Matthew Dunbar, Vice President External Affairs at Habitat for Humanity New York City testifies at the Joint Legislative Public Hearing on 2020-2021 Executive Budget Proposal on Housing. His testimony included support for Senator Montgomery's Community Land Trust (CLT) bill, S3469.
A CLT is a form of homeownership where the resident owns the property while the land trust owns the land underneath. The trust is a nonprofit, with residents, community members and other stakeholders serving on its board. Residents purchase their properties at an affordable rate, and promise to sell the home to the next residents at an affordable rate as well. However, unfair property taxes on CLT properties can make the homes unaffordable.
Senator Montgomery's legislation would ensure properties on a CLT are taxed at the affordable resale value, not at market rate. This helps maintain affordability for existing and future land trust residents and protects against outside speculators. Most importantly, an adequate taxation structure will give power back to communities.
To learn more about this bill, visit:
To watch the full budget hearing on housing, visit https://www.nysenate.gov/calendar/public-hearings/february-05-2020/joint-legislative-public-hearing-2020-2021-executive-0