Kulshan Community Land Trust Growing a community everyone can afford.
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Transcript of Kulshan Community Land Trust Growing a community everyone can afford.
![Page 1: Kulshan Community Land Trust Growing a community everyone can afford.](https://reader035.fdocuments.us/reader035/viewer/2022062421/56649cad5503460f9496f159/html5/thumbnails/1.jpg)
Kulshan Community Land TrustGrowing a community everyone can afford
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Stories of home
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Commitment to local ownership and control
What is aCommunity Land Trust?
• Dual ownership, shared appreciation
• Protects long-term affordability of housing• Ongoing development program
• Flexibility addressing community needs
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KulshanCLT’s mission:
KulshanCommunity 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
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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
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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
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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
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Creating Urban Vitality
Affordable homes in neighborhoods served with jobs and transportationoptions• Bellingham
16 neighborhoods served
• Ferndale• Nooksack
• Lynden
• Everson
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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
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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
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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
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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
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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
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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