Today, Mayor Brandon M. Scott announced grant awards for multiple Community Land Trusts (CLTs) in support of affordable housing efforts. Award recipients included:
- North East Housing Initiative (NEHI) Community Land Trust
- Charm City Community Land Trust
- Harbor West Collaborative Affordable Housing Land Trust
- South Baltimore Community Land Trust.
This was the third round of capital grants for CLT work in Baltimore city, and the first round of operating support for working capital provided to these organizations.
“Community Land Trusts are at the heart of equitable neighborhood development,” said Mayor Brandon M. Scott. “Creating permanently affordable housing contributes to neighborhood stabilization and community wellbeing across the board. We are proud to be able to support these efforts."
Community Land Trusts are a nationally proven means of creating homeownership opportunities for households earning 50 percent or less of the Area Median Income. Under the land-trust model, a nonprofit organization owns the land and sells the home to qualified buyers at a below-market price. The land trust’s ownership ensures that the home will remain affordable for 99 years. With today’s award the Baltimore City Affordable Housing Trust Fund has provided over $12 million to the Community Land Trust movement, supporting over 13 affordable-housing projects and more than 120 units of housing.
“Investment in CLTs supports the work of local non-profits, invests in neighborhoods, ensures long-term affordable housing, and builds generation wealth,” said Housing Commissioner Alice Kennedy.
Each CLT was awarded $100,000 in operating support – working capital to meet every day operational needs. There were also three homeownership project awards and one rental project as follows:
NEHI | $900,000 for Homeownership | To develop 12 CLT properties in the Four by Four (Northeast Baltimore).
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NEHI | $1 Million for Homeownership | For the NEHI Homebuyer’s Choice Program – allowing eligible homebuyers to purchase a home anywhere in Baltimore city.
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South Baltimore Community Land Trust |
$750,000 for Homeownership | To support the acquisition and development of 10 affordable housing units in South Baltimore. Grant funds will be used for rehab and as subsidy for down-payment assistance.
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NEHI
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$750,000 for Rental Properties |
To develop 15 Community Land Trust rental properties.
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“With these awards, we are not only affirming our support for the mission of these organizations, we are doing what we can to help these organizations succeed in carrying out that mission,” continued Scott.
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