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Kulshan Community Land Trust Growing a community everyone can afford.

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Presentation on theme: "Kulshan Community Land Trust Growing a community everyone can afford."— Presentation transcript:

1 Kulshan Community Land Trust Growing a community everyone can afford

2 Stories of home

3 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

4 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

5  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

6 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

7 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

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

9 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

10 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

11 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

12 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

13 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

14 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

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