Establishment of a Community Land Trust
City Council Meeting – September 12, 2023
• In March 2021, the City Council adopted the Long Beach Recovery Act—a plan to fund economic and public health initiatives as a response to individuals and businesses critically impacted by the COVID-19 pandemic. • The LB Recovery Act has dedicated one-time funding for housing support programs, which includes the Community Land Trust pilot program—a City Council directed initiative.
• Long Beach Residents Empowered (LiBRE) was selected to receive the $800,000 grant funds through a competitive Request For Proposals (RFP) process.
Background
2 Source: Oakland Community Land Trust
What is a Community Land Trust?
3 A non-profit, community-based organization designed to provide and steward land and properties using a ground lease that ensures permanent affordability.
Award of Funding – Disbursement Schedule
4 Disbursement:
• $100,000 within three weeks of contract execution
• $100,000 quarterly thereafter, providing that the schedule of performance is met Schedule of Performance:
• Year 1:
o Project Milestone #1: Creation of Land Trust
o Project Milestone #2: Formation of Governance Structure o Project Milestone #3: Financial Management
• Year 2:
o Project Milestone #4: Development/Creation of Affordable Housing Opportunities Award of Funding – During the Contract Term
5 • Build an organizational and governance structure that includes community members
• Develop a business plan that determines feasible development types and includes a resale formula
• Identify development partners and funding sources
• Engage with community members
• Acquire real estate
• Work with a development partner to build or
acquire affordable housing
• Ensure continuous affordability and physical
quality of homes in the Community Land Trust
• Leverage funding from private donations,
grants, fundraising activities, and other non-
City resources to ensure ongoing viability and
success of the Community Land Trust
Award of Funding – After the Contract Term
6 Award a contract to Social and Environmental Entrepreneurs (SEE), of Calabasas, CA, as a fiscal sponsor for Long Beach Residents Empowered (LiBRE), of Long Beach, CA, for grant funding to establish a Community Land Trust, in a total amount not to exceed $800,000, for a period of two years, and Authorize the City Manager, or designee, to execute all documents necessary to enter into the contract, including any necessary amendments.
Recommendation
7 Thank you
8 Meggan Sorensen
Housing and Neighborhood Services Bureau Manager
[email protected]