Homestead Community Land Trust
Homestead Community Land Trust
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About this organization
Mission
Homestead Community Land Trust provides low- and moderate-income people the opportunity to safely build wealth and the stability upon which to invest in their dreams through affordable homeownership. By growing a trust of permanently affordable homes we create a more diverse, sustainable and equitable region.
About
TO CREATE AND PERMANENTLY PRESERVE AFFORDABLE HOME OWNERSHIP FOR MODEST INCOME HOUSEHOLDS PRICED OUT OF THE MARKETPLACE AND TO SUPPORT THEIR ONGOING SUCCESS THROUGH EDUCATION, COUNSELING, REFERRAL AND ADVOCACY. HOMESTEAD HAS ACCOMPLISHED THIS THROUGH THE FOLLOWING:1) PUTTING HOMEOWNERSHIP WITHIN REACH (ANNUAL REPORT):- HOMESTEAD HOMES ARE AFFORDABLE TO THOSE WHO MAKE LESS THAN 80% OF AREA MEDIAN INCOME. - MEDIAN PRICE HOMESTEAD HOME: $191,468 - MEDIAN PRICE SEATTLE: $714,400 - MEDIAN PRICE KING COUNTY: $655,000- SOURCES: HOMESTEAD SEPTEMBER 2019, SEATTLE TIMES, MULTIPLE LISTING SERVICES MARCH-MAY 20192) SECURITY AND STABILITY OF HOMEOWNERSHIP: - MORE THAN 595 INDIVIDUALS NOW HAVE ACCESS TO THE SECURITY AND STABILITY OF HOMEOWNERSHIP, AND MORE THAN 95 ARE CHILDREN UNDER THE AGE OF 18.3) EQUITY GAINS: - OVER HALF, 55%, OF HOMESTEAD HOMEOWNING HOUSEHOLDS ARE HOUSEHOLDS OF COLOR.- AVERAGE AREA MEDIAN INCOME (AMI), ADJUSTED FOR HOUSEHOLD SIZE OF CURRENT HOMESTEAD HOMEOWNERS IS 58%. - HOMESTEAD HOMEOWNERS ARE INDIVIDUALS (32%) AND FAMILIES (68%).4) CREATING JOBS AND ECONOMIC GROWTH (ANNUAL REPORT). OUR 215 HOMES HAVE CONTRIBUTED TO THE ECONOMY: - JOBS 594 - WAGES $12,400,000 - BUSINESS INCOME $3,600,000 - TAX REVENUE $1,100,000 - ESTIMATED BASED ON NATIONAL ASSOCIATION OF HOME BUILDERS STATISTICS (2016)
Interesting data from their 2020 990 filing
The filing clearly states the mission of the non-profit as “Homestead community land trust empowers individuals, stabilizes families and strengthens neighborhoods by creating and preserving affordable homeownership opportunities for modest-income homebuyers in the greater seattle/puget sound area.”.
When outlining its functions, they were explained as: “Homestead community land trust empowers individuals, stabilizes families and strengthens neighborhoods by creating and preserving affordable homeownership opportunities for modest-income homebuyers in the greater seattle/puget sound area.”.
- In compliance with legal regulations, the non-profit has reported their state of operation as WA.
- The filing records the non-profit's address for 2020 as 412 MAYNARD AVE S NO 201, SEATTLE, WA, 98104.
- As of 2020, the non-profit's form reports a total of 16 employees.
- Is not a private foundation.
- Expenses are greater than $1,000,000.
- Revenue is between $500,000 and $1,000,000+.
- Revenue less expenses is -$570,964.
- The organization has 10 independent voting members.
- The organization was formed in 1992.
- The organization pays $414,804 in salary, compensation, and benefits to its employees.
- The organization pays $124,172 in fundraising expenses.