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Long Beach, CA ~ The Long Beach City Council has awarded a contract to Social and Environmental Entrepreneurs, a fiscal sponsor for Long Beach Residents Empowered (LiBRE), to establish and operate a Community Land Trust (CLT). This CLT is a nonprofit, community-based organization that will raise funds, acquire and develop real estate with the goal of providing permanently affordable housing opportunities for residents.
Mayor Rex Richardson said, "Ensuring quality and stable housing for all is vital to the entire Long Beach community. Through this innovative partnership, LiBRE will be able to join the City's efforts to create more opportunities for homeownership and affordable housing."
LiBRE was selected due to its qualifications and experience with affordable housing and trust among Long Beach residents and neighborhood organizations. The nonprofit organization is known for its commitment to advancing justice in disadvantaged communities through the creation and preservation of affordable housing, renter protections and community economic development.
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The City announced a request for proposals in December 2022 for the establishment of a CLT Program as part of its strategic goal to build stronger communities through investments in housing and neighborhoods. LiBRE will be provided up to $800,000 in one-time start-up funds over two years to launch a CLT as well as identify additional operational, housing acquisition, and/or development funding to increase the city's affordable housing stock for lower-income and very low-income residents.
This program is made possible by the Long Beach Recovery Act which allocates approximately $5 million in Recovery funds towards supporting housing and tenant assistance programs. Additionally, it aligns with Goal 4 of Long Beach's Racial and Reconciliation Initiative which seeks to explore investment in alternative forms of land/property ownership such as CLTs in order to prevent displacement.
The awarding of this contract marks an important step forward towards providing quality and stable housing opportunities for all members of the Long Beach community.
Mayor Rex Richardson said, "Ensuring quality and stable housing for all is vital to the entire Long Beach community. Through this innovative partnership, LiBRE will be able to join the City's efforts to create more opportunities for homeownership and affordable housing."
LiBRE was selected due to its qualifications and experience with affordable housing and trust among Long Beach residents and neighborhood organizations. The nonprofit organization is known for its commitment to advancing justice in disadvantaged communities through the creation and preservation of affordable housing, renter protections and community economic development.
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The City announced a request for proposals in December 2022 for the establishment of a CLT Program as part of its strategic goal to build stronger communities through investments in housing and neighborhoods. LiBRE will be provided up to $800,000 in one-time start-up funds over two years to launch a CLT as well as identify additional operational, housing acquisition, and/or development funding to increase the city's affordable housing stock for lower-income and very low-income residents.
This program is made possible by the Long Beach Recovery Act which allocates approximately $5 million in Recovery funds towards supporting housing and tenant assistance programs. Additionally, it aligns with Goal 4 of Long Beach's Racial and Reconciliation Initiative which seeks to explore investment in alternative forms of land/property ownership such as CLTs in order to prevent displacement.
The awarding of this contract marks an important step forward towards providing quality and stable housing opportunities for all members of the Long Beach community.
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