San Francisco Community Land Trust
SoMa Stabilization Press Conference
On March 6, 2013 SFCLT, Supervisor Jane Kim, Clearinghouse CDFI, South of Market Community Action Network, SoMa Stabilization Fund, and Filipino American Development Foundation held a press conference to announce the community acquisition and preservation of 534-36 Natoma Street, a five unit low-income apartment building that was at-risk of losing its affordability to the high-cost housing market on the steps of City Hall. Why was this such an important victory for the community? With the real estate market heating up in San Francisco, existing rent-controlled, affordable apartments are at risk of losing their affordability due to various market forces. When a long-term tenant moves out, the rent can be adjusted to market rate. With rents starting at $1800/month for a one-bedroom, market rate that is no longer affordable to households earning less than 80% of San Francisco’s median income. This may be good for an investor, but it’s not good for the community, especially when only 38% of San Francisco residents can afford homeownership and 62% depend on rental housing. Additionally, Ellis Act evictions by investors who want to re-sell the units as Tenants-in-Common (TIC) units displace long-term residents, many of whom are low-income and will not be able to find alternative housing in the community. The Rent Board reports a 68% increase in Ellis Act Evictions in the last fiscal year.
See below for coverage from the event!
HOUSING-2-HANES.ogg - KGO 810 AM, segment 2
Clearinghouse CDFI Funds Community Land Trust Consortium!
On December 20 2012, Clearinghouse CDFI proudly announced its award of $50,000 to the San Francisco Community Land Trust. The Access to Housing and Economic Assistance for Development (AHEAD) Program is offered through the Federal Home Loan Bank (FHLBank) of San Francisco and provides grant funds supporting conception and early development of housing and economic development projects. The funds are awarded annually through Bank members to projects that create or retain jobs, improve community infrastructure, produce housing, and provide other benefits in low-and moderate-income areas.
SFCLT is grateful to Clearinghouse CDFI for sponsoring this AHEAD award for the Consortium of Bay Area Commuinity Land Trusts - SFCLT, Northern California Land Trust, Bay Area Community Land Trust, and Housing Land Trust of Sonoma County. The Consortium partners seek to identify cost-effective, shared systems for the long-term stewardship of CLT homes, ensuring that we have permanently affordable, quality home ownership options in the high cost San Francisco Bay Area.
WATCH: SFCLT and NOBWAC PRESENT THE HISTORY OF CO-OPS!
Enjoy our video series on the hisory of worker cooperatives! Here's Part I:
Here's Part II: