Kulshan Community Land Trust Growing a community everyone can afford

Stories of home

Commitment to local ownership and control What is a Community Land Trust? Dual ownership, shared appreciation Protects long-term affordability of housing Ongoing development program Flexibility addressing community needs

KulshanCLT’s mission: Kulshan Community Land Trust  Strengthen community through affordable homeownership  Offer financial and educational services to people of limited means  Help those with below median incomes become first-time homeowners

 Whatcom County home prices have climbed twice as fast as earned incomes Need for KulshanCLT  KulshanCLT makes homeownership possible for hardworking people in Whatcom County  Affordability gap widens and many hard-working citizens have limited home buying options

KulshanCLT promotes wise land use “By the year 2020, every community and neighborhood has a healthy mix of housing sizes, types and prices, affordable at the wages of the jobs nearby.” - The housing goal from the Whatcom County Comprehensive Plan

KulshanCLT Serves Neighbors  Many are entrepreneurs and own local businesses  Nearly half work in the private sector – health care, retail, banking, and services  One-third work for schools, nonprofits or the public sector

Creating Urban Vitality Affordable homes in neighborhoods served with jobs and transportation options Bellingham 16 neighborhoods served Ferndale Nooksack Lynden Everson

Home Acquisitions Homebuyers  Search for existing homes Bring 1% or more downpayment Secure affordable mortgage (30-35% of income) KulshanCLT  Provides community investment Separates ownership of land from that of dwelling and improvements

Resales share equity, retain community investment 99-year ground lease ensures homeowner earns equity over time Upon resale, community investment is retained, no new infusion of community equity needed Homeowner can expect to build $40,000 or more in home equity over 10 years

Matthei Place  Fourteen 2- and 3-bedroom energy efficient, green-built permanently affordable homes in Happy Valley  Award-winning, LEED for Homes Silver and Build Green certified  City of Bellingham’s demonstration project for innovative permanently affordable homeownership  Model of creative sustainable design for our community

Indiana Lafayette Homes  Birchwood neighborhood Two acres, 20 or more homes  Site planning with neighbors, community to start soon  Create approximately $6 million in homebuying for our community  Leverage $2 million or more in permanent community investment in homes

Community Benefits Everyone wins  Homes our friends, families and neighbors can afford  Economic and social impacts for generations of owners  Community’s initial $6 million investment worth $9 million today

How you can make a difference Grow a community everyone can afford  Share our story with others  Become a member or Business Partner. Every $1,000 leverages $35,000 more.  If you own your home, explore how to keep it affordable forever  Volunteer your time and expertise  Acquaint your income-eligible employees with our home ownership programs