2021-11-15T19:04:39-06:00 2020-12-31 912011386 JACOBSON JARVIS & CO PLLC 200 FIRST AVENUE WEST SUITE 200 SEATTLE WA 981194219 990 2020-01-01 911565651 HOMESTEAD COMMUNITY LAND TRUST HOME 2063231227 412 MAYNARD AVE S NO 201 SEATTLE WA 98104 KATHLEEN HOSFELD EXECUTIVE DIRECTOR 2063231227 2021-11-15 1 KATHLEEN HOSFELD 999009999 HOWARD DONKIN CPA P00147726 2066288990 2021-11-15 0 AAL1 IAL1 2020 2022-09-23 18:48:47Z KATHLEEN HOSFELD 412 MAYNARD AVE S NO 201 SEATTLE WA 98104 1342321 0 X WWW.HOMESTEADCLT.ORG X 1992 WA TO EMPOWER INDIVIDUALS, STABILIZE FAMILIES, AND STRENGTHEN NEIGHBORHOODS. 12 12 8 48 0 0 1372766 1096885 160451 225139 1 3069 -11185 12875 1522033 1337968 85392 0 0 0 435571 538161 0 0 41673 158219 285479 679182 823640 842851 514328 16161237 24239411 11150614 9755461 5010623 14483950 X TO EMPOWER INDIVIDUALS, STABILIZE FAMILIES, AND STRENGTHEN NEIGHBORHOODS BY CREATING AND PRESERVING AFFORDABLE HOMEOWNERSHIP OPPORTUNITIES FOR MODEST INCOME HOMEBUYERS IN THE SEATTLE AREA. 0 0 646346 228063 WITH ITS 29 YEARS OF SERVICE TO THE PUGET SOUND AREA, HOMESTEAD COMBINES HOUSING DEVELOPMENT WITH COUNSELING, EDUCATION, AND OTHER SUPPORT ACTIVITIES TO CREATE A GROWING INVENTORY OF PERMANENTLY AFFORDABLE HOMES. EVERY HOME WE DEVELOP AND SELL AT AN AFFORDABLE PRICE TO AN INCOME-QUALIFIED BUYER IS KEPT AFFORDABLE TO ALL FUTURE BUYERS THROUGH THE COMMUNITY LAND TRUST. WE PROVIDE RESIDENTS WHO KEEP OUR COMMUNITY VITAL -- INCLUDING MAIL CARRIERS, GROCERY CLERKS, SOCIAL WORKERS AND TEACHERS -- THE OPPORTUNITY TO GAIN STABILITY FOR THEIR FAMILIES, SAFELY ACCRUE EQUITY, AND PUT DOWN ROOTS IN THEIR COMMUNITIES. FROM PRE-PURCHASE COUNSELING, HOMEBUYER READINESS, DOWN PAYMENT ASSISTANCE, SUPPORT THROUGH THE PURCHASE CLOSING PROCESS, TO ONGOING SUPPORT AND STEWARDSHIP POST-PURCHASE HOMESTEAD SUPPORTS LONG-TERM HOMEOWNER SUCCESS. OUR PRE-PURCHASE COUNSELING SERVICES REACH 300 PROSPECTIVE HOMEBUYERS PER YEAR. HOMESTEAD CURRENTLY STEWARDS A PORTFOLIO OF OVER 200 HIGH-QUALITY, AFFORDABLE, OWNER-OCCUPIED HOMES. WHEN INDIVIDUALS AND FAMILIES ACHIEVE HOMEOWNERSHIP, THEY ARE NO LONGER SUBJECT TO DISPLACEMENT DUE TO RENT INCREASES, BUILDING SALES OR THE LANDLORD LOSING THE HOUSE IN FORECLOSURE. THEIR RESOURCES ARE NO LONGER TIED UP IN EXCESSIVE COMMUTING, PAYING HIGH RENT OR SERIAL, FREQUENT RELOCATION. THIS INCREASED STABILITY CONTRIBUTES TO HEALTHIER COMMUNITIES, ALLOWING HOUSEHOLDS TO INVEST MORE DEEPLY IN CIVIC ENGAGEMENT AND BUILD STRONGER CONNECTIONS WITH NEIGHBORS, IN ADDITION TO KEEPING CHILDREN IN THE SAME SCHOOL DISTRICT THROUGHOUT THE COURSE OF THEIR EDUCATION. WHEN PEOPLE LIVE NEAR JOB CENTERS AND EXTENDED FAMILY AND FRIENDS, THEIR INTERPERSONAL NETWORKS STRENGTHEN THE FABRIC OF THE COMMUNITY. IN ADDITION, HOMES PURCHASED THROUGH HOMESTEAD HELP TO STABILIZE THE LOCAL HOUSING MARKET IN THE MIDST OF CONSTANT FLUCTUATIONS, WHICH FINANCIALLY STRENGTHENS THE BROADER COMMUNITY. IN FACT, ACROSS THE COUNTRY, COMMUNITY LAND TRUST HOMEOWNERS, LIKE HOMESTEAD HOMEOWNERS, ARE TEN TIMES LESS LIKELY TO EXPERIENCE