File #: Int 1006-2024    Version: * Name: Defining community land trusts for the provision of services in addition to housing that benefit the local community.
Type: Introduction Status: Committee
Committee: Committee on Housing and Buildings
On agenda: 8/15/2024
Enactment date: Law number:
Title: A Local Law to amend the administrative code of the city of New York, in relation to defining community land trusts for the provision of services in addition to housing that benefit the local community
Sponsors: Sandy Nurse, Tiffany Cabán, Jennifer Gutiérrez
Council Member Sponsors: 3
Summary: A Community Land Trust (CLT) is a non-profit, community-run organization that can acquire and develop land with the goal of promoting permanent affordable housing and stabilizing housing markets. This bill would define CLTs that are established in the City to be entities that cover more uses beneficial to the local community beyond housing, such as manufacturing and commercial uses, as well as the development of open space and community gardening.
Attachments: 1. Summary of Int. No. 1006, 2. Int. No. 1006, 3. August 15, 2024 - Stated Meeting Agenda

Int. No. 1006

 

By Council Members Nurse, Cabán and Gutiérrez

 

A Local Law to amend the administrative code of the city of New York, in relation to defining community land trusts for the provision of services in addition to housing that benefit the local community

 

Be it enacted by the Council as follows:

 

                     Section 1. Chapter 1 of title 4 of the administrative code of the city of New York is amended by adding a new section 4-121 to read as follows:

                     § 4-121 Community land trusts a. Definitions. For purposes of this section, the following terms have the following meanings:

Community land trust. The term “community land trust” means a corporation that satisfies the following criteria: (i)(a) is incorporated pursuant to section 402 of the not-for-profit corporation law; (b) the certificate of incorporation of which may provide for the provision of housing for persons of low income in the form of a community land trust, except for housing services governed by article 11 of the private housing finance law; (c) has submitted such disclosure statements as shall be required by the regulatory agency and received the approval of such regulatory agency; (d) lawfully acquired all of its real property in full compliance with such corporation's certificate of incorporation and any agreements with a governmental entity with respect to such property or such corporation; and (ii) provides in its by-laws that it will (a) acquire parcels of land, primarily for conveyance under long-term ground leases; (b) transfer ownership of any structural improvements located on such leased parcels to the lessees; (c) retain a preemptive option to purchase any such structural improvement at a price determined by formula that is designed to ensure that the improvement remains affordable to low-income households; (d) have a board of directors composed of an equal number each of lessees of housing associated with the entity, an adult resident of a particular geographic area specified in the bylaws of the organization, and any other category of persons described in the bylaws of the organization; and (e) encourage property uses that serve additional interests of the community of low-income persons for which housing is provided that include, but may not be limited to, such commercial, social, recreational, communal, or other non-housing facilities as may be incidental or appurtenant to the provision of housing.

                     Persons of low income. The term “persons of low income” has the same meaning as set forth in section 2 of the private housing finance law.

                     Regulatory agency. The term “regulatory agency” means an agency of the city.

                     b. The regulatory agency may enter into a contract or other agreement with an eligible community land trust, provided that such contract or agreement shall also require that the community land trust enter into a 99-year ground lease agreement with the owners of structures or improvements located on land which is subject to the regulatory agreement, and provided further that such trust agrees to such terms and conditions as such agency deems necessary, and the trust:

1. is a recipient of a loan or grant from the city of New York;

2. acquires real property or an interest therein from the city of New York; or

3. receives a tax exemption approved by the council of the city of New York, upon the recommendation of the regulatory agency.

                     § 2. This local law takes effect 90 days after it becomes law.

KS

LS #13573

3/13/23