Figueroa Corridor Community Land Trust

152 W. 32nd Street | Los Angeles, CA 90007 | Ph: 213-784-4140 | 213-745-9969 Fax

About FCCLT

The Figueroa Corridor Community Land Trust was established in 2005 to promote economic justice, affordable housing and a stable community environment for tenants and families in the Figueroa Corridor.

Rich City, Poor City

Contested Terrain10,000 downtown loftsAverage tenant earns $100,000 year

Downtown HomelessThousands live on the street,5-7,000 in residential hotels

L.A.’s Worst SlumlordsOldest housing 50-100 years

200,000 working class peopleMost are poormedian income is less than half the City’s86% are renters74% Latino12% African-American 5% Asian

University of Southern CaliforniaL.A.’s largest private employerOwns 200 properties off campus$3 billion endowment

Staples Center

Staples Agreement

•2001 •living wage & union jobs• local hiring• affordable housing• parks

The Boom 2002-2006property values increase 250%

• Gentrification & Displacement

• Illegal evictions

• Escalating Rents

• History of Bad Land Use Planning

• Weak Public Resource Management

Figueroa Corridor Community Land Trust

A community-based approach to planning, housing, and community development.

What is a community land trust?

A non-profit, membership organization

130 land trusts in the US

- Separate ownership of land from improvements

- Hold land in trust forever

- Lease the land for community use

- Accomplish community goals through leases and

operating principles

Strategic Partners

• community base• organizing capacity• development capacity• financing capacity

SAJE &Esperanza

Figueroa Corridor Coalition for

Economic Justice

Los Angeles Community Design

CenterLenders

Structure of the Land TrustMembership:

working class people who live or work in the area

Structure of Board of Directors :

ResidentsLiving onLand TrustLand

WorkingClassResidents ofArea

FigueroaCorridorCoalitionReps

AdditionalMembersSelected forExpertise(optional)

The Figueroa Corridor

• Over 200,000 working class people

• 86% Tenants

• 74% Latinos (primarily immigrants); 12% African-Americans

Figueroa Corridor Context

• USC

• Real Estate Values

• Political Context

• History of Land Use Decisions

Community Planning Efforts and Land Acquisition Opportunities

• MTA right-of-way

• Industrial Land Use Policy

• SE Community Plan revision

• Projects

Neighbors for an Improved Communityreclaiming land use

Bethune Librarymixed community use

Development Plan• Establish Land Trust and Land Company

• Partner with Los Angeles Community Design Center

• Sell development rights to affordable housing developers

• Hold long-term ground lease

• Produce affordable housing units

• Retain ownership and control of land

Implementation Timeline• Community Planning (years 1 - 2)

• Acquire and Assemble (years 1 - 2)

• Entitlements (years 2 - 5)

• Disposition & Ground Lease (years 3 - 5)

• Produce Affordable Housing (years 5 - 8)

Business Plan• $5 million Donated Equity

• $6.5 million Equity Investments

• $33 million Debt

• Debt Repayment over 4-7 years

• Product: 250-300 affordable units

Outcomes•250 units of affordable housing• Perpetual affordability• A mixed-income community affordable to a variety of families• Community control of land; leadership development • Community members engaged in planning their neighborhoods • Improved health, education and economic development opportunities

Challenges• Cost of Land• Size of Projects• Concentration of funding resources (place-based initiative)• Private Initiative• Bad City Planning• Complex Structure• Establishing Grassroots Control