No. Housing people with limited or no-incomes is almost impossible for those seeking private profit. CLTs are similar to non-profit community development corporations (CDCs) and non-profit developers in their quest to obtain public funds, grants, and financing for affordable housing. Given the drop in federal funds for community development and low-income housing, this has become increasingly difficult and complex. Some funds also make it difficult to finance permanently affordable low-income housing. Because of their community-based mission and their ownership of property, CLTs work to craft financing packages that avoid partners interested solely in profit, and thus sidestep or re-craft financing arrangements that involve the pressure to flip affordable housing to market-rate housing at some future point. Because CLTs are governed by a community-based Boards of Directors, they are in good position to mobilize political, economic, and social power to change funding dynamics.
Do you like this page?