Chair Hilda L. Solis released the following statement following Governor Newsom’s signature approving $500 million in funding for the Foreclosure Intervention Housing Prevention Program:
“I commend Governor Newsom for his actions today to secure $500 million dollars in funding for the Foreclosure Intervention Housing Prevention Program. This program provides a pathway for community land trust (CLT) organizations to have access to financial resources to purchase properties that are in foreclosure and participate in the bidding process against larger corporations. By financially empowering CLTs, we can work towards securing more affordable housing opportunities for residents.
In Los Angeles County, my office is leading in this effort through the County’s Community Land Trust Partnership Program to preserve affordable housing units in vulnerable communities in the First District. Just last month, we celebrated the first property acquired under this partnership in collaboration with Fideicomiso Comunitario Tierra Libre (FCTL) and Little Tokyo Service Center as the community development corporation. Under FCTL’s ownership, this 11-unit building in East Los Angeles will have affordable rents for all tenants in perpetuity. The County has provided a subsidy of $2.8 million for the acquisition and rehabilitation of the property through the Affordable Housing Trust Fund. Additionally, the County has assisted various community land trusts with acquisition of three other properties throughout the County with many more in the pipeline.
As Chair of the Los Angeles County Board of Supervisors, I look forward to continued partnerships with community land trusts to bring even more affordable housing options to residents across the First District. Together, we can address the lack of affordable housing and growing homelessness crisis through strategic investments in programs that prioritize the community’s needs first.”