Homestead Community Land Trust
- Assets
- $27.3m
- Revenue
- $6.1m
- Investments
- $0.0
- Employees
- 9
- Location
- Seattle, WA
- Founding
- 08/1993
- Data as of
- 12/2021
- EIN
- 91-1565651
Organization Overview
Homestead Community Land Trust is located in Seattle, WA. The organization was established in 1993. 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, Homestead Community Land Trust employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Homestead 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, Homestead Community Land Trust generated $6.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 24.7% each year . All expenses for the organization totaled $6.6m during the year ending 12/2021. While expenses have increased by 26.1% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
HOUSING JUSTICE, CLIMATE EQUITY THROUGH AFFORDABLE, SUSTAINABLE HOMEOWNERSHIP
Describe the Organization's Program Activity:
Part 3 - Line 4a
WITH 30 YEARS' SERVICE TO KING COUNTY, HOMESTEAD COMBINES HOUSING DEVELOPMENT WITH BUYER AND OWNER SUPPORT TO GROW AND PRESERVE AN INVENTORY OF PERMANENTLY AFFORDABLE HOMES AND SUCCESSFUL HOMEOWNERS. EVERY HOME IN TRUST IS SOLD AT AN AFFORDABLE PRICE TO AN INCOME-QUALIFIED HOUSEHOLD AND IS KEPT AFFORDABLE TO ALL FUTURE BUYERS. OUR HOMES PUT THE FINANCIAL, SOCIAL, HEALTH AND ECONOMIC MOBILITY BENEFITS OF OWNERSHIP WITHIN REACH OF THOSE SHUT OUT OF OWNERSHIP BY OUR HIGH-COST MARKET, AND/OR THE LEGACY OF SYSTEMIC HOUSING INEQUITIES. AS A RESULT, OWNERS ARE PLACED ON A PATH TO WEALTH BUILDING AND STABILITY. BY CONSTRUCTING WITH CODE-EXCEEDING ENVIRONMENTAL STANDARDS, WE CREATE HOUSING AND CLIMATE EQUITY FOR THESE LOWER-INCOME HOMEOWNERS.IN 2021, HOMESTEAD COMPLETED CONSTRUCTION ON WILLOWCREST, THE FIRST PERMANENTLY AFFORDABLE HOMEOWNERSHIP DEVELOPMENT BUILT TO A NET ZERO ENERGY STANDARD. THROUGH ENERGY EFFICIENT SYSTEMS AND ONSITE ENERGY GENERATION THROUGH SOLAR PANELS, THESE HOMES REDUCE CLIMATE IMPACTS AND LOWER OWNERS' UTILITY COSTS. TWELVE HOMES WERE SOLD TO INCOME-QUALIFIED FAMILIES INCLUDING THREE WHO WERE EXPERIENCING HOMELESSNESS. BY YEAR END, HOMESTEAD WAS SUBSTANTIALLY COMPLETE WITH ANOTHER 16 HOMES AT VILLAGE GARDENS, IN THE CENTRAL DISTRICT, A NEIGHBORHOOD EXPERIENCING RAPID DISPLACEMENT.THROUGH PARTNERSHIPS WITH PRIVATE DONORS AND PUBLIC AGENCIES, HOMESTEAD IDENTIFIED A PIPELINE OF 130 MORE HOMES TO BUILD OVER THE NEXT FIVE YEARS, ON SURPLUS AND DONATED LAND. IT WAS IN ACTIVE PREDEVELOPMENT ON THREE PROJECTS WITH CONSTRUCTION TO BEGIN IN 2022 AND 2023. THE ORGANIZATION COMPLETED TWO COHORTS OF THE HOMEBUYERS CLUB, A CULTURALLY APPROPRIATE HOMEBUYER PREPARATION PROGRAM DESIGNED BY HOMESTEAD. BY YEAR END, HOMESTEAD HELD 235 HOMES IN TRUST, AND HAD CREATED OVER 300 FIRST-TIME HOMEBUYING OPPORTUNITIES FOR INCOME-QUALIFIED HOUSEHOLDS. BY REMOVING HOMES FROM THE SPECULATIVE MARKET AND HOLDING THEM IN TRUST IN PERPETUITY, HOMESTEAD IS CREATING AN ALTERNATE, AFFORDABLE ECONOMY FOR HOUSING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kathleen Hosfeld Executive Director | Officer | 40 | $132,849 |
Ross Muramoto Finance Manager | Officer | 21 | $69,264 |
Janelle Rothfolk Board Treasurer | OfficerTrustee | 3 | $0 |
Rebecca Gobeille Board President | OfficerTrustee | 3 | $0 |
Eli Kaufman Board Secretary | OfficerTrustee | 3 | $0 |
Cherryl Jackson-Williams Board Vice President | OfficerTrustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $33,000 |
| Related organizations | $0 |
| Government grants | $85,223 |
