Brenda Torpy BWH Boston 2011

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Brenda Torpy BWH Boston 2011

  1. 1. Regional Forum on Workforce Housing BRING WORKERS HOME National Association of Realtors and National Housing Conference Boston MA July 28 2011
  2. 2. WORKFORCE HOUSING IN ACTIONShared Equity Homeownership Community Land Trust Model
  3. 3. Community Land TrustMembership OrganizationElected BoardResidents elect their own seats
  4. 4. 2010 Community Land Trusts in the USA
  5. 5. $ 220 million in assets$ 5 million operating budget$ 40 million in annual development
  6. 6. 1,500 apartments$18,000,000 in gross annual rent
  7. 7. High Cost Market
  8. 8. Smart growth: Mixed use
  9. 9. Multi-family Housing Cooperatives
  10. 10. Nonprofit Office Space & Community Facilities
  11. 11. Shared Equity Homeownership
  12. 12. 500 homes inshared equityhomeownershipportfolio2 Home-ownershipcenters3-County HomerehabilitationProgram
  13. 13. Shared Equity @ CHT100% MI or below Homebuyer Ed Prime mortgageBuyer InitiatedNew ConstructionResales
  14. 14. Shared-Equity @ CHT 20% CHT grantGround lease/covenant 100% Equity Capital improvement 25% market
  15. 15. Program Evaluation 2006
  16. 16. 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
  17. 17. 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%.”
  18. 18. 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
  19. 19. What Kind of Housing Was Secured by CHT Homeowners After Selling a CHT Home?
  20. 20. 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?
  21. 21. End Q4 2009: Percentage of Mortgages Seriously Delinquent & In Foreclosure Process
  22. 22. 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%
  23. 23. 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%
  24. 24. 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
  25. 25. Champlain Housing TrustUN World Habitat Award July 2008
  26. 26. National CLT Network www.cltnetwork.org Champlain Housing Trust www.champlainhousingtrust.org CLT Resource CenterBurlington Associates in Community Development LLC www.burlingtonassociates.com

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