Goldstein Hall PLLC is at the forefront of efforts in New York City to establish Community Land Trusts (“CLTs”).
Community Land Trusts are not-for-profit, community based organizations, that become stewards of the housing to ensure its long-term affordability. CLT’s are typically governed by a board of CLT residents, other community residents and public representatives. The trust acquires the land and any buildings thereon and maintains ownership of the land permanently.
The trust enters into a long-term, ground lease with a separate not-for-profit for the buildings on the land, and that not-for-profit conveys individual apartments to residents.
Goldstein Hall PLLC has been representing the Board of Directors of the East Harlem/El Barrio Community Land Trust, Inc. in its efforts to create a CLT in East Harlem to protect against the effects of rapid gentrification. Our work has included drafting bylaws, a ground lease and the Board’s 501(c)(3) application. In addition, we have been involved in all aspects of discussions with HPD and tenants to move City-owned property into the CLT. Given our expertise, other groups regularly call upon the firm for guidance about establishing CLTs.
In a precursor to the modern CLT movement, Goldstein Hall counts the Cooper Square MHA as a long-time client of the firm.