At the time, Schneiderman funded the Initiative from settlements with large financial institutions. The Initiative distributed the money to four New York counties and municipalities to create and expand local CLTs. The objective was to boost community revitalization and preservation efforts in areas with high rates of foreclosures and loss of affordable housing.
Communities across New York State need affordable housing
This year, James increased the funding for the initiative due to fact that communities across New York need more affordable housing.
In a statement Tuesday, the Attorney General said, “The need for affordable housing is felt in communities throughout New York State,” Community Land Trusts create and preserve affordable housing and ensure the process is in the best interest of the communities they serve. Protecting communities and providing safe and affordable homes will always be a priority, and I am pleased we will continue to support countless families with this program.”
