HOUSING ELEMENT IMPLEMENTATION - COMMUNITY LAND TRUST FEASIBILITY STUDY AND POTENTIAL IMPLEMENTATION STRATEGY [N. MARICICH, J. ALKIRE, F. CONTRERAS, A. STAUBER, S. CAMPBELL, A. BARTLE]

Plain Language Summary

Funded by a mix of potential grants and partnerships, this proposal explores the feasibility of establishing a Community Land Trust (CLT) in West Hollywood to provide affordable homeownership opportunities. The study identifies a $6 million financing gap for a proposed 30-unit condo development, highlighting the need for additional subsidies and partnerships to make the project viable. This initiative could help address the city's housing affordability crisis by offering a path to homeownership for moderate-income residents.