The Seattle-based environmental organization Forterra (formerly known as Cascade Land Conservancy) is getting into the urban land-banking business. Now, in addition to purchasing undeveloped open space, it’s buying property in Northwest cities, with plans to hold parcels until they can be developed as affordable housing.
The Puget Sound Regional Council estimates that every hour, seven new people move into the region. Forterra says helping those people find affordable homes in cities is the flip side of protecting open space, "so that we grow in our cities, rather than sprawl over the very landscapes we’re working so hard to save,” said Gene Duvernoy, the group’s president and founder.
He says it’s a piecemeal approach they’ve been taking for about a decade now. But they recently committed to dedicating tens of millions of dollars to investments in urban environments. For example, they signed a memorandum of understanding with Seattle-based Latino community advocacy group El Centro De La Rasa to help with that organization's affordable housing projects. Duvernoy says Forterra is working to identify other organizations that need support.
“To more aggressively step in and bank lands that will be necessary nearby transit and other locations for housing for small businesses, for community centers, as this place grows,” he said.
He says right now they’re investigating about a half a dozen projects in King, Snohomish and Pierce counties.
