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9/15/08
 What is a Community Land Trust?
Find out Tuesday 6:30 PM City Council Chambers
A Land Trust is a non-profit that purchases homes and sells the structure only at a reduced, affordable price. The trust retains ownership of the land.
The Vallejo Community Land Trust (VCLT) came out of community discussions about affordable housing in 2007, and a different model was brought forward for how Vallejo could best use city, state and federal funds that are earmarked for "affordable housing".
There was consensus that Vallejo already has adequate stock of low income rental housing, but doesn't offer ownership opportunities for low and very-low income residents. The recent flood of foreclosure listings was seen as presenting a unique opportunity for addressing this ownership gap while also helping to relieve the community of blight associated with vacant and distressed homes. The Vallejo City Council has repeatedly shown interest in ownership opportunities for lower income families. The land trust provides an innovative plan to help people into home ownership opportunities while stabilizing and uplifting neighborhoods throughout Vallejo.
Community members brought this idea to the Vallejo Housing Authority which is exploring the feasibility of creating a Vallejo Community Land Trust.
The Vallejo Housing Authority will be presenting information on the land trust concept to the City Council:
Tuesday, September 16th at 6:30pm in council chambers. NOTE: This is a half hour earlier than regular council meeting.
Please come to find out more about this exciting possibility for Vallejo to be put on the map as the first city in the United States to create a land trust utilizing foreclosure housing stock. |
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