HOMESTEAD COMMUNITY LAND TRUST

We put the dream of homeownership within reach

aka Homestead CLT   |   Seattle, WA   |  www.homesteadclt.org

Mission

Homestead Community Land Trust provides low- and moderate-income people the opportunity to safely build wealth and the stability upon which to invest in their dreams through affordable homeownership. By growing a trust of permanently affordable homes we create a more diverse, sustainable and equitable region.

Ruling year info

1993

Executive Director

Kathleen Hosfeld

Main address

412 Maynard Avenue South #201

Seattle, WA 98104 USA

Show more contact info

EIN

91-1565651

NTEE code info

Housing Development, Construction, Management (L20)

Community, Neighborhood Development, Improvement (S20)

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

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Communication

Programs and results

What we aim to solve

SOURCE: Self-reported by organization

King County is home to Seattle, the fifth highest-cost housing market in the United States (Zillow 2019). County residents' incomes have increased 75% of the last 20 years, while housing costs have increased 300%. As housing developers capitalize on demand from high-wage tech employees, our region suffers from under-production, and lack of supply of homes priced affordably for lower "missing middle" income people. Nonprofit housing developers race to address the critical need for solutions to homelessness, while 44% of King County’s vulnerable working class families are cost-burdened or extremely cost burdened by their housing. Valuable workers such as teachers, first-responders, health care providers, choose between paying for housing and other necessities, and are unable to save money. Cost factors combine with the legacy of redlining, so that people of color are more often shut out of the stability, wealth-building and economic mobility benefits of affordable homeownership.

Our programs

SOURCE: Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Permanently Affordable Homeownership

Homestead's sole purpose and focus is on making it possible for low- and moderate income people to achieve the stability, wealth-building and economic mobility benefits of owning a truly affordable home.

We build new homes or rehab existing homes, we fundraise to subsidize the price of those homes to what is affordable to low-income households, and we keep homes permanently affordable through partnerships with our homeowners.

Founded in 1992, Homestead Community Land Trust is an example of what can be accomplished when affected communities come together to solve shared problems. We are a democratically governed, membership organization that provides a growing supply of homes for families who make less than 80% of area median income. We were founded by 12 citizen activists to arrest the displacement of low- to moderate-income families from rapidly gentrifying neighborhoods in King County. Since 1992, we have brought 215 homes into our trust and helped 256 families achieve stability, a fixed affordable housing payment and the opportunity to build financial wealth. We are poised to rapidly increase production of our homes to meet the growing need in King County. Our work includes:

Affordable Housing Development – We are building new homes that are permanently affordable to those who make less than 80% of area median income. Each home will serve up to 7 families over the course of 50 years.

Homebuyer Readiness – We work with more than 300 applicants every year who are considering buying a home. We pre-qualify applicants and those who are not ready for homeownership are counseled on how to prepare by taking steps such as repairing their credit, developing savings, etc.

Pre-Purchase Education – In addition to the required HUD-standard homebuyer education, Homestead provides additional one-on-one financial education to buyers as they prepare to purchase their first home.

Post-Purchase Stewardship – We work with all buyers for as long as they own their home to support their success as homeowners.

Environmental Sustainability -- We are piloting a Net Zero energy standard for affordable homeownership on two housing developments, and working with partner organizations to increase the solar energy generation on existing homes in our trust.

Population(s) Served
Economically disadvantaged people

Where we work

Our results

SOURCE: Self-reported by organization

How does this organization measure their results? It's a hard question but an important one.

Number of homes in the program

This metric is no longer tracked.
Totals By Year
Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Number of households who have a owned a home through our program

This metric is no longer tracked.
Totals By Year
Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Number of homes in development

This metric is no longer tracked.
Totals By Year
Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Number of properties secured by MOU or Site Control for affordable homeownership development

This metric is no longer tracked.
Totals By Year
Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Number of applicants who were provided with homebuyer readiness assessment, counseling or referral through the program in

This metric is no longer tracked.
Totals By Year
Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Number of homeowners supported in refinancing, resale or maintenance of their home.

This metric is no longer tracked.
Totals By Year
Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Goals & Strategy

SOURCE: Self-reported by organization

Learn about the organization's key goals, strategies, capabilities, and progress.

Charting impact

Four powerful questions that require reflection about what really matters - results.

