Leading Nonprofits in the San Francisco Bay
Area, Palm Beach County and Los Angeles County Receive Support to
Advance Housing Access and Equity for First-time Homebuyers
Citi Community Development and Grounded Solutions Network
announced today the recipients of the Citi/Grounded Solutions
Network Community Land Trust (CLT) Accelerator Fund, to expand
technical assistance to CLTs and homeownership programs that
provide lasting affordable housing options for first-time, lower
income homebuyers across the United States.
The fund, administered by Grounded Solutions Network with a
$500,000 investment from Citi Community Development, provides
capital grants to existing high-capacity CLTs and similar shared
equity homeownership programs that quickly convert real estate
opportunities into housing units.
The fund recipients are: Habitat for Humanity East
Bay/Silicon Valley; The Community Land Trust of Palm Beach County;
and Homes 4 Families, which is based in Los Angeles County.
“While housing prices have gone up across the county, median
household income has remained stagnant, pushing too many families
out of the neighborhoods and cities they have long called home,”
said Bob Annibale, Global Director of Citi Community Development
and Inclusive Finance. “By collaborating with Grounded
Solutions Network, we aim to catalyze and scale permanently
affordable housing solutions so that residents, especially
households of color, can access ownership opportunities and build
wealth even in the most expensive cities in the country.”
This fund is part of Citi Community Development’s $1 million
investment in the Citi/Grounded Solutions Network Community Land
Trust (CLT) Accelerator, launched in April 2018. The Accelerator
supports Grounded Solutions Network in a major effort to scale-up
the sector by providing technical assistance to existing CLTs and
by creating regular e-learning events and a new digital platform
with a suite of tools and resources designed to help local
governments, community groups and residents establish and grow new
CLTs and shared equity homeownership programs. At a time when
housing availability and affordability is cited as one of the most
pressing concerns for city leaders and reasons for people to move
away from cities, these shared equity homeownership programs can
play an integral role in wealth building for lower income
communities.
“Through the Accelerator Fund awards and our ongoing joint
efforts, Grounded Solutions Network and Citi Community Development
have deepened our commitment to expanding the impact of
high-performing homeownership programs with lasting affordability,”
said Grounded Solutions Network CEO Tony Pickett. “We look
forward to working with the awardees to demonstrate how CLTs and
similar homeownership programs can effectively leverage local
resources to stabilize communities and support more households in
building wealth. Even as we recognize the 50th anniversary of the
Fair Housing Act, access to homeownership remains a critical need
today when nationally less than half of African American and
Hispanic households are homeowners.”
The Accelerator Fund will enable each recipient organization to
focus on promoting affordability based on unique local
projects.
Habitat for Humanity East Bay/Silicon Valley (Habitat)
creates opportunities for families to transform their lives through
affordable homeownership in Alameda, Contra Costa, and Santa Clara
counties, in the San Francisco Bay Area. With support from the
Accelerator Fund, Habitat can now transition to Phase Two of
construction on its shovel-ready 30-home condominium development in
Fremont, California. This phase of the development will ensure
lasting affordability and provide a “hand-up” to 19 limited-income
families looking to build a long-term legacy in one of the world’s
toughest housing markets.
“The Accelerator Fund is not just a catalyst for our
construction at Central Commons. It’s the impetus for new
opportunities, the chance for this neighborhood of thirty families
to build a better future,” said Habitat East Bay/Silicon
Valley’s President and CEO, Janice Jensen. “These funds will
make it possible for Habitat to continue our efforts toward the
vision laid forth by the Fair Housing Act half a century ago.”
The Community Land Trust of Palm Beach County plans to
build one duplex and six single family homes on scattered sites in
Palm Springs, Florida. All homes will be sold under the Community
Land Trust Model of homeownership and thereby will remain
affordable in perpetuity even while located in a high cost housing
market.
According to the Assistant County Administrator of Palm Beach
County Faye Johnson, “the Community Land Trust of Palm Beach
County (CLT of PBC) has a solid track record assisting Palm Beach
County in addressing the affordable housing crisis facing our
community. The County is very excited that the CLT of PBC has been
awarded this grant from Citi/Grounded Solutions Network. The funds
will further leverage funding provided from the County to assist
the CLT of PBC to carry out their much needed work of increasing
affordable homeownership opportunities under the Community Land
Trust model.”
Homes 4 Families is continuing to prevent veteran
homelessness and transform the lives of low-income households with
a resale-restricted, equity-building 56-home Veteran Enriched
Neighborhood® in Palmdale, Los Angeles County. Military families
will receive this affordable homeownership opportunity along with
self-sufficiency and resiliency-building services proven to move
low-income families up the economic ladder.
“It is our honor to join the Grounded Solutions Network. The
ongoing innovation and efforts of both Citi Community Development
and Grounded Solutions to preserve and protect those hard working,
low income families trying to achieve the American Dream is
inspiring; and our Veterans truly benefit!” said Donna
Deutchman, President & CEO of Homes 4 Families.
To learn more about the Citi/Grounded Solutions Network
Accelerator,
visit https://groundedsolutions.org/clt-accelerator-program/.
About Grounded Solutions Network
Grounded Solutions Network supports strong communities from the
ground up. We connect national and local expertise; bringing
together the networks, knowledge and support needed to build
inclusive communities. We promote housing solutions that will stay
affordable for generations so communities can stabilize and
strengthen their foundation, for good. Backed by our members,
Grounded Solutions Network champions evidence-based policies and
strategies that work. We help our members, partners and elected
officials use them to establish inclusive communities that have
diverse housing options for a variety of incomes, offering choice
and opportunity for all residents – both today and for future
generations.
Additional information may be found
at www.groundedsolutions.org/clt-accelerator-program/ |
Twitter: @GroundedNetwork
About Citi Community Development
Citi Community Development leads Citi’s commitment to financial
inclusion and economic empowerment for underserved individuals,
families and communities across the U.S. Through innovative
collaborations with municipalities, community groups and leading
nonprofit organizations, we harness the institution’s expertise,
products and services to help expand opportunity for all.
Additional information may be found
at http://citicommunitydevelopment.com | Twitter: @Citi |
YouTube: www.youtube.com/citi |
Blog: https://blog.citigroup.com |
Facebook: www.facebook.com/citi |
LinkedIn: www.linkedin.com/company/citi
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180925005861/en/
CitiPatricia Tuma,
+1-212-793-7682patricia.tuma@citi.comorGrounded SolutionsAdam
Abraham, +1-503-493-1000 x20AAbraham@GroundedSolutions.org
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