The Home Trust of Skagit (HTS) balances the multiple interests of homeowners, neighborhood residents, and Skagit County as a whole in serving as the steward for an expanding stock of permanently affordable, owner-occupied housing.
HTS began as a program of Skagit County Community Action Agency, electing the first Home Trust of Skagit Board of Directors on March 4, 2009 at the first HTS annual meeting. HTS received its 501(c)(3) non-profit status from the IRS in November 2010. On October 1, 2011 HTS began to operate as its own independent organization and took over ownership of Channel Cove in LaConner, WA.
The Board of Directors consists of homeowners leasing and living on the HTS's land (leaseholder representatives), residents of the CLT's service area (general representatives), and individuals representing the public interest (which may include municipal officials) each make up a third of a typical board of directors. This tripartite structure ensures that different voices will be heard, with no single set of interests allowed to dominate. The Home Trust of Skagit Board of Directors began with twelve members, which may expand to fifteen.
On an operational level, the Home Trust of Skagit takes on a range of responsibilities for developing and stewarding its lands, focusing on creating homeownership for Skagit County residents, while keeping the flexibility to develop other community facilities. In its capacity as steward, the Home Trust of Skagit provides the oversight necessary to ensure that subsidized units remain affordable, that occupants are income-eligible, and that units are kept in good repair.
Because HTS retains permanent ownership of the land under housing and other structural improvements, we are closely connected to the homes and to the families that live in them. As the landowner, HTS will collect a modest monthly ground lease from every homeowner, allowing the HTS to monitor its assets, protect its investment, and support residents who experience financial difficulties.
Most CLTs initially rely on grants from local governments, private foundations, or other donors to pay for stewardship functions. As its portfolio of land and resale-restricted housing expands, however, the Home Trust of Skagit can generate ground lease fees, resale fees, and other income to support the costs of managing the affordable housing stock. With growth, the revenues available for stewardship also increase, allowing the Home Trust of Skagit to make a permanent commitment to monitoring and supporting homes located on its land in Skagit County. |
How Does a Community Land Trust Work?
A community land trust(CLT) is a nonprofit organization formed to hold title to land to preserve its long-term availability for affordable housing and other community uses.
A CLT typically receives public or private donations of land and uses donated funds and/or government subsidies to purchase land on which housing can be built. The homes are sold to lower-income families, but the CLT retains ownership of the land and provides long-term ground leases to homebuyers.
The CLT also retains a long-term option to repurchase the home at a formula-driven price when homeowners later decide to move.
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