DEPARTMENT: Department of Planning and Community Development
DEPARTMENT HEAD: Bridgett White
COUNCIL DISTRICTS IMPACTED: Citywide
SUBJECT:
Briefing and discussion on Community Land Trusts
SUMMARY:
This item will include a briefing and discussion on the community land trust model for the creation and/or preservation of affordable housing.
BACKGROUND INFORMATION:
On October 27, 2015, the Housing Commission to Protect and Preserve Dynamic and Diverse Neighborhoods established the Policy and Infrastructure Subcommittee in order to discuss relevant items on the Commission’s FY 2016 Work Plan and to develop recommendations to bring back to the Commission for possible action. The
Subcommittee includes seven (7) members from the Housing Commission: Jennifer Gonzalez - Chair, Jim Bailey - Vice Chair, Carol Rodriguez, Noah Garcia, Natalie Griffith, Rod Radle, and Mu Son Chi.
According to the FY 2016 Work Plan, the Policy and Infrastructure Subcommittee will:
• Review existing City policies, programs, and board/commission actions to determine impacts on displacement, loss of affordable housing, and neighborhood change.
• Develop policy recommendations to reduce development costs and eliminate regulatory barriers to encourage more affordable housing production with a focus on alternative housing types such as duplexes, small multifamily developments, accessory dwelling units, and small lot subdivisions.
• Develop policy recommendations for proposed relocation assistance and inclusionary housing
ISSUE:
The Mayor’s Task Force on Preserving Dynamic and Diverse Neighborhoods recommended that the Housing Commission explore the development of a Community Land Trust for the construction, acquisition, rehabilitation, and resale of workforce/affordable housing.
A Community Land Trust is a nonprofit organization that purchases land and develops workforce/affordable housing. The CLT can sell the housing units but maintains ownership of the land, allowing for lower sales prices and an opportunity for homeowners to earn equity as home values appreciate. The CLT conveys real property to individual homeowners (or rental housing owners) through long-term ground leases. Since the CLT owns land in perpetuity, it can also serve a critical stabilizing role in neighborhoods that are seeing rapidly increasing land values and rents. Although the community land trust model has existed since the 1960s, it is not widely used in Texas.
ALTERNATIVES:
This item is for briefing purposes only.
FISCAL IMPACT:
This item is for briefing purposes only.
RECOMMENDATION:
This item will include a briefing and discussion on the community land trust model for the creation and/or preservation of affordable housing.