Homestead Community Land Trust puts affordable homeownership within reach of low- and moderate-income households by through growing our trust of permanently affordable homes. The opportunity to secure a healthy, permanent home, with a fixed housing payment, in a community of opportunity is the foundation upon which people can build a better life for themselves and their children. Affordable, sustainable homeownership is one of the financial capital indicators of economic mobility (Pew Research).

In King County, the primary barrier to affordable homeownership is a limited supply of income-appropriate homes. As a result, our goals are to:

To create and preserve a growing portfolio of homes made permanently affordable to low-income people in King County.

Locate homes in areas identified where modest income people are at risk of being priced out (called displacement) as new development occurs.

Develop the resources to accelerate home production to achieve scale.

Preserve the affordability of homes already in trust so that they give first-time home buying opportunities to multiple households over time.

Integrate community partnerships and community-led housing initiatives into our development pipeline.

Identify/cultivate funding resources that enable us to achieve Net Zero energy and other “deep green” building standards that traditional housing funding sources do not cover.

We will achieve our goals through the following strategies:

Continuing our successful campaign to secure land at low or no cost from public and charitable sources, and make use of properties considered too small for affordable rental housing.

Doubling the capacity of our staff in both real estate development and homeowner support to build more homes, and to increase services that support homeowners and assure compliance with intended uses.

Keep homes permanently affordable through partnerships with our homebuyers. In exchange for the opportunity to purchase a home at far below market rates, our homeowners agree to restrict the equity gain on their home to a formula so that they can pass on an affordable price to the next income-qualified buyer. They build equity at 1.5% compounded annually, which allows them to build wealth while keeping the home affordable to the next buyer.

Expand our network of partnerships with agencies and lenders that serve communities of color to reach those who have been shut out of homeownership by the legacy of discrimination as well as high cost. Provide homebuyer preparedness to achieve Affirmative Fair Housing objectives.

Develop a network of content experts through “leadership circles” that assist in expanding the resources necessary to build new affordable homes with exemplary environmentally sustainable building methods and materials.

Homestead has raised $23 million in grants and public subsidies to create the permanent affordability of the 215 homes in our portfolio. Our staff is experienced in new construction of single-family homes in a variety of configurations: single-family detached, townhomes and row houses, and condominiums. Our experience also includes acquisition and rehabilitation of existing homes.

We have extensive experience in applying for, receiving and implementing funds from private, city, county, regional, state, federal and national entities, as well as providing ongoing compliance reporting to assure funds serve low-income families. Significant sources of funding have included City of Seattle, King County, State of Washington Housing Trust Fund, Federal Home Loan Bank, SHOP funds through the Community Frameworks organization, JP Morgan Chase, Wells Fargo, Plymouth Church, and HUD’s Neighborhood Stabilization Program.

Of our 215 homes, 42 have been sold more than once, resulting in 256 families served. These homes rest on 13 acres of land stewarded by our trust. More than half of the homes in our portfolio are (52.3%) are townhomes or condominiums that utilize land efficiently. We emphasize family-sized housing of two or more bedrooms, a housing type underserved by affordable rental developments.

Homestead’s program experience helps us reach underserved populations who experience barriers to homeownership such as:
• minority households,
• people with disabilities, and
• people with language or other perceived cultural barriers.

Of the 256 families served, 55% are households of color; 10% have a disability and 14% are immigrants. 17.2% of households are Asian families for whom English is a second language. 14% have senior citizens in the household; 4% are veterans.

Homestead works with lenders, realtors and escrow partners who have language capacity in Spanish and many Asian languages. We provide for translation during the process of pre-purchase counseling and transaction support at closing.

Homestead advertises its programs in underserved neighborhoods and provides options for individualized one-on-one education and counseling services (with interpretation as needed) to assure that its program is accessible to and utilized by these populations. Homestead partners with Parkview Services to serve the needs of those with intellectual and developmental disabilities.

Homestead’s approach to serving special needs populations such as disabled, seniors and veterans is to provide modification of homes within mixed communities.

We have achieved a very low rate of foreclosure. Through active stewardship of our homeowners, the number of foreclosures in our portfolio have been limited to two (>1% of our total portfolio).

