Home Trust of Skagit is a Community Land Trust which balances the multiple interests of homeowners, neighborhood residents, and Skagit County as a whole in serving as the steward of an expanding stock of permanently affordable, owner-occupied homes.
The Home Trust of Skagit (HTS), a community land trust organization, is incorporated to help homebuyers in Skagit County secure affordable homes and achieve an equity return on their investment, while preserving affordability for the next homebuyer.
The Home Trust of Skagit offers affordable homes now and preserves that affordability for future homebuyers. Our goal is to have homes in neighborhoods and communities throughout Skagit County, providing opportunities for both home ownership and affordable rentals, with a healthy mix of housing types and home size available to those earning up to 80% of the area median income (AMI). In 2008, more than 200 community land trust organizations were operating in 48 states with many in the Pacific Northwest.
Individuals and Families Benefit:
Skagit County Communities Benefit:
Here’s how a Community Land Trust works:
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.
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.
612 S. First Street
Mount Vernon, WA 98273
360-428-0014
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