Question

What are the uses of community land?​

Answer 1

Explanation:

• Community land trusts can be used for many types of development (including commercial and retail), but are primarily used to ensure long-term housing affordability. To do so, the trust acquires land and maintains ownership of it permanently.
• Community land trusts play a critical role in building community wealth for several key reasons.
• They provide low- and moderate-income people with the opportunity to build equity through homeownership and ensure these residents are not displaced due to land speculation and gentrification.
• Land trust housing also protects owners from downturns because people are not over extended; as a result, foreclosure rates for land trusts have been as much as 90 percent less than conventional home mortgages.
• Most commonly, at least one-third of a land trust’s board is composed of community residents, allowing for the possibility of direct, grassroots participation in decision-making and community control of local assets.
• In addition to the development of affordable housing, many land trusts are involved in a range of community-focused initiatives including homeownership education programs, commercial development projects, and community greening efforts.