Kor Community Land Trust

Organization Overview

Kor Community Land Trust is located in Bend, OR. The organization was established in 2015. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 12/2021, Kor Community Land Trust employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Kor Community Land Trust is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.

For the year ending 12/2021, Kor Community Land Trust generated $457.1k in total revenue. All expenses for the organization totaled $197.9k during the year ending 12/2021. While expenses have increased by 78.2% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

TO PROVIDE ENVIRONMENTALLY SUSTAINABLE AND PERMANENTLY AFFORDABLE HOMEOWNERSHIP OPPORTUNITIES FOR THOSE WHO CONTRIBUTE TO THE FABRIC OF THE CENTRAL OREGON ECONOMY AND COMMUNITY.

Describe the Organization's Program Activity:

Part 3 - Line 4a

KOR IS A NONPROFIT THAT CREATES SUSTAINABLE, AFFORDABLE HOMEOWNERSHIP COMMUNITIES FOR CENTRAL OREGON'S WORKFORCE. BASED IN BEND, THE FASTEST GROWING MID-SIZE CITY IN AMERICA, KOR USES THE COMMUNITY LAND TRUST MODEL TO ENSURE THAT THE COMMUNITY WILL HAVE ACCESS TO HEALTHY, AFFORDABLE HOMES FOR GENERATIONS TO COME. IN THE COMMUNITY LAND TRUST MODEL, HOMEOWNERS OWN THEIR HOME OUTRIGHT BY LEVERAGING A TRADITIONAL MORTGAGE, WHILE THE COMMUNITY LAND TRUST OWNS THE LAND UNDER THE HOME AND LEASES IT BACK TO THE HOMEOWNER THROUGH A 99 YEAR RENEWABLE LAND LEASE. THIS ALLOWS THE COMMUNITY LAND TRUST TO ENSURE THAT IF THE HOMEOWNERS SELL, THE HOME RESELLS TO ANOTHER INCOME QUALIFIED HOMEBUYER. THE ORIGINAL HOMEOWNER RECEIVES A FAIR RETURN ON THEIR INITIAL INVESTMENT WHILE HELPING FUTURE GENERATIONS HAVE ACCESS TO AFFORDABLE HOMES, LIKE THEY DID.KOR WAS FOUNDED IN 2015 BY TWO OREGONIANS WHO SAW TOO MANY COMMUNITY MEMBERS DISPLACED BECAUSE OF THE COST OF HOUSING IN THE AREA. AT THE SAME TIME, TYPICAL AFFORDABLE HOUSING LACKED A COMMITMENT TO SUSTAINABILITY AND THE COST SAVINGS AND HEALTH BENEFITS THAT COMES WITH IT FOR THE RESIDENTS. THAT'S WHY, KOR BUILDS ITS HOMES TO NET-ZERO STANDARDS. AS ENERGY EFFICIENT TECHNOLOGIES BECOME MORE COMMONLY USED IN BUILDING STANDARDS, KOR'S HOMES WILL REMAIN THE GOLD STANDARD OF AFFORDABLE HOUSING. KOR'S NET-ZERO ENERGY HOMES COUPLE PASSIVE ENERGY INNOVATIONS AND EFFICIENCIES WITH CLEAN ENERGY PRODUCTION TO ENSURE HOMEOWNERS HAVE A HEALTHY HOME AND THE UTILITY SAVINGS THAT COMES WITH IT.KOR COMMUNITIES PRIMARILY SERVE EXTREMELY-LOW AND LOW-INCOME HOUSEHOLDS, WITH A QUARTER OF ITS HOMES AVAILABLE TO MIDDLE-INCOME HOUSEHOLDS. IN THIS WAY, KOR CREATES MIXED INCOME COMMUNITIES FOR HOUSEHOLDS EARNING BETWEEN 30% AMI TO 120% AMI. IN SPRING 2021, KOR COMPLETED ITS FIRST 5-UNIT, NET-ZERO HOMEOWNERSHIP COMMUNITY IN THE CITY OF BEND. HOMEOWNERS INCLUDE SENIOR HOUSEHOLDS, HOUSEHOLDS WITH DISABILITIES, SINGLE-PARENT HOUSEHOLDS AND FEMALE-LED HOUSEHOLDS. KOR HAS TWO MORE COMMUNITIES IN DEVELOPMENT THAT WILL BE COMPLETED IN 2022 AND 2023.KOR HAS BUILT A ROBUST BOARD OF DIRECTORS THAT INCLUDES HOMEOWNERS WHO LIVE IN KOR COMMUNITIES. THIS ENSURES THAT THOSE SERVED BY KOR ARE PART OF THE DECISION MAKING THAT DRIVES THE MISSION-BASED WORK. ADDITIONALLY, KOR HAS RAISED OPERATING FUNDS TO SUSTAIN FULL-TIME STAFF MEMBERS AND FORMED A PARTNERSHIP WITH THE LOCAL HOUSING AUTHORITY, HOUSING WORKS, WHO ACTS AS GUARANTOR OF ITS DEVELOPMENTS. WITH THE HIRE OF A NEW EXECUTIVE DIRECTOR IN 2021, KOR IS STRENGTHENING ITS PIPELINE AND OPERATIONS FOR LONG-TERM ORGANIZATIONAL SUSTAINABILITY.


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Board, Officers & Key Employees

Name (title)Compensation
Brian Durbin
Treasurer
$0
Brett Dery
Secretary
$0
Laura Fritz
Board Chair
$0
Dianna Fischetti
Board Member
$0
Dana Madison
Board Member
$0
Michael Mclandress
Board Member
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $19,780
All other contributions, gifts, grants, and similar amounts not included above$350,427
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$370,207
Total Program Service Revenue$103,504
Investment income $328
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales -$7,251
Net Income from Fundraising Events $2,749
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $457,134

Grants Recieved

Over the last fiscal year, we have identified 6 grants that Kor Community Land Trust has recieved totaling $87,733.

Awarding OrganizationAmount
Schwab Charitable Fund

San Francisco, CA

PURPOSE: HUMAN SERVICES

$57,100
Crevier Family Foundation

Costa Mesa, CA

PURPOSE: SUPPORT ORGANIZATION

$10,000
Oregon Community Foundation

Portland, OR

PURPOSE: Housing

$8,133
Charities Aid Foundation America

Alexandria, VA

PURPOSE: CHARITABLE DONATION

$6,000
Umpqua Bank Charitable Foundation

Portland, OR

PURPOSE: HOMEOWNERSHIP PROGRAM

$4,000
Churchill Foundation

Brentwood, TN

PURPOSE: TO SUPPORT CHARITY

$2,500
View Grant Recipient Profile

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