NELA Land Trust
To further mitigate gentrification, an existing or new community organization should implement a land trust model that will promote community ownership and democratic stewardship of land. Programs range from permanent affordable homeownership and rental options that are geared towards people with low and moderate incomes, to community centers that feature local small businesses and non-profit services. Several models have been developed in other areas of the city that are currently experiencing increased rates of gentrification and land speculation.
Land trusts led by the Beverly Vermont Community Land Trust (BVCLT) or T.R.U.S.T. South LA should be consulted for the future development of a NELA land trust. BVCLT is a non-profit organization that stewards the property in the Los Angeles Eco-Village in Mid-Wilshire/Koreatown, providing condominiums and a community learning garden. They partner with limited equity housing cooperatives and have plans to create shared homes. Similarly, T.R.U.S.T South Los Angeles has coupled the development community-serving projects through extensive engagement and education of local leaders.
Land trusts have become a national movement, as nearly two dozen community land trusts are started every year as either new nonprofits or as programs of existing organizations. The City has the potential to serve a catalytic role, by providing financing support during the planning and startup phase, followed by land leases, grants, or low-interest loans for developing and financing projects. The potential outcome is the creation of an entity that has a long-term commitment to preserving housing subsidies and serving as stewards of affordable housing. A similar effort is in the works - the LA River Corp is creating an Impact Investing Fund, a 21st century land trust model that will focus on acquiring land for both open space and built space.
