The Citi/Grounded Solutions Network CLT Accelerator is an exciting new initiative aimed at addressing the affordable housing challenges facing urban, rural and suburban communities nationwide by propelling the growth of community land trusts and other shared-equity programs. With a $1 million investment from Citi Community Development, Grounded Solutions Network will drive a major new effort to scale-up the sector and increase access to permanently affordable homeownership opportunities for low-income first-time homebuyers.
As part of the Citi/Grounded Solutions Network CLT Accelerator, we are excited to announce a $500,000 CLT Accelerator Fund. Administered by Grounded Solutions Network, this fund is ready to invest $500,000 in capital funds in residential projects in select markets that hold the potential to transform the lives of low-income households.
Grounded Solutions Network will award two or three grants ($150,000 to $250,000 each) to member nonprofits for direct use in a residential real estate development that will start construction within twelve months of award notification. In addition to the development grant, awardees will also receive up to $10,000 in technical assistance.
Information about eligibility requirements are available in the application guide and clarified in this frequently asked questions document. Applications should be submitted by completing this online form by 5PM Pacific on Friday, May 18, 2018 and recipients should be notified by mid-June regarding the status of their application.
Private Sector Solution to Housing Gets Off the Ground – Wall Street Journal
Permanently Affordable Housing Gets it’s Own Accelerator – Fast Company
New Program Aims to Help Community Land Trusts Get to Scale – Shelterforce
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