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Figueroa Corridor Community Land Trust PowerPoint Presentation
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Figueroa Corridor Community Land Trust

Figueroa Corridor Community Land Trust

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Figueroa Corridor Community Land Trust

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  1. Figueroa Corridor Community Land Trust 152 W. 32nd Street | Los Angeles, CA 90007 | Ph: 213-784-4140 | 213-745-9969 Fax

  2. 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.

  3. Rich City,Poor City

  4. Contested Terrain 10,000 downtown lofts Average tenant earns $100,000 year Staples Center Downtown Homeless Thousands live on the street, 5-7,000 in residential hotels L.A.’s Worst Slumlords Oldest housing 50-100 years 200,000 working class people Most are poor median income is less than half the City’s 86% are renters 74% Latino 12% African-American 5% Asian University of Southern California L.A.’s largest private employer Owns 200 properties off campus $3 billion endowment

  5. Staples Agreement • 2001 • living wage & union jobs • local hiring • affordable housing • parks

  6. The Boom2002-2006property values increase 250% • Gentrification & Displacement • Illegal evictions • Escalating Rents • History of Bad Land Use Planning • Weak Public Resource Management

  7. Figueroa Corridor Community Land Trust A community-based approach to planning, housing, and community development.

  8. 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

  9. Strategic Partners Figueroa Corridor Coalition for Economic Justice SAJE & Esperanza • community base • organizing capacity • development capacity • financing capacity Los Angeles Community Design Center Lenders

  10. Structure of the Land Trust Membership: working class people who live or work in the area Structure of Board of Directors :

  11. The Figueroa Corridor • Over 200,000 working class people • 86% Tenants • 74% Latinos (primarily immigrants); 12% African-Americans

  12. Figueroa Corridor Context • USC • Real Estate Values • Political Context • History of Land Use Decisions

  13. Community Planning Efforts and Land Acquisition Opportunities • MTA right-of-way • Industrial Land Use Policy • SE Community Plan revision • Projects

  14. Neighbors for an Improved Communityreclaiming land use

  15. Bethune Librarymixed community use

  16. 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

  17. 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)

  18. 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

  19. 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

  20. Challenges • Cost of Land • Size of Projects • Concentration of funding resources • (place-based initiative) • Private Initiative • Bad City Planning • Complex Structure • Establishing Grassroots Control