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;
  • Cht belgium brenda torpy

    1. 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. 2. Founded in 1984 as the Burlington Community Land Trust
    3. 3. Community Land Trust  What is a Community Land Trust (CLT)?  How has does the Champlain Housing Trust fit into this definition?
    4. 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. 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. 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. 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. 8. 6,000 Voting Members
    9. 9. Leaseholders: Homeowners Co-op owners Tenants Municipal Officials General Members Governing Board
    10. 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. 11. $ 250 million in assets $ 9 million operating budget $ 90 million in annual development
    12. 12. Employer of choice Livable wage commitment Market Competitive wage/benefits 78 Employees
    13. 13. Homeownership Property Management Community Relations Finance Human Resources and Administration Development Operations
    14. 14. Security and Mobility
    15. 15. Shelters for the Homeless and Housing for Persons with Special Needs
    16. 16. Community Services & Nonprofit Office Space
    17. 17. Neighborhood Parks
    18. 18. Rentals 1,800 apartments $18,000,000 in gross annual rent
    19. 19. New Construction on Vacant Sites Rentals
    20. 20. Neighborhood Improvement
    21. 21. Mixing Housing and Commercial Space
    22. 22. Repurposed Rural Factory
    23. 23. Conversion
    24. 24. Affordable Waterfront
    25. 25. Rehabilitation & Reuse
    26. 26. Housing Cooperatives
    27. 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. 28. Single-family, Owner-occupied Houses
    29. 29. Condominiums
    30. 30. How Shared Equity Works with CHT
    31. 31. Homeowner saves average of $250 per month Cost : $200K With CHT/CLT ) Cost : $150K Market Value Purchase
    32. 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. 33. Permanent Affordability! Market increased by 10% Grant increased by 30% CHT Price increased by 3.3%
    34. 34. CLT Homeownership: Does it work?
    35. 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. 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. 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. 38. Social Mobility for CHT Homeowners
    39. 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. 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. 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. 42. Champlain Housing Trust UN World Habitat Award July 2008
    43. 43. Champlain Housing Trust UN World Habitat Award Study Visit, June 2009
    44. 44. CLT Resource Center Burlington Associates in Community Development LLC www.burlingtonassociates.com National CLT Network www.cltnetwork.org Champlain Housing Trust www.champlainhousingtrust.org

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