Figueroa Corridor Community Land Trust 152 W. 32nd Street | Los Angeles, CA 90007 | Ph: 213-784-4140...
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Transcript of Figueroa Corridor Community Land Trust 152 W. 32nd Street | Los Angeles, CA 90007 | Ph: 213-784-4140...
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Figueroa Corridor Community Land Trust
152 W. 32nd Street | Los Angeles, CA 90007 | Ph: 213-784-4140 | 213-745-9969 Fax
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About FCCLT
The Figueroa Corridor Community Land Trust was established in 2005 to promote economic justice, affordable housing and a stable community environment for tenants and families in the Figueroa Corridor.
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Rich City, Poor City
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Contested Terrain10,000 downtown loftsAverage tenant earns $100,000 year
Downtown HomelessThousands live on the street,5-7,000 in residential hotels
L.A.’s Worst SlumlordsOldest housing 50-100 years
200,000 working class peopleMost are poormedian income is less than half the City’s86% are renters74% Latino12% African-American 5% Asian
University of Southern CaliforniaL.A.’s largest private employerOwns 200 properties off campus$3 billion endowment
Staples Center
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Staples Agreement
•2001 •living wage & union jobs• local hiring• affordable housing• parks
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The Boom 2002-2006property values increase 250%
• Gentrification & Displacement
• Illegal evictions
• Escalating Rents
• History of Bad Land Use Planning
• Weak Public Resource Management
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Figueroa Corridor Community Land Trust
A community-based approach to planning, housing, and community development.
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What is a community land trust?
A non-profit, membership organization
130 land trusts in the US
- Separate ownership of land from improvements
- Hold land in trust forever
- Lease the land for community use
- Accomplish community goals through leases and
operating principles
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Strategic Partners
• community base• organizing capacity• development capacity• financing capacity
SAJE &Esperanza
Figueroa Corridor Coalition for
Economic Justice
Los Angeles Community Design
CenterLenders
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Structure of the Land TrustMembership:
working class people who live or work in the area
Structure of Board of Directors :
ResidentsLiving onLand TrustLand
WorkingClassResidents ofArea
FigueroaCorridorCoalitionReps
AdditionalMembersSelected forExpertise(optional)
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The Figueroa Corridor
• Over 200,000 working class people
• 86% Tenants
• 74% Latinos (primarily immigrants); 12% African-Americans
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Figueroa Corridor Context
• USC
• Real Estate Values
• Political Context
• History of Land Use Decisions
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Community Planning Efforts and Land Acquisition Opportunities
• MTA right-of-way
• Industrial Land Use Policy
• SE Community Plan revision
• Projects
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Neighbors for an Improved Communityreclaiming land use
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Bethune Librarymixed community use
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Development Plan• Establish Land Trust and Land Company
• Partner with Los Angeles Community Design Center
• Sell development rights to affordable housing developers
• Hold long-term ground lease
• Produce affordable housing units
• Retain ownership and control of land
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Implementation Timeline• Community Planning (years 1 - 2)
• Acquire and Assemble (years 1 - 2)
• Entitlements (years 2 - 5)
• Disposition & Ground Lease (years 3 - 5)
• Produce Affordable Housing (years 5 - 8)
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Business Plan• $5 million Donated Equity
• $6.5 million Equity Investments
• $33 million Debt
• Debt Repayment over 4-7 years
• Product: 250-300 affordable units
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Outcomes•250 units of affordable housing• Perpetual affordability• A mixed-income community affordable to a variety of families• Community control of land; leadership development • Community members engaged in planning their neighborhoods • Improved health, education and economic development opportunities
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Challenges• Cost of Land• Size of Projects• Concentration of funding resources (place-based initiative)• Private Initiative• Bad City Planning• Complex Structure• Establishing Grassroots Control