With a $1 million investment from Citi Community Development, Grounded Solutions Network is driving a major new effort to scale up the sector and increase access to permanently affordable homeownership opportunities for low-income, first-time homebuyers.
Through the CLT Accelerator program, Grounded Solutions will provide technical assistance to CLTs and shared equity homeownership programs across the United States and develop a suite of tools and resources designed to help policymakers, community groups, and residents establish and grow new programs.
CLT Accelerator Fund Recipients
As part of the Citi/Grounded Solutions Network CLT Accelerator, we held a competitive review process to select three CLT Accelerator Fund recipients. Together, Citi and Grounded Solutions Network are providing technical assistance and investing $500,000 in capital funds for three residential projects in select markets that hold the potential to transform the lives of low-income households.
We received nearly 20 qualified applications, and after a thorough review and vetting process, Grounded Solutions Network is providing capital funds and technical assistance to support the following projects:
- A 56-home Veteran Enriched Neighborhood® in Palmdale, Los Angeles County (CA) built by Homes 4 Families;
- Phase 2 in a 30-home condominium development in Fremont, CA, built by Habitat for Humanity East Bay/Silicon Valley;
- An 8-unit scattered site project in Palm Springs, FL, built by the Community Land Trust of Palm Beach County.
More information on the projects and grantees is available at this link. We look forward to sharing the CLT Accelerator Fund recipients’ successes during their one-year grant period ending in July 2019 and beyond. Stay tuned for more information on their work and other Citi/Grounded Solutions Network CLT Accelerator tools and resources.
CLT Accelerator News
Private Sector Solution to Housing Gets Off the Ground – Wall Street Journal
Permanently Affordable Housing Gets its Own Accelerator – Fast Company
New Program Aims to Help Community Land Trusts Get to Scale – Shelterforce
About the Founding Corporate Partner
Citi Community Development leads Citi’s commitment to financial inclusion and economic empowerment for underserved individuals, families and communities across the U.S. Through innovative collaborations with municipalities, community groups and leading nonprofit organizations, we harness Citi’s expertise, products and services to help expand opportunity for all.
Additional information can be found at http://citicommunitydevelopment.com