Figueroa Corridor Community Land Trust 152 W. 32nd Street | Los Angeles, CA | Ph: | 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 Terrain 10,000 downtown lofts Average tenant earns $100,000 year Downtown Homeless Thousands live on the street, 5-7,000 in residential hotels L.A.’s Worst Slumlords Oldest housing years 200,000 working class people Most are poor median income is less than half the City’s 86% are renters 74% Latino 12% African-American 5% Asian University of Southern California L.A.’s largest private employer Owns 200 properties off campus $3 billion endowment Staples Center

Staples Agreement 2001 living wage & union jobs local hiring affordable housing parks

The Boom property 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 Center Lenders

Structure of the Land Trust Membership: working class people who live or work in the area Structure of Board of Directors :

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 Community reclaiming land use

Bethune Library mixed 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: 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