Wrapping up 2022
As we approach the end of 2022, we can’t help taking a look back and feeling proud of our community accomplishments. We started developing the infrastructure of South Bay CLT (SBCLT) by hiring our first full-time employees who got busy organizing tenants and applying for capacity-building grants. Two grants were awarded, one from the County of Santa Clara and another from the City of San Jose, each in the amount of $250,000. These key start-up funds helped the successful acquisition of our first property. A four-plex on W. Reed St. that has provided housing for mostly veteran residents is due to close escrow in January. We are excited to begin repairs and continue resident engagement that will lead to the preservation of affordable housing. The community stepped up in a huge way helping us raise over $500,000 in a grassroots capital campaign to build an acquisition fund, and we thank you! This acquisition and rehabilitation is also being made possible with a loan from the Local Initiatives Support Corporation (LISC), a non-profit financial institution who believed in us and has invested in our preservation and economic development mission.
SBCLT has been working collaboratively with ally organizations to create a Preservation Ecosystem, establishing a model of resident-focused efforts to prevent the displacement of community members who are forced to leave their homes & neighborhoods due to the outrageous increases in rent. Not only is housing lost, but the cultural, linguistic and historical fabric of our neighborhoods is destroyed, never to be the same. The Land Trust model is the most economical and democratic way to preserve our communities and provide housing security. It further guarantees permanent affordability because once the land is taken off the speculative market, it is held in trust for residents forever. The building sitting on that land is then repaired and eventually converted to control, then ownership by its residents. This is why we are excited to do what we do; thank you to our partners and funders for joining us in this work!
We continue to be busy raising funds to scale the growth of the SBCLT with more strategic acquisitions in 2023 and celebration of victories achieved in 2022. I hope you will join us in coming celebrations and support us in our future ventures. There are many ways you can help: from making a donation to volunteering on various committees, projects and other opportunities in the new year.
On behalf of the Board of Directors, staff and volunteers we wish you blessings and good cheer for you and your families.
In solidarity, peace and justice,
Josefina Aguilar, Executive Director