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Cht belgium brenda torpy


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  • Troy Gardens photos by Greg Rosenberg
  • Top: Sawmill Lofts, Albuquerque, NM. Center: Troy Gardens Condominiums, MACLT, Madison, WI. Bottom left: City’s Edge Condominiums, Burlington, VT. Bottom right: Solar apartments, Durham, NC;
  • Transcript

    • 1. Knowledge Building Across Community Land Trusts In Europe and the United States Belgium – July 1, 2nd, 2013 Champlain Housing Trust: Thirty years of Community Land Trust Development and Stewardship Brenda M. Torpy, CEO
    • 2. Founded in 1984 as the Burlington Community Land Trust
    • 3. Community Land Trust  What is a Community Land Trust (CLT)?  How has does the Champlain Housing Trust fit into this definition?
    • 4. 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
    • 5.  An individual household owns the structural improvements  Nonprofit corporation (i.e., the CLT) owns the land CLT as an Innovative Model of OWNERSHIP
    • 6. Ground lease ties house & land together  Lease is long-term  Lease is balanced  Lease is inheritable  Lease and house are mortgage-able “Homeowner” / “Leaseholder” CLT as an Innovative Model of OWNERSHIP
    • 7. CLT as an Innovative Model of ORGANIZATION  A nonprofit corporation with member- ship open to anyone living within the CLT’s geographically defined “community”  Balance of interests on the governing board
    • 8. 6,000 Voting Members
    • 9. Leaseholders: Homeowners Co-op owners Tenants Municipal Officials General Members Governing Board
    • 10. 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.
    • 11. $ 250 million in assets $ 9 million operating budget $ 90 million in annual development
    • 12. Employer of choice Livable wage commitment Market Competitive wage/benefits 78 Employees
    • 13. Homeownership Property Management Community Relations Finance Human Resources and Administration Development Operations
    • 14. Security and Mobility
    • 15. Shelters for the Homeless and Housing for Persons with Special Needs
    • 16. Community Services & Nonprofit Office Space
    • 17. Neighborhood Parks
    • 18. Rentals 1,800 apartments $18,000,000 in gross annual rent
    • 19. New Construction on Vacant Sites Rentals
    • 20. Neighborhood Improvement
    • 21. Mixing Housing and Commercial Space
    • 22. Repurposed Rural Factory
    • 23. Conversion
    • 24. Affordable Waterfront
    • 25. Rehabilitation & Reuse
    • 26. Housing Cooperatives
    • 27. Homeownership 525 homes in shared equity homeownership portfolio 2 Home-ownership centers 3-County Home rehabilitation Program Community-wide financial counseling and home education
    • 28. Single-family, Owner-occupied Houses
    • 29. Condominiums
    • 30. How Shared Equity Works with CHT
    • 31. Homeowner saves average of $250 per month Cost : $200K With CHT/CLT ) Cost : $150K Market Value Purchase
    • 32. 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 !
    • 33. Permanent Affordability! Market increased by 10% Grant increased by 30% CHT Price increased by 3.3%
    • 34. CLT Homeownership: Does it work?
    • 35. 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
    • 36. Preserving Affordability “During the 1999-2006 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 condomin- iums reselling through CHT increased by only 35%.”
    • 37. 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
    • 38. Social Mobility for CHT Homeowners
    • 39. Enhancing Residential Security • How well has CHT performed in protecting its portfolio of owner- occupied housing? • How well has CHT performed in preventing foreclosures? • How well has CHT performed in helping low-income households succeed at homeownership?
    • 40. National Foreclosure Rate December 2008 2.97% National CLT Foreclosure Rate December 2008 0.5% CHT Foreclosure Rate December 2008 0.2% Enhancing Residential Security 25-year total 0.1%
    • 41. Success of first-time homeowners (Herbert and Belsky, 2008) 50% Enhancing Residential Security Success of first-time homeowners (Reid, 2004) 47% Success of CHT’s first- time homeowners 91%
    • 42. Champlain Housing Trust UN World Habitat Award July 2008
    • 43. Champlain Housing Trust UN World Habitat Award Study Visit, June 2009
    • 44. CLT Resource Center Burlington Associates in Community Development LLC National CLT Network Champlain Housing Trust