How does MWCLT turn vacant city properties into affordable housing?
The MWCLT Richmond Land Bank
In 2018, enabled by the Land Bank Entities Act, the City of Richmond appointed MWCLT to act as its land bank. A land bank is a non-profit or government organization that acquires vacant and tax-delinquent properties from its locality. Normally, these properties would go through the tax auction process, going to the highest bidder with no guarantee that they would be put to use. Instead, the City transfers them to MWCLT for a low judicial sale fee, and we agree to steward them through a transparent, community-driven process. The goal of this process is to return vacant properties to uses that benefit their neighborhoods and communities, affordable housing being the first priority.
We are the first and only combined Community Land Trust (CLT) and Land Bank in the entire country. This provides unique advantages. In addition to affordable housing being an explicit part of our mission, we are also able to encourage permanent affordability by offering to steward land in perpetuity while homes are occupied.