland Park Community Land Trust in the metro Chicago area. At the same time, however, it notes some of the challenges that many CLTs face today, including:
- In some communities particularly hard-hit by foreclosures, the price of market-rate foreclosed homes has declined to a point where moderate-income buyers who are income-eligible for CLT homes are instead opting for the unrestricted foreclosed homes.
- The recession has compromised many CLTs' funding sources, making it difficult for these CLTs to produce their target number of permanently-affordable homes (as illustrated by the First Community Land Trust of Chicago in the Tribune article).
Has your community land trust faced these or other challenges recently? What have you done in order to deal with these challenges?
- In some communities particularly hard-hit by foreclosures, the price of market-rate foreclosed homes has declined to a point where moderate-income buyers who are income-eligible for CLT homes are instead opting for the unrestricted foreclosed homes.
- The recession has compromised many CLTs' funding sources, making it difficult for these CLTs to produce their target number of permanently-affordable homes (as illustrated by the First Community Land Trust of Chicago in the Tribune article).
Has your community land trust faced these or other challenges recently? What have you done in order to deal with these challenges?
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© 2012 Created by Center for Housing Policy staff.
