1. OUTPERFORMING THE MARKET LOW RATES OF FORECLOSURE IN U.S. COMMUNITY LAND TRUSTS Emily Thaden, Ph.D. Research & Policy Development National CLT Network

2. HISTORY OF U.S. HOUSING VALUES

3. FORECLOSURE FILINGS ON U.S. PROPERTIES BY YEAR 1 in 45 housing units RealtyTrac.com 1 in 45 housing units

4. 2009 HOMEOWNERSHIP RATES BY INCOME QUARTILE Economic Policy Institute, 2011

5. 2004 & 2011 HOMEOWNERSHIP RATES BY INCOME RACE www.infoplease.com

6. BEFORE THE CRISIS… 1 OF 2 LOW-INCOME OR MINORITY HOUSEHOLDS DO NOT MAINTAIN HOMEOWNERSHIP FOR 5 YEARS

7. HOMEOWNERSHIP IS NOT FOR EVERYONE.

8. HOMEOWNERSHIP MATTERS Herbert & Belsky, 2008; McCarthy, Van Zandt, & Rohe, 2001 Proportion of Wealth from Homeownership in 2000

9. HOMEOWNERSHIP NEEDS TO BE DONE DIFFERENTLY.

10. 15 units, Seattle SHARED EQUITY HOMEOWNERSHIP Resale-restricted, owner- occupied housing for lower income households that remains affordable in perpetuity. 2,820 units, New York Montgomery County, MD

11. 1.Limited Equity Housing Cooperatives Capital Manor Coop 102 units, Washington D.C. Single-family homes Albuquerque, NM 2.Community Land Trusts 3.Deed-restricted Housing Programs Armstrong Townhomes 102 units, San Francisco THE PRIMARY MODELS OF SHARED EQUITY HOMEOWNERSHIP

12. WHAT SHARED EQUITY HOMEOWNERSHIP ACHIEVES

13. 1. INCREASED ACCESS TO HOMEOWNERSHIP Temkin, Theodos, & Price, 2011

14. 2. WEALTH CREATION Temkin, Theodos, & Price, 2011

15. 3. PERMANENT AFFORDABILITY Temkin, Theodos, & Price, 2011 % of Median Income needed for first purchase % of Median Income needed for subsequent purchases

16. Access increased Wealth built Affordability preserved IS HOMEOWNERSHIP SUSTAINED?

17. CLT Samples Organizations Outstanding Loans 2010623,143 2009422,173 2008501,936 v. MBA loans NATIONAL RESEARCH STUDIES OF COMMUNITY LAND TRUSTS

18. CLT LOANS OUTPERFORM THE MARKET

19. CLT LOANS OUTPERFORM ALL LOAN TYPES

20. STEWARDSHIP MATTERS Policies & Practices Approve home financing Educate pre-& post-purchase Interact with mortgage lenders Intervene in delinquencies Intervene in foreclosures

21. STEWARDSHIP MATTERS

22. Homeownership is entered & sustained Stewardship matters CLTs provide a better way to do homeownership IMPLICATIONS

23. QUESTIONS?