London Community Land Trust
"The London Community Land Trust is nearing completion of CLT homes in the space of the derelict St Clements Hospital in Mile End, East London and will be the UK’s first CLT located in an urban area (there are over 225 in rural areas). The trust is a non-profit open for membership to anyone who lives and works in London, with currently over 1,000 members. A number of private developers competed for the 4.5 acre parcel of land and it was only after previous failed attempts to secure the St. Clements site that the trust was eventually successful, partnering with a developer but maintaining a commitment to a community-led design process.
The London CLT is governed by rules that allow it to function outside of typical market pricing. It created a separate organization that is in charge of renting out the apartments each year and subsequently reinvesting the profits into the surrounding community. Under the London CLT model, all homes must be owned by the CLT in order to ensure affordability and these homes are only available to local residents. Rent rates must be decided by local income rather than traditional market rates.
The website of the London Community Land Trust explains that the campaign for a Community Land Trust first emerged around plans for the Olympic Park area, and claims the Olympic authorities have still not guaranteed the number of affordable homes initially promised during the bidding process." (http://www.resilience.org/stories/2017-03-29/community-land-trust-models-housing-coops-around-world/)