With support from the city and community development groups, Interboro Community Land Trust will focus on creating affordable homeownership opportunities.
Four affordable housing non-profits have joined to create Interboro, New York’s first citywide community land trust, Oscar Perry Abello reports in Next City.
Interboro is also believed to be the first multi-partner community land trust, and it will draw on its members' existing portfolios to provide affordable homeownership units for low-income residents. Those partners are Habitat for Humanity New York, the Center for NYC Neighborhoods, the Mutual Housing Association of NY, and the Urban Homesteading Assistance Board.
The U.S. has about 225 active community land trusts, and the model has gained popularity as a strategy for permanent affordability. Interboro has enjoyed support from the new Community Land Trust Initiative at Enterprise Community Partners, supported by the state Attorney General and the city Department of Housing Preservation and Development, and received a $1 million investment from Citi Community Development.
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