FORECLOSURE, PROTECTING NEIGHBORHOODS FROM THE HIGH VACANCY RATES, LOSS OF PROPERTY TAX INCOME AND BLIGHT. UNLIKE THE TRADITIONAL HOUSING MARKET, HOMESTEAD HOMES REMAIN AFFORDABLE FOR EVERY NEW BUYER. THIS MEANS EACH DOLLAR SPENT ON A HOMESTEAD HOME IS A LIFETIME INVESTMENT TOWARDS SUSTAINABLE HOMEOWNERSHIP AND COMMUNITY STABILITY. THERE IS NO NEED TO INVEST ADDITIONAL PUBLIC AND PRIVATE FUNDS TO KEEP HOMES AFFORDABLE AT RESALE. OUR HOMEOWNERS, AS STEWARDS OF THIS INVALUABLE RESOURCE, ARE BOTH THE KEY INVESTORS AND THE BENEFICIARIES, HELPING TO PRESERVE A LEGACY OF AFFORDABLE HOUSING BOTH FOR THEIR FAMILIES AND THEIR COMMUNITIES. 646346 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 14 0 1 8 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 12 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 0 1 1 0 1 1 WA X KATHLEEN HOSFELD 2063231227 412 MAYNARD AVE S NO 201 SEATTLE WA 98104 KATHLEEN HOSFELD EXECUTIVE DIRECTOR 60.00 X 120510 0 0 ROSS MURAMOTO FINANCE MANAGER 21.00 X 63638 0 0 ARIC HO PRESIDENT 3.00 X X 0 0 0 REBECCA GOBEILLE VICE PRESIDENT 3.00 X X 0 0 0 BRIAN CHU TREASURER 3.00 X X 0 0 0 SARAH LEWONTIN SECRETARY 3.00 X X 0 0 0 ELI KAUFMANN BOARD MEMBER 3.00 X 0 0 0 REBECCA LANE BOARD MEMBER 3.00 X 0 0 0 SUSAN ZEMEN BOARD MEMBER 3.00 X 0 0 0 JOY GARLIN HUNT BOARD MEMBER 3.00 X 0 0 0 JASMINE JONES BOARD MEMBER 3.00 X 0 0 0 MICHAEL SMITH BOARD MEMBER 3.00 X 0 0 0 CHERRYL JACKSON-WILLIAMS BOARD MEMBER 3.00 X 0 0 0 JANELLE ROTHFOLK BOARD MEMBER 3.00 X 0 0 0 184148 0 0 1 0 0 0 HOSFELD AND ASSOCIATES 4420 SW LANDER ST SEATTLE WA 98116 EXECUTIVE DIRECTOR 120510 1 28000 65267 1003618 1096885 LEASE FEES 531110 111551 111551 RESALE FEES 531390 96288 96288 BOOKKEEPING FEES 900099 17300 17300 225139 145 145 2924 0 2924 2924 2924 16506 28000 4353 12153 12153 MISCELLANEOUS 900099 722 722 722 1337968 228063 0 13020 184148 122236 49404 12508 284037 228705 47711 7621 38422 28831 8148 1443 31554 23644 7218 692 45405 34067 6625 4713 186888 175377 7533 3978 44586 33486 8982 2118 SPECIAL EVENTS 8600 8600 823640 646346 135621 41673 308796 1344546 695 695 18650 18444 334411 11334 9334 1200 9814 17728648 7742 14821022 17720906 665129 5135672 16161237 24239411 65338 748692 10979930 8884564 105346 122205 11150614 9755461 X 5010623 14133950 350000 5010623 14483950 16161237 24239411 X 514328 8958999 0 X 0 1 X 1 1 1 X 894593 1438230 729593 1372766 1096885 5532067 894593 1438230 729593 1372766 1096885 5532067 2318538 3213529 16 4 2 1 145 168 722 722 5532957 1850013 0.58080 0.83230 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 17720906 17720906 7742 7742 0 17720906 HOMES INVENTORY 5135672 5135672 CASH HELD IN RESERVE 122205 122205 1337968 0 1337968 0 1337968 823640 0 823640 0 823640 DINNER PARTY 44506 28000 16506 4353 44506 28000 16506 4353 4353 12153 FORM 990, PART VI, SECTION A, LINE 6 MEMBERS ELECT THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS ELECT THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B THE BOARD AND MEMBERS MUST APPROVE BYLAW CHANGES, SELLING