New York Expands Community Land Trust Initiative

New York is adding $8 million to the Community Land Trusts Capacity Building Initiative. Municipalities and counties will be able to apply for funding to create or expand local Community Land Trusts which are nonprofit organizations dedicated to stewarding permanently affordable housing and community assets. Up to eight municipalities and counties will be selected to support CLTs in their region. Funding comes from the State Attorney General’s Office settlements with the Royal Bank of Scotland and UBS to address the banks’ misconduct that contributed to the housing crisis.