SLIDE 1
Why First Homes 2.0?
Began as Starter homes for working families.
∆ 80% Area Median Income ∆ Current AMI $61,302 ∆ 80% = $48,962 or $23.54 per hour
First Homes CLT Bench Marking Study Why First Homes 2.0? Began as - - PowerPoint PPT Presentation
First Homes CLT Bench Marking Study Why First Homes 2.0? Began as - - PowerPoint PPT Presentation
First Homes CLT Bench Marking Study Why First Homes 2.0? Began as Starter homes for working families. 80% Area Median Income Current AMI $61,302 80% = $48,962 or $23.54 per hour Framework for CLT Affordable house based on
SLIDE 2
SLIDE 3
Framework for CLT
Affordable house based on income Safe and hazard free home Energy efficient
SLIDE 4
Why Community Land Trust?
Community land trust retains
affordability into perpetuity.
In a community of 80,000 houses,
if ¼ are CLT , it yields 20,000 affordable houses into the future.
SLIDE 5
The Benchmarking Study
CLT # of Units CLT price Market Price
West Hennepin
113 $124,053 $229,375
First Homes 209
$116,497 $143,665
City of Lakes
172 $103,771 $150,302
One Roof
260 $ 86,650 $118,785
Two Rivers
52 $128,891 $174,543
Carver Co.
24 $128,138 $168,720
SLIDE 6
What We Learned
Majority use open market Real Estate firms
Frees up staff Builds relationships and good will in community Charge administrative fees Retain % of grant funds for operations Philanthropic support- public and employers Autopay for lease fees
SLIDE 7
Manage First Homes
Document Internal procedures-criteria Purchase Resale Rehab
SLIDE 8
Manage First Homes
Document External Relationships-criteria Lenders Realtors Appraisers
SLIDE 9
What We Are Planning
Communication plan
Increase visibility in the community Create ongoing material for media Increase a sense of belonging with home owners Newsletters Biennial surveys
SLIDE 10
Financial Sustainability
Implement administrative fees (begun) Retain % of grant funds for operations Put lease fees on autopay Fund raiser- raise awareness and visibility
SLIDE 11
Our Goal
Manage First Homes as a socially conscious business
providing affordable homes for working families while maintaining a positive bottom line.
First Homes offers a unique contribution to housing
- -the CLT and the Heritage Homes program has
created neighborhood stabilization by removing blight and preserving properties in the core area
- neighborhoods. We feel this remains our future.