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Rondo Community Land Trust

Rondo Community Land Trust

St. Paul, MN 55104
Tax ID41-1753148

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About this organization

Revenue

$767,732

Expenses

$211,408

Website

rondoclt.org

Mission

To strengthen communities by providing permanently affordable, sustainable housing for families and individuals at or below 80% of the area median income; and, to promote the land trust model as a method of preserving affordable housing.

About

The organization, a community land trust (CLT), achieves permanent, long-term housing affordability through the use of a ground lease. CLT homebuyers purchase only the house, and enter into a 99-year ground lease with the organization for the exclusive use of the land. The organization's ground lease states that when a homeowner decides to sell their home, the house is sold to another low-to-moderate income household for the original purchase price plus 25% of any appreciation in the home's value. By limiting market appreciation, permanent affordability is ensured and initial subsidies invested in making the home affordable are spread across generations of low-to-moderate income homebuyers. Most importantly, this affordable housing option gives households that could otherwise only afford to rent the opportunity to take advantage of all of the benefits of homeownership; stability, security, tax benefits, and the opportunity to earn equity and appreciation in real estate that is not available through renting.

Interesting data from their 2020 990 filing

The filing reveals the mission of the non-profit as “To strengthen communities by providing permanently affordable, sustainable housing for families and individuals at or below 80% of the area median income; and, to promote the land trust model as a method of preserving affordable housing.”.

When detailing its functions, they were listed as: “To strengthen communities by providing permanently affordable, sustainable housing for families and individuals at or below 80% of the area median income; and, to promote the land trust model as a method of preserving affordable housing.”.

  • According to the law, the state where the non-profit operates has been reported as MN.
  • The filing specifies that the non-profit's address in 2020 was 626 SELBY AVE, ST PAUL, MN, 55104.
  • As of 2020, the non-profit's form shows they have a total of 3 employees.
  • Does not operate a hospital.
  • Does not operate a school.
  • Does not collect art.
  • Does not provide credit counseling.
  • Does not have foreign activities.
  • Is not a donor-advised fund.
  • Is not a private foundation.
  • Expenses are between $100,000 and $250,000.
  • Revenue is between $500,000 and $1,000,000+.
  • Revenue less expenses is $556,324.
  • The CEO compensation scheme within the organization is based on a review and endorsement process by a neutral entity.
  • The organization elects its board members.
  • The organization has 12 independent voting members.
  • The organization was formed in 1993.
  • The organization has a written policy that addresses conflicts of interest.
  • The organization is required to file Schedule B.
  • The organization is required to file Schedule O.
  • The organization pays $147,139 in salary, compensation, and benefits to its employees.
  • The organization pays $5,992 in fundraising expenses.
  • The organization provides Form 990 to its governing body.
  • The organization has minutes of its meetings.
  • The organization's financial statements were reviewed by an accountant.

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