The Federal Reserve Bank of Richmond's Community Affairs department is holding a forum on community land trusts on October 26, 2010. Community Land Trust: A Shared Equity Model will feature consultants from Burlington Associates, discussing how to effectively use the land trusts to preserve long-term affordable homeownership and stabilize neighborhoods impacted by foreclosure.
The purpose of a community land trust (CLT) is to provide access to affordable housing options in high-cost housing markets and markets with gaps in affordability. The community land trust concept specifically is important as communities think through how to recover from the destabilizing impact of foreclosures. CLTs can offer a balanced approach to ownership: the nonprofit trust owns the land and leases it for a nominal fee to individuals who own the buildings on the land.
The goal of a CLT is to increase long-term community control of neighborhood resources and ensure long-term affordability for residents; to empower residents to be involved and participate in the organization; and to preserve the affordability of housing permanently.
The forum will be held at the Federal Reserve Bank of Richmond starting at 9:00 a.m.
The Richmond Fed serves the Fifth Federal Reserve District, which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia and most of West Virginia. As part of the nation's central bank, we're one of 12 regional Reserve Banks that work together with the Federal Reserve's Board of Governors to strengthen the economy and our communities. We manage the nation's money supply to keep inflation low and help the economy grow. We also supervise and regulate financial institutions to help safeguard our nation's financial system and protect the integrity and efficiency of our payments system.
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