California Puts up $500 Million for Community Ownership Against Big Real Estate nextcity.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nextcity.org Daily Mail and Mail on Sunday newspapers.
By City News Service
May 20, 2021
LOS ANGELES (CNS) - The El Sereno Community Land Trust, which consists of some of the neighborhood s residents and stakeholders, announced today that it acquired its first property as part of a pilot program to protect people in danger of falling into homelessness.
The multifamily apartment building in Alhambra will be restored and converted into an equity sharing ownership structure with grant funds invested by the trust. Information about the cost and location of the property was not immediately available.
Member Alejandra Liera described the trust and similar ones as “nonprofits that acquire property, taking them off the speculative market and putting them in the hands of the community to prevent evictions and ensure permanent affordable housing.
El Sereno Trust Acquires Property for Those In Danger of Homelessness iheart.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from iheart.com Daily Mail and Mail on Sunday newspapers.