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Brenda Torpy BWH Boston 2011
 

Brenda Torpy BWH Boston 2011

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    Brenda Torpy BWH Boston 2011 Brenda Torpy BWH Boston 2011 Presentation Transcript

    • Regional Forum on Workforce Housing BRING WORKERS HOME National Association of Realtors and National Housing Conference Boston MA July 28 2011
    • WORKFORCE HOUSING IN ACTIONShared Equity Homeownership Community Land Trust Model
    • Community Land TrustMembership OrganizationElected BoardResidents elect their own seats
    • 2010 Community Land Trusts in the USA
    • $ 220 million in assets$ 5 million operating budget$ 40 million in annual development
    • 1,500 apartments$18,000,000 in gross annual rent
    • High Cost Market
    • Smart growth: Mixed use
    • Multi-family Housing Cooperatives
    • Nonprofit Office Space & Community Facilities
    • Shared Equity Homeownership
    • 500 homes inshared equityhomeownershipportfolio2 Home-ownershipcenters3-County HomerehabilitationProgram
    • Shared Equity @ CHT100% MI or below Homebuyer Ed Prime mortgageBuyer InitiatedNew ConstructionResales
    • Shared-Equity @ CHT 20% CHT grantGround lease/covenant 100% Equity Capital improvement 25% market
    • Program Evaluation 2006
    • 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
    • Median Price of CHT Resales “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%.”
    • Net Equity Gains 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
    • What Kind of Housing Was Secured by CHT Homeowners After Selling a CHT Home?
    • 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?
    • End Q4 2009: Percentage of Mortgages Seriously Delinquent & In Foreclosure Process
    • Enhancing Residential SecurityNational Foreclosure Rate December 2008 2.97% National CLT Foreclosure Rate December 2008 0.5% CHT Foreclosure Rate December 2008 25-year total 0.2% 0.1%
    • Enhancing Residential Security Success of CHT’s first- time homeowners 91% Success of first-time homeowners (Herbert and Belsky, 2008)Success of first-time 50% homeowners (Reid, 2004) 47%
    • Financial Sustainability Subsidy is retained and recycled Subsidy grows with value ofproperty 357 Households served Average investment per HH:$6,085 Cost one fifth of Conventionalprogram
    • Champlain Housing TrustUN World Habitat Award July 2008
    • National CLT Network www.cltnetwork.org Champlain Housing Trust www.champlainhousingtrust.org CLT Resource CenterBurlington Associates in Community Development LLC www.burlingtonassociates.com