Posting: Financing Community Land Trusts

[Community Development Banking List]

Original message from: tesscolby@msn.com

Greetings,



Community Land Trusts (CLTs) in the Pacific Northwest are exploring
financing options (for acquisition, construction, mortgage origination), and
the idea of creating a community development financial institution has been
raised as one option. I'm wondering if folk know of any examples of
CLT-sponsored/focused CDFIs? Or innovative relationships between CDFIs and
CLTs? Are CLT's originating their own mortgages and accessing the secondary
market (as we at Habitat do)? Any information or tales of success (or woe)
are greatly appreciated!



Tess Colby

Vice Chair

Tacoma/Pierce County Habitat for Humanity

tesscolby@msn.com

[Community Development Banking List]

Original message from: aslettebak@nhtinc.org

Tess,



Thanks for the opportunity to share a word about Institute for Community
Economics, now an affiliation of National Housing Trust in Washington,
DC.



We are a certified CDFI that lends nationally to community land trusts
and other shared-equity projects. The link below my signature will take
you to our homepage on the NHT website. One click on borrowers will
take you to a basic term sheet.



The current environment is demanding innovative relationships - here's a
quick story on a recent loan: Diamond State CLT is a statewide
Community Land Trust in Delaware that has agreements in place with all
five DE jurisdictions receiving federal Neighborhood Stabilization
Program (NSP) funds. Diamond State uses NSP funds for
acquisition/rehab, and then sells these homes to families as CLT homes.
One of the five DE jurisdictions was unable to make payment for purchase
from NSP funds within the 30-days typically required between purchase
contract and settlement. Concerned that their purchase offers would not
be competitive, Diamond State came to ICE and we developed a line of
credit that draws down well within the 30 day timeframe. We have made
three purchase draws on this line so far this year.



Please don't hesitate to be touch with any questions, etc.



Best,



Andy Slettebak, Director

ICE, a National Housing Trust Affiliate

1101 30th Street, NW Suite 400

Washington, DC 20007

(202) 333-8931 x135

(202) 833-1031 fax

http://www.nhtinc.org/ice.php ('http://www.nhtinc.org/ice.php')



________________________________

From: bounce-5599030-9427713@list.cornell.edu
[mailto:bounce-5599030-9427713@list.cornell.edu] On Behalf Of Tess Colby
Sent: Friday, April 16, 2010 2:26 PM
To: communitydevelopmentbanking-l@cornell.edu
Subject: Posting: Financing Community Land