Here’s how to fill the regional gap in housing:
Use a Community Land Trust
Does your community have insufficient affordable housing? Do you want a healthier neighborhood with better civic engagement of residents? Do you need to preserve lower cost housing to address disparities for low-income family households of color that have been created through redlining, displacement, and gentrification? Consider a community land trust. Form a non-profit organization to purchase and own land that is run by residents and caps resale price of structures but allows shared equity so that purchase prices remain below market cost permanently. For more info: SHELTER FORCE, SEATTLE TIMES.
Or a Municipal Land Bank
Does your city have multiple areas that have declined, where property is blighted in disrepair or neglected? A city land bank can take charge to resolve ownership, handle back taxes, fix up or tear down structures, and get a site back on the market or made available as public space to meet neighborhood resident needs. It is a partly public agency designed to acquire and manage vacant, foreclosed, or abandoned properties. This can be financed in a number of ways and has helped a number of cities rehabilitate declining neighborhoods as well as provide affordable housing for residents. This tool allows cities to cushion economic ups and downs and reduce disparities that hamper communities of color. For more info: REUTERS, CITY LAB, SHELTER FORCE.