Transformative Real Estate

Corporate ownership of housing and land is skyrocketing, particularly in BIPOC communities, preventing everyday people from accessing homeownership and forcing us into expensive rentals. Wealth is extracted from families and communities and funneled into big businesses, perpetuating massive inequities that stem from a long history of land-theft, exclusionary policies, redlining, and disinvestment in BIPOC communities.

It's time to outgrow the status quo.

Richmond LAND reclaims the real estate process on our own terms. We make it possible for residents to collectively own and steward property to serve community needs and vision, not private interests or corporate profits. We collaborate to acquire land, housing, and other critical community-serving properties, taking them out of the speculative market and holding them in trust to ensure these resources are governed by community, for community, forever. We build the capacity of residents to become the practitioners and decision-makers to make community-sourced solutions for land and house a reality.

PROJECT OVERVIEW

In August 2021, Richmond LAND was contacted by an Alliance of Californians for Community Empowerment (ACCE) organizer in Contra Costa to ask whether Richmond LAND would be interested in working with two families concerned about being forced out of their homes by a new landlord. After sitting down with the residents and hearing their situation, our suspicion that large private equity groups were purchasing local real estate in the wake of the pandemic was confirmed. A small landlord and owner-occupant on the Southside of Richmond, retired City of Richmond employee, had lost his property to foreclosure during the pandemic. Not only had he lost the property his mother built and that he maintained for years through providing below market rate rent, he was also being served an eviction notice by the new owner.

The residents had dozens of documents recounting their experience with people arriving at the home offering cash for keys, alleged property managers and real estate agents claiming to represent banks, and even a mysterious LLC buyer. The residents were shaken by the uncertainty of the situation. They had no idea what to expect from the new owner. They decided to partner with Richmond LAND to save the building on the condition that “we stay together!”

In February 2022, Richmond LAND succeeded in securing the financing to purchase the S. 24th St. building and stabilize the residents. They no longer have to fear eviction, and the property is permanently safe from real estate speculation. This effort also paved the way for critical advocacy in 2022 in support of AB 1837 (Bonta), also known as, the Homes in Community Hands Act, after learning that the former owner improperly used SB 1079 - foreclosure law that allows community land trusts and tenants living in foreclosed properties the right of first refusal at auctions- to purchase the triplex.

Preservation Strategy

Richmond LAND’s preservation strategy is a cost effective way of immediately preventing displacement and protecting community. We purchase properties with short-term financing, operate it as a short-term rental to stabilize tenants and build their capacity to co-steward the property, gradually convert to long-term co-ownership with education, training, coaching, and other forms of assistance, then we takeout with permanent financing from mortgages and subsidy to support longterm homeownership.

When funds are used to finance the initial purchase or final takeout, those scarce subsidies are preserved in those units forever. Richmond LAND locks these subsidies in place (subsidy retention) for permanent affordability.

PROJECT OVERVIEW

We are building out plans for a North Richmond Eco Village which includes 18-22 high-quality, sustainably constructed, cottage units. The project concept was developed by Princess Robinson and Fonze Leon, Urban Tilth fellows in our Building Power Fellowship. The project seeks to revitalize vacant public housing land to create innovative housing opportunities for current residents and stewards of North Richmond. These will be high quality micro cottages built on permanent foundations, located on a property that will be held in trust to remain permanently affordable by Richmond LAND. The land will be maintained permanently affordable in the community land trust through a 99 year ground lease restriction. The project will combine the best practices of sustainable design and supportive housing principles by including programming to support village residents in financial literacy, education, and the growth of collective land stewardship.

The North Richmond Eco Village is an example of how Richmond LAND is committed to a community-driven future for Richmond. This project emerged from one of our Community Co-Design efforts.

Join our membership to stay tuned and support this and other projects in our growing pipeline.