Q&A
Discussion on Community Land Trust model and HDFC concerns
2:03:19
·
100 sec
Council Member Diana Ayala expresses support for the Community Land Trust (CLT) model and raises concerns about HDFC buildings being sold at high prices. HPD officials discuss the balance between long-term affordability and homeowner benefits in limited equity homes.
- Council Member Ayala suggests CLTs as a potential solution for TIL buildings
- Concerns raised about HDFC units being sold for much higher prices than intended
- HPD officials explain the concept of limited equity homes and the need to balance affordability with homeowner benefits
Diana Ayala
2:03:19
Yeah.
2:03:20
Okay.
2:03:20
Alright.
2:03:21
I mean, I love the CLT model.
2:03:22
You know, the console's been working really hard to create you know, more CLTs throughout the city.
2:03:28
And I I think that there's also an opportunity for those buildings if, you know, if engaged appropriately, right, to have a conversation about maybe also, you know, entering the CLT.
2:03:41
I think it's it offers a lot of protection.
2:03:44
I I recently was looking at units for ran for sale and ran across an HDFC building where the unit was being, you know, I think it was being sold for upwards of $700,000.
Selvena Brooks-Powers
2:03:57
Mhmm.
2:03:57
Mhmm.
2:03:58
Yeah.
Diana Ayala
2:03:58
That shouldn't be happening because these are not profit bearing opportunities.
2:04:03
Right?
2:04:03
These are
Kim Darga
2:04:04
Well, they're they're limited equity homes, which means that it's a balance of long term affordability with profit, right, for the shareholder.
2:04:18
If there's not some value, then you know, what's the value of home ownership if you don't derive some benefit?
Diana Ayala
2:04:23
I mean, if you buy it for $250, you shouldn't be selling it for 700.
2:04:27
So that's why I like and I support the CLT model because whatever the purchase price is is whatever you're gonna get on the, you know, we wanna buy out.
2:04:36
And it it ensures that the model is protected in the way that it was intended because what we've seen is there's been a lot of turnover in these buildings, and people have either decided to sublet or, you know, sell outright and then buy elsewhere.
2:04:50
And then we have, you know, folks of a higher income moving into these spaces, and that's not why the the program was created.
