| Homeward Bound Mission Statement What we believe: People with safe and stable housing are more committed to the communities in which they live. Land that is permanently dedicated to affordable housing and economic development opportunities positively affects the entire community. These are vital elements in a sustainable North Olympic Peninsula. How we achieve: Homeward Bound will deliver permanently affordable land in Clallam and Jefferson Counties for use by qualified, multi-cultural and multi-generational persons by exploring various development methods and remaining flexible in our revitalization approaches. |
Contact information: Homeward Bound P.O. Box 1484 Port Townsend WA, 98368 Phone: 360-385-1587 Email: info@homewardboundclt.org |
| .Creating Permanently Affordable Housing for North Olympic Peninsula Communities |
| How Does Homeward Bound Work? Homeward Bound obtains land (through donation or purchase) and through a long-term lease agreement, retains title to the land while "selling" the home (minus the land) to qualified-income individuals and families. By separating the house from the land, Homeward Bound is able to make the home price more affordable while maintaining ownership of the land in trust for the community. And yes, Fannie Mae and other lending institutions recognize the CLT model and offer conventional mortgages as a means to finance the home purchase. In fact, most CLT homes are bought by first time homebuyers. By purchasing rather than renting their home, the homebuyer builds up credit and equity. CLT homeownership is often a stepping stone for individuals to buy a home on the open market. CLT homeowners are free to manage the land and house with only a few restrictions. CLT home owners can also remain in their home as long as they wish. Upon resale, CLT homes are either sold back to Homeward Bound or to another qualified-income individual or family. This ensures that Homeward Bound homes will never be "flipped" and sold back onto the market. The resale price is determined through a "resale agreement" built into the 99-year land lease. This resale agreement provides the seller with a reasonable return on their investment while ensuring the home remains affordable to the next CLT homebuyer. Owners of CLT homes pay property taxes based upon the resale value of the home, thereby contributing to the community just like everyone else. Homeward Bound homes will not be taken off the tax rolls. For additional information on how community land trusts work, please check out the following links to other CLTs and supporting organizations in our area and nationwide: OPAL Community Land Trust, Orcas Island, WA Kulshan Community Land Trust, Bellingham, WA Portland Community Land Trust, Portland, OR Links to Community Land Trusts Nationwide Burlington Associates Online CLT Resource Center Community Land Trusts in the News FAQ on CLTs National Community Land Trust Network |
HOMEWARD BOUND
A Community Land Trust for Clallam and Jefferson Counties
A Community Land Trust for Clallam and Jefferson Counties
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| Seeking New Solutions to Affordable Housing “The problems we face today cannot be solved on the same level of thinking we were at when we created them.” Albert Einstein |
What is Homeward Bound?
Homeward Bound is a community land trust, often referred to as a "CLT" for short. Community
land trusts are non-profit, community-based, membership organizations dedicated to acquiring
land for permanently affordable home ownership opportunities for working families and
individuals who are otherwise priced out of the local real estate market. Community land trusts
provide an effective tool allowing communities to invest in themselves to create permanently
affordable housing with a special emphasis on home ownership for families earning below the
median income of the area.
Founded in 2006, Homeward Bound CLT is the only affordable housing community land trust on
the Olympic Peninsula. Homeward Bound is a registered 501(c)(3) nonprofit corporation.
Homeward Bound is a community land trust, often referred to as a "CLT" for short. Community
land trusts are non-profit, community-based, membership organizations dedicated to acquiring
land for permanently affordable home ownership opportunities for working families and
individuals who are otherwise priced out of the local real estate market. Community land trusts
provide an effective tool allowing communities to invest in themselves to create permanently
affordable housing with a special emphasis on home ownership for families earning below the
median income of the area.
Founded in 2006, Homeward Bound CLT is the only affordable housing community land trust on
the Olympic Peninsula. Homeward Bound is a registered 501(c)(3) nonprofit corporation.
What are the Benefits of Homeward Bound?
• Affordability: The cost of the home is significantly lower than a normal sale because
Homeward Bound retains ownership of the land and sells only the house. Therefore, the
homeowner must pay only for the value of the house, not the land.
• Community: Research shows that homeownership not only creates more stable families, but
also results in more secure and safer neighborhoods. By retaining ownership of the land,
Homeward Bound is creating a community asset. When the home is sold, the new buyer will be
able to purchase an affordable home. One investment results in many future returns.
• Affordability: The cost of the home is significantly lower than a normal sale because
Homeward Bound retains ownership of the land and sells only the house. Therefore, the
homeowner must pay only for the value of the house, not the land.
• Community: Research shows that homeownership not only creates more stable families, but
also results in more secure and safer neighborhoods. By retaining ownership of the land,
Homeward Bound is creating a community asset. When the home is sold, the new buyer will be
able to purchase an affordable home. One investment results in many future returns.