Homestead has developed a trust of 215 permanently affordable homes, is in active development of three projects in Seattle, Renton and Tukwila, of which two are pilots for deep green building standards including Net Zero energy. In the last four years, we have raised $9 million in public/private investments to build new homes, and $3.6 million for operating and program expenses. We have agreements to build new homes on five more properties over the next six years. While the average price of a home in King County is in the low $600,000s, the average price of our homes is $257,000. Through investments in technology, employee development and internal systems, we have increased the efficiency of both our housing development and our compliance and homeowner support processes. Homestead is recognized as a state leader in stewardship of permanently affordable homes, and the community land trust shared equity approach to perpetuating affordability. Affordable homeownership is one of the few anti-displacement strategies actively achieve results. Our 215 homes are located in the Central District, South East Seattle and South West Seattle where displacement risk is highest. Our new housing developments in Renton and Tukwila are also located in areas deemed to be at high risk for displacement. Our homes, which remain permanently affordable, mean that there will always be an affordable home for modest income people in these neighborhoods – homes that keep their owners and their children close to jobs, transit, education and opportunity.

What’s Next- Building the Platform to Scale Permanently Affordable Homeownership Production

Homestead Community Land Trust seeks to increase our production of permanently affordable homes for ownership significantly in response to the growing crisis of affordability that affects all people with incomes lower than 80% AMI. We are raising funds for a strategic two-year investment in staff and expenses to build our next hundred Homes. We plan to build five properties over the next six years (totaling 100 new affordable homes), and the platform to reach 1,000 homes in trust by 2032. Outcomes from this investment translate to stability for owners, beneficial health, and educational outcomes for those living in the homes, reduced climate impacts, wealth-building and economic mobility of owners and their children.

Financials

HOMESTEAD COMMUNITY LAND TRUST
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Operations

The people, governance practices, and partners that make the organization tick.

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Connect with nonprofit leaders

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  • Analyze a variety of pre-calculated financial metrics
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  • Compare nonprofit financials to similar organizations

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HOMESTEAD COMMUNITY LAND TRUST

Board of directors
as of 2/5/2021
SOURCE: Self-reported by organization
Board co-chair

Rebecca Gobeille

Jameson Babbit Stites & Lombard

Term: 2021 - 2022


Board co-chair

Cherryl Jackson-Willaims

Renton School System

Term: 2021 - 2022

Eli Kaufmann

VA

Susan Zeman

Virginia Mason

Joy Garlin Hunt

City of Seattle

Shavon Jones

Solid Ground

Janelle Rothfolk

Bitfocus Inc

Rachael Steward

Seattle Housing Authority

Juanita McLaughlin

Walsh Construction

Lisa Galvan

Board leadership practices

SOURCE: Self-reported by organization

GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section.

  • Board orientation and education
    Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations? Yes
  • CEO oversight
    Has the board conducted a formal, written assessment of the chief executive within the past year ? Yes
  • Ethics and transparency
    Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year? Yes
  • Board composition
    Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership? Yes
  • Board performance
    Has the board conducted a formal, written self-assessment of its performance within the past three years? No

Organizational demographics

SOURCE: Self-reported; last updated 02/05/2021

Who works and leads organizations that serve our diverse communities? GuideStar partnered on this section with CHANGE Philanthropy and Equity in the Center.

Leadership

The organization's leader identifies as:

Race & ethnicity
White/Caucasian/European
Gender identity
Female, Not transgender (cisgender)
Sexual orientation
Heterosexual or Straight
Disability status
Person without a disability

Race & ethnicity

Gender identity

 

Sexual orientation

Disability

No data

Equity strategies

Last updated: 02/26/2020

GuideStar partnered with Equity in the Center - an organization that works to shift mindsets, practices, and systems to increase racial equity - to create this section. Learn more

Data
  • We review compensation data across the organization (and by staff levels) to identify disparities by race.
  • We ask team members to identify racial disparities in their programs and / or portfolios.
  • We analyze disaggregated data and root causes of race disparities that impact the organization's programs, portfolios, and the populations served.
  • We disaggregate data to adjust programming goals to keep pace with changing needs of the communities we support.
  • We employ non-traditional ways of gathering feedback on programs and trainings, which may include interviews, roundtables, and external reviews with/by community stakeholders.
  • We disaggregate data by demographics, including race, in every policy and program measured.
Policies and processes
  • We use a vetting process to identify vendors and partners that share our commitment to race equity.
  • We seek individuals from various race backgrounds for board and executive director/CEO positions within our organization.
  • We have community representation at the board level, either on the board itself or through a community advisory board.
  • We help senior leadership understand how to be inclusive leaders with learning approaches that emphasize reflection, iteration, and adaptability.
  • We engage everyone, from the board to staff levels of the organization, in race equity work and ensure that individuals understand their roles in creating culture such that one’s race identity has no influence on how they fare within the organization.