Frequently Asked Questions
What will BVCLT do?
As a developer, BVCLT will collaborate with like-minded organizations with a track record of sustainable housing projects. BVCLT will undertake other community development projects; such as commercial revitalization, parks and community gardens. BVCLT will also provide technical support to communities, governments and agencies interested in implementing land trust projects. BVCLT will acquire properties for conversion into permanently affordable housing in several ways, including straight purchase and donation. BVCLT projects initial assets of over $2 million that will include 48 units of housing. BVCLT activities will be conducted through paid staff, an unpaid board of directors and dedicated volunteers. BVCLT expects to have up to 500 residents on multiple properties. Residents will be up to 80% of Area Median Income.
What will BVCLT's development budget for properties be?
BVCLT's development budgets will range from $20,000 for small single-family home rehabilitation to multi million dollar multi-use projects. BVCLT's development funding will include money from housing trust fund monies administered through local government agencies, the Affordable Housing Program, community lending institutions, traditional lending institutions and private individuals. We will not used tax credit funding.
How many properties will BVCLT develop?
BVCLT expects to complete 10-30 affordable housing projects in the next ten years. The housing properties will include cooperatives, condominiums, single-family homes, rental housing and commercial property.
What is BVCLT's projected operating budget?
BVCLT's projects an operating budget of between $100,000 to a little over $300,000. The operating budget will be used for the day-to-day operations of BVCLT and not for property development. Each property will have its own separate development budget. BVCLT will get operating funding from four main sources: development fees; consulting fees from assisting governments, communities and other agencies implementing the land trust model; block grant funding from the city of Los Angeles; and management/ground lease fees from the properties in our permanent portfolio.
Properties selected for conversion to BVCLT home ownership will be based on criteria that reflect concerns about sustainable land use, gentrification of neighborhoods, and financial feasibility among other issues. Funding of land acquisition, property rehabilitation, daily operations, and other activities is supported via donations, public and private grants, rental fees, and land leases, as well as through revenues generated by BVCLT's technical assistance service. BVCLT often works in partnership with other concerned organizations to develop properties targeted for conversion. Development of a site is done through resident participation and/or licensed professional builders under contract to BVCLT. As a property construction/rehabilitation nears completion, BVCLT finishes screening prospective residents based on criteria that reflect the type of property under conversion (e.g., a shared property requires more flexibility in interacting with other residents, while a co-op requires specific financial requirements, etc.). Once they are selected, BVCLT begins training them for the responsibilities of home ownership, including credit issues, roles/responsibilities regarding repairs, etc. and other specific concerns that reflect the type of property that they will reside in.
What is BVCLT's projected operating budget?
BVCLT will provide a variety of housing programs for people with a variety of needs. BVCLT will facilitate training to make new homeowners more successful. BVCLT will focus on developing a ladder of affordable housing opportunities that will provide the maximum flexibility in transitioning to a low-impact lifestyle. For example a single person might first move into an efficiency apartment in a BVCLT limited equity housing cooperative (aka, a "co-op"). If the person got married and started a family, they might choose to move into a community land trust single family home with more space. After the children have grown, the couple might down-size to a limited appreciation.
How did BVCLT get its name?
What is the area that BVCLT will focus in? Develop map....
As a developer, BVCLT will collaborate with like-minded organizations with a track record of sustainable housing projects. BVCLT will undertake other community development projects; such as commercial revitalization, parks and community gardens. BVCLT will also provide technical support to communities, governments and agencies interested in implementing land trust projects. BVCLT will acquire properties for conversion into permanently affordable housing in several ways, including straight purchase and donation. BVCLT projects initial assets of over $2 million that will include 48 units of housing. BVCLT activities will be conducted through paid staff, an unpaid board of directors and dedicated volunteers. BVCLT expects to have up to 500 residents on multiple properties. Residents will be up to 80% of Area Median Income.
What will BVCLT's development budget for properties be?
BVCLT's development budgets will range from $20,000 for small single-family home rehabilitation to multi million dollar multi-use projects. BVCLT's development funding will include money from housing trust fund monies administered through local government agencies, the Affordable Housing Program, community lending institutions, traditional lending institutions and private individuals. We will not used tax credit funding.
How many properties will BVCLT develop?
BVCLT expects to complete 10-30 affordable housing projects in the next ten years. The housing properties will include cooperatives, condominiums, single-family homes, rental housing and commercial property.
What is BVCLT's projected operating budget?
BVCLT's projects an operating budget of between $100,000 to a little over $300,000. The operating budget will be used for the day-to-day operations of BVCLT and not for property development. Each property will have its own separate development budget. BVCLT will get operating funding from four main sources: development fees; consulting fees from assisting governments, communities and other agencies implementing the land trust model; block grant funding from the city of Los Angeles; and management/ground lease fees from the properties in our permanent portfolio.
Properties selected for conversion to BVCLT home ownership will be based on criteria that reflect concerns about sustainable land use, gentrification of neighborhoods, and financial feasibility among other issues. Funding of land acquisition, property rehabilitation, daily operations, and other activities is supported via donations, public and private grants, rental fees, and land leases, as well as through revenues generated by BVCLT's technical assistance service. BVCLT often works in partnership with other concerned organizations to develop properties targeted for conversion. Development of a site is done through resident participation and/or licensed professional builders under contract to BVCLT. As a property construction/rehabilitation nears completion, BVCLT finishes screening prospective residents based on criteria that reflect the type of property under conversion (e.g., a shared property requires more flexibility in interacting with other residents, while a co-op requires specific financial requirements, etc.). Once they are selected, BVCLT begins training them for the responsibilities of home ownership, including credit issues, roles/responsibilities regarding repairs, etc. and other specific concerns that reflect the type of property that they will reside in.
What is BVCLT's projected operating budget?
BVCLT will provide a variety of housing programs for people with a variety of needs. BVCLT will facilitate training to make new homeowners more successful. BVCLT will focus on developing a ladder of affordable housing opportunities that will provide the maximum flexibility in transitioning to a low-impact lifestyle. For example a single person might first move into an efficiency apartment in a BVCLT limited equity housing cooperative (aka, a "co-op"). If the person got married and started a family, they might choose to move into a community land trust single family home with more space. After the children have grown, the couple might down-size to a limited appreciation.
How did BVCLT get its name?
What is the area that BVCLT will focus in? Develop map....