ASSETS, CHANGING RESELL FORMULAS AND DUES. FORM 990, PART VI, SECTION A, LINE 8B NO COMMITTEES HAVE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B NORMALLY, THE EXECUTIVE DIRECTOR, FINANCE MANAGER, OFFICE MANAGER AND BOARD TREASURER REVIEW THE PREPARED 990 FOR ACCURACY. THE RETURN IS THEN CIRCULATED TO THE FULL BOARD FOR THEIR REVIEW BEFORE ITS SUBMISSION. THIS YEAR, THE DRAFT 990 WAS SUBMITTED FOR REVIEW ON THE SATURDAY BEFORE THE MONDAY DUE DATE. THE RETURN WAS SUBMITTED TO THE BOARD OF DELEGATES AND FINANCE COMMITTEE PRIOR TO SUBMISSION BUT WITHOUT SUFFICIENT TIME FOR A THOROUGH REVIEW. A LIMITED REVIEW WAS COMPLETED BY THE FINANCE MANAGER, EXECUTIVE DIRECTOR, BUSINESS MANAGER AND BOARD PRESIDENT. FORM 990, PART VI, SECTION B, LINE 12C OFFICERS, KEY EMPLOYEES, AND BOARD MEMBERS SIGN THE STATEMENT ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD REVIEWS AND APPROVES COMPENSATION BASED ON COMPARABLE DATA. FORM 990, PART VI, SECTION C, LINE 19 OUR ARTICLES OF INCORPORATION, BYLAWS, AND OTHER GOVERNING DOCUMENTS ARE AVAILABLE ON OUR WEBSITE. OTHER DOCUMENTS ARE PROVIDED UPON REQUEST. FORM 990, PART XI, LINE 8, PRIOR PERIOD ADJUSTMENTS: EFFECTIVE JANUARY 1, 2020, HOMESTEAD ADOPTED THE PROVISIONS OF ASU 2018-08, CLARIFYING THE SCOPE AND THE ACCOUNTING GUIDANCE FOR CONTRIBUTIONS RECEIVED AND CONTRIBUTIONS MADE. THIS UPDATE TO GENERALLY ACCEPTED ACCOUNTING PRINCIPLES PROVIDED GUIDANCE ON THE ACCOUNTING TREATMENT AND REPORTING OF CONDITIONAL CONTRIBUTIONS. IN ADOPTING THE NEW GUIDANCE, HOMESTEAD TOOK A PROSPECTIVE APPROACH UNDER WHICH THE NEW GUIDANCE IS TO BE APPLIED TO ANY INCOMPLETE OR NEW AGREEMENTS. CONSISTENT WITH THE GUIDANCE, HOMESTEAD APPLIED A PREVIOUSLY-PERMISSIBLE "PROBABILITY TEST" TO DETERMINE WHICH COMPLETED CONDITIONAL AGREEMENTS WERE HIGHLY-LIKELY TO BE SATISFIED. FOR THOSE FORGIVABLE LOANS MEETING THE CRITERIA, HOMESTEAD RELIEVED THE LIABILITY AND RECOGNIZED CONTRIBUTIONS IN THE TOTAL AMOUNT OF FORGIVEN LOANS. CONCURRENT WITH ADOPTION OF ASU 2018-08, HOMESTEAD REMOVED $8,958,999 OF FORGIVABLE LOANS FROM ITS BOOKS AND RECOGNIZED AN EQUAL AMOUNT OF CONTRIBUTIONS, REPORTED AS "ADOPTION OF ACCOUNTING PRINCIPLE" ON THE STATEMENT OF ACTIVITIES. IN ACCORDANCE WITH THE TERMS OF THE AGREEMENTS WITH COMMUNITY FRAMEWORKS, THIS CHANGE IN POLICY HAS NOT BEEN APPLIED TO REFUNDABLE ADVANCES FROM THAT ENTITY. HOMESTEAD REBUILDING COMMUNITIES LLC 412 MAYNARD AVE S STE 201 SEATTLE WA 98104 455180363 RENOVATE DISTRESSED PROPERTIES WA HOMESTEAD COMMUNITY LAND TRUST COLUMBIA 26 LLC 412 MAYNARD AVE S STE 201 SEATTLE WA 98104 273621947 DEVELOP AND REHABILITATE AFFORDABLE HOUSING WA HOMESTEAD COMMUNITY LAND TRUST WILLOWCREST AFFORDABLE TOWNHOMES LLC 412 MAYNARD AVE S STE 201 SEATTLE WA 98104 850511473 DEVELOPMENT PROJECT AND AFFORDABLE HOUSING WA HOMESTEAD COMMUNITY LAND TRUST YAKIMA AVENUE DEVELOPMENT PARTNERS LLC 412 MAYNARD AVE S STE 201 SEATTLE WA 98104 851116031 CONTROL OVER THE LLC IS SHARED BETWEEN THE TWO OWNERS WA 0 0 0.50000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0