Rencontres Internationales De Lyon 5 et 6 Juillet, 2013

Transcription

1 Rencontres Internationales De Lyon 5 et 6 Juillet, 2013 Chaire Internationale Habitat Cooperatif et Cooperation Sociale Champlain Housing Trust: Thirty years of Community Land Trust Development and Stewardship Brenda M. Torpy, CEO

2

3 Founded in 1984 as the Burlington Community Land Trust

4 Community Land Trust What is a Community Land Trust (CLT)? How has does the Champlain Housing Trust fit into this definition?

5 CLT as an Innovative Model of OWNERSHIP Community ownership of the land Individual ownership of the structural improvements Long-term ground lease, balancing the interests of both parties

6 CLT as an Innovative Model of OWNERSHIP An individual household owns the structural improvements Nonprofit corporation (i.e., the CLT) owns the land

7 CLT as an Innovative Model of OWNERSHIP Ground lease ties house & land together Lease is long-term Lease is balanced Lease is inheritable Homeowner / Leaseholder Lease and house are mortgage-able

8 CLT as an Innovative Model of ORGANIZATION A nonprofit corporation with membership open to anyone living within the CLT s geographically defined community Balance of interests on the governing board

9 6,000 Voting Members

10 Governing Board General Members Leaseholders: Homeowners Co-op owners Tenants Municipal Officials

11 CLT as an Innovative Model of OPERATION Preferential option for the poor Perpetual responsibility: security of tenure for residents. Perpetual affordability: preserving access to land and housing for persons of modest means.

12 $ 250 million in assets $ 9 million operating budget $ 90 million in annual development

13 Employer of choice Livable wage commitment Market Competitive wage/benefits 78 Employees

14 Operations Community Relations Development Homeownership Property Management Finance Human Resources and Administration

15 Security and Mobility

16 Shelters for the Homeless and Housing for Persons with Special Needs

17 Community Services & Nonprofit Office Space

18 Neighborhood Parks

19 Rentals 1,800 apartments $18,000,000 in gross annual rent

20 New Construction on Vacant Sites Rentals

21 Neighborhood Improvement

22 Mixing Housing and Commercial Space

23 Repurposed Rural Factory

24 Conversion

25 Affordable Waterfront

26 Rehabilitation & Reuse

27 Housing Cooperatives

28 Homeownership 525 homes in shared equity homeownership portfolio 2 Home-ownership centers 3-County Home rehabilitation Program Community-wide financial counseling and home education

29 Single-family, Owner-occupied Houses

30 Condominiums

31 How Shared Equity Works with CHT

32 Purchase Market Value With CHT/CLT Homeowner saves average of $250 per month ) Cost : $200K Cost : $150K

33 Resale Seller receives 25% of Balance added to existing CHT $ = more affordable to next Buyer Market value is $220K Total appreciation = $20K + their equity Seller receives $5K Market $220K Less CHT$ $65K CHT Price $155K!

34 Permanent Affordability! Market increased by 10% Grant increased by 30% CHT Price increased by 3.3%

35 CLT Homeownership: Does it work?

36 Expanding Access to Homeownership Over CHT s 25-year history, for all 629 households: 100% earned less than 100% of median income 82% earned less than 80% of median income

37 Preserving Affordability During the real estate boom, in particular, when the median sales price of owner-occupied homes in the Burlington MSA increased by 85%, the median price of houses and condominiums reselling through CHT increased by only 35%.

38 Build Wealth for CHT Homeowners Reselling after 5 ½ years, the average CHT homeowner got back his/her initial investment and walked away with a wealth gain of $12,000 Avg. annualized rate of return on the homeowner s initial investment: 25.4% IRR

39 Social Mobility for CHT Homeowners

40 Enhancing Residential Security How well has CHT performed in protecting its portfolio of owneroccupied housing? How well has CHT performed in preventing foreclosures? How well has CHT performed in helping low-income households succeed at homeownership?

41 Enhancing Residential Security National Foreclosure Rate December % National CLT Foreclosure Rate December % CHT Foreclosure Rate December % 25-year total 0.1%

42 Enhancing Residential Security Success of first-time homeowners (Reid, 2004) 47% Success of first-time homeowners (Herbert and Belsky, 2008) 50% Success of CHT s firsttime homeowners 91%

43 Champlain Housing Trust UN World Habitat Award July 2008

44 Champlain Housing Trust UN World Habitat Award Study Visit, June 2009

45 National CLT Network Champlain Housing Trust CLT Resource Center Burlington Associates in Community Development LLC

46