1. Regional Forum on Workforce Housing
BRING WORKERS HOME
National Association of Realtors
and
National Housing Conference
Boston MA
July 28 2011

2. WORKFORCE HOUSING
IN ACTION
Shared Equity Homeownership
Community Land Trust Model

4. Community Land Trust
Membership Organization
Elected Board
Residents elect their own seats

5. 2010 Community Land Trusts in
the USA

6. $ 220 million in assets
$ 5 million operating budget
$ 40 million in annual development

7. 1,500 apartments
$18,000,000 in gross annual rent

8. High Cost Market

9. Smart growth:
Mixed use

10. Multi-family Housing Cooperatives

11. Nonprofit Office Space & Community Facilities

12. Shared Equity Homeownership

13. 500 homes in
shared equity
homeownership
portfolio
2 Home-
ownership
centers
3-County Home
rehabilitation
Program

14. Shared Equity @ CHT
100% MI or below
Homebuyer Ed
Prime mortgage
Buyer Initiated
New Construction
Resales

15. Shared-Equity @ CHT
20% CHT grant
Ground lease/covenant
100% Equity
Capital improvement
25% market

16. Program Evaluation 2006

17. 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

18. 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%.”

19. 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

20. What Kind of Housing Was
Secured by CHT
Homeowners After Selling a
CHT Home?

21. 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?

22. End Q4 2009: Percentage of Mortgages Seriously Delinquent &
In Foreclosure Process

23. Enhancing Residential Security
National 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%

24. 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%

25. Financial Sustainability
Subsidy is retained and recycled
Subsidy grows with value of
property
357 Households served
Average investment per HH:
$6,085
Cost one fifth of Conventional
program

26. Champlain Housing
Trust
UN World Habitat Award
July 2008

27. National CLT Network
www.cltnetwork.org
Champlain Housing Trust
www.champlainhousingtrust.org
CLT Resource Center
Burlington Associates in Community Development LLC
www.burlingtonassociates.com