Economic Mobility means Housing Stability
The Chattanooga Times Free Press covers CALEB's award for a CLT study
CALEB is excited to take steps to determine what a community land trust (CLT) could do in Chattanooga. In 2016 Enterprise Community Partners was hired by the City of Chattanooga to conduct a housing and workforce development study. Their report, "Bridging the Gap," lists CLT development as a key recommendation. CALEB intends to take the next step, working with community leaders to commission a feasibility study that gets into the details of setup, governance, local market conditions, and available resources.
Community land trusts create and preserve affordable housing and other community assets for the long-term benefit of the local community; leverage and protect the precious and limited public private resources that are required to make the community assets available, affordable, and accessible in the first place; prevent the displacement of lower-income households from the homes and neighborhoods in which they live; preserve the character and culture of historic neighborhoods in the face of shifting populations and market conditions; provide ongoing support and assistance to homeowners who live on land owned by the CLT to bolster the prospects of their success; and ensure that the homes and properties in its portfolio are well-maintained and retain their value (even as CLTs protect and preserve their affordability and availability) for the long-term benefit of the neighborhoods and communities in which they are located.
From the Times Free Press:
"The Chattanooga Health, Educational and Housing Facility Board (HEB) earmarked as much as $25,000 for CALEB to hire an entity to conduct a feasibility study of establishing a [community land] trust in the city. The money will come from the city's Chattanooga Affordable Housing Fund.
Economic mobility for working families also means economic stability, and housing is a key part. Thanks to the city of Chattanooga and the HEB Board for their support.