Community Land Trust (CLT) is a housing system that is non-profit in nature and is geared towards buying up land and placing it into community development with long-term affordability in mind.
Through CLTs individuals and low-income families will have a chance at accessing affordable housing. According to the Center for American Progress, “CLT homes make up a negligible portion of the national housing stock.”
Through the partnership of Citi Community Development (CCD), Citi Bank’s financial inclusion arm and Grounded Solutions Network (GSN), there is potential that the number of CLT housing can increase. With the $1 million investment from Citi Community Development, GSN can expand the technical assistance it offers to CLTs across the country in every step of its development.
While the funds may not be much if you are to talk about an accelerator program, in affordable housing, the money can make a huge difference through correct resource allocation.
The $1 million funds will also be tapped by GSN as grants to those CLTs that are in need of assistance to start its residential real estate development.