New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Land Trust Will Oversee Harlem Affordable Project
A $13.2-million partnership will convert four city-owned buildings in East and Central Harlem into affordable housing. The East Harlem El Barrio Community Land Trust (CLT), the first of its kind in decades, will own the land and steer the project.
Under the model, a board of tenants, community members and nonprofit leaders will oversee the building management and operate the development as an affordable rental mutual housing association project. The CLT will be committed to long-term affordable homes and community participation.
“East Harlem’s El Barrio CLT is helping us chart new territory when it comes to community-driven affordable housing development while delivering long-term stability and affordability to East Harlem and its residents,” said Louise Carroll, the city’s Commissioner of Housing Preservation and Development.
Other partners on the project include Community Preservation Corporation, Enterprise Community Partners and Banana Kelly Community Improvement Association.
- ◦Development
