Changes at "(Draft) Accessible and Affordable Home Ownership on Community Land Trusts"

• +(Draft) Accessible and Affordable Home Ownership on Community Land Trusts

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  Background and context (including, if applicable, where this idea came from):

  This is a draft idea building on ideas from a breakout group about home ownership at the first housing working group in February.

  Proposal (including what specifically the money would be spent on):

  Funding to add home ownership units to community land trusts (by building units or converting units) which are:
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• permanently affordable, where the land trust can guarantee that the land is used to stabilize the neighborhood long-term

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• affordable at incomes including 30-50% AMI ($49,600 to $82,700 for a family of 4 / $34,750 to $57,900 for an individual), not just the 80% and 100% AMI levels most affordable home ownership units are built at

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• accessible for immigrants to purchase

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  Proposal cost:
  TBD

  City Department that would implement it (if known):
  Mayor's Office of Housing or a new department focused on community-controlled housing as a human right

  People’s Budget values (for reference):
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• Self-determination: We know what our communities need and we have the right to decide for ourselves.

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• Transparency: We move with honesty and openness so everyone can see how decisions are made.

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• Care: We keep each other safe through care / by meeting needs, not punishment.

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• Solidarity: We show up for each other. None of us are free unless all of us are free!

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• Community Wisdom: The people most affected by decisions should lead.

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• Well-being: We deserve more than survival. Everyone should have what they need to live abundant, joyful lives.

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Reminder: Residents will be asked to consider how proposals align with these values when you vote at the assembly on March 14 and to vote for proposals that align with the values.

How does this proposal align with the People’s Budget value?

Self-determination: Communities have permanent control over land to keep it focused on housing that supports the community, not housing built for profit.

Solidarity: Focus on lower AMI's / income levels means truly supporting working-class BIPOC residents rather than building housing that prices them out. Focus on making sure immigrants can buy homes as well.

Additional Notes

The U.S. has a heavy emphasis on home ownership and investing in stocks as ways for people to build wealth, with people cashing in on fast-increasing real estate values. This includes people using the increased value of their homes to support themselves in retirement or to get loans for children attending college. With permanently affordable, community-controlled units, we also need budget items that allow people to make financial investments and invest for retirement (such as expanding investment funds in community-oriented businesses, co-ops, etc.), and support children to go to college (either free college or funding for tuition). There also needs to be money to support the owners of affordable units to maintain their buildings. Perhaps there also needs to be funding which would support stronger staffing and support at community land trusts for them to address challenges that often come up trying to just make it by, so they can thrive and strengthen resident decision-making.