| All other contributions, gifts, grants, and similar amounts not included above | $560,526 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $678,749 |
| Total Program Service Revenue | $5,452,693 |
| Investment income | $41 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$5,574 |
| Net Income from Fundraising Events | -$13,560 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,114,332 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $202,113 |
| Compensation of current officers, directors, key employees. | $37,421 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $378,137 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $45,760 |
| Payroll taxes | $36,564 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $84,417 |
| Advertising and promotion | $1,258 |
| Office expenses | $30,078 |
| Information technology | $2,193 |
| Royalties | $0 |
| Occupancy | $40,091 |
| Travel | $665 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $8,555 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,679 |
| All other expenses | $10,738 |
| Total functional expenses | $6,612,774 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $712,061 |
| Savings and temporary cash investments | $695 |
| Pledges and grants receivable | $740,168 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $5,334 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $92 |
| Net Land, buildings, and equipment | $15,724,047 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,147,526 |
| Total assets | $27,329,923 |
| Accounts payable and accrued expenses | $497,216 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $6,978,832 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,868,367 |
| Total liabilities | $13,344,415 |
| Net assets without donor restrictions | $12,003,508 |
| Net assets with donor restrictions | $1,982,000 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $27,329,923 |
Grants Recieved
Over the last fiscal year, we have identified 9 grants that Homestead Community Land Trust has recieved totaling $79,912.
| Awarding Organization | Amount |
|---|---|
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $20,019 |
Norcliffe Foundation Seattle, WA PURPOSE: GENERAL OPERATING | $15,000 |
The Seattle Foundation Seattle, WA PURPOSE: TO PROVIDE GENERAL SUPPORT; FOR SUPPORT OF HOME GAMES, HOMEBUYER CLUB AND THE RYAN NEFF AWARD | $13,000 |
Charities Aid Foundation America Alexandria, VA PURPOSE: CHARITABLE DONATION | $10,000 |
Ellis Foundation Milwaukee, WI PURPOSE: GENERAL OPERATING | $10,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: HUMAN SERVICES | $6,850 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Oregon Coast Community Action Coos Bay, OR | $16,109,030 | $18,585,692 |
Habitat For Humanity Portland Metro East Portland, OR | $35,667,707 | $17,313,274 |
Oregon Affordable Housing Assistance Corporation Salem, OR | $27,410,918 | $14,226,353 |
Habitat For Humanity International Renton, WA | $48,435,558 | $16,565,200 |
Umpqua Community Development Corporation Roseburg, OR | $52,044,965 | $9,776,284 |
Northwest Real Estate Capital Corporation Boise, ID | $42,438,639 | $10,028,848 |
Bienestar Inc Hillsboro, OR | $44,494,101 | $8,073,400 |
Sequoia Mental Health Services Inc Beaverton, OR | $13,233,092 | $9,043,542 |
Habitat For Humanity International Inc Spokane, WA | $8,447,142 | $6,994,226 |
Homestead Community Land Trust Seattle, WA | $27,329,923 | $6,114,332 |
Network For Oregon Affordable Housing Portland, OR | $195,654,493 | $8,548,248 |
Catholic Charities Housing Services Diocese Of Yakima Yakima, WA | $29,693,210 | $6,976,540 |