A/68/289 community to displacement. 114 resist gentrification processes and development-related 60. Although community land trusts do not provide loans or financial mechanisms, they assist potential members and advise them on their best choices in relation to their financial situations, including training seminars and pre-purchase stewardship. Recent evidence from the United States indicates that members of community land trusts have been less affected by the subprime mortgage crises and subsequent foreclosure proceedings. 115 61. However, research indicates that community land trusts have generally been able to address the needs of lower middle-income households (commonly with an income between 30-80 per cent below median income) but have not been able, except in rare occasions, to reach the poorest 15 per cent of the population. 116 One of the main barriers to low-income households is the screening and selection process employed by most community land trusts, which include income documentation, credit records and job history and security. 117 62. Unlike housing cooperatives, community land trust systems have yet to be incorporated into national legislation. Each community land trust develops its own unique financing approach for both operating costs and project costs, and these approaches often include combinations of public 118 and private sources, and grants and loans. 3. Summary 63. The cases of community land trusts, cooperatives and community funds demonstrate the capacity of collective organizations to tailor housing solutions that adequately address security of tenure, affordability, location and availability of services and infrastructure in urban settings for low-income households. 119 64. Although not all types of collective organizations are accessible to the poorest segments of society, there are numerous advantages to such a form of tenure, including: (a) the use of community leverage to compete with existing housing market forces; (b) cooperative and collective forms of tenure are inextricably linked to enhanced democratic participation, better access to information, and communityled governance; (c) both cooperatives and community funds provide their members with financial strength (through community loans or savings that enable low-income households better access to housing finance); (d) as opposed to the individual finance schemes detailed above, community organizations also have the ability to __________________ 114 115 116 117 118 119 13-42184 UN-Habitat, Community Land Trusts (see footnote 108 above), p. 36. In 2009, 30.56 per cent of sub-prime loans were at risk of being foreclosed, with over 90 days delinquency, compared with 7.01 per cent for prime loans and only 1.62 per cent for community land trust loans. See E. Thaden and G. Rosenberg, “Outperforming the market: delinquency and foreclosure rates in community land trusts”, Land Lines (October 2010), pp. 2-7. R. Greenstein and Y. Sungu-Eryilmaz, “Community land trusts: a solution for permanently affordable housing”, Land Lines (January 2007), p. 10; see also J. E. Davis, and A. Stokes “Lands in trust, homes that last: a performance evaluation of the Champlain Housing Trust (Burlington, Vermont, Champlain Housing Trust, 2009), p. 39. UN-Habitat, Community Land Trusts (see footnote 108 above), p. 23. Such as housing trust funds — state, county or local governments establish a fund for low- to moderate-income housing assistance, often with a dedicated funding source. Sukumar Ganapati, “Enabling housing cooperatives” (see footnote 92 above), p. 365. 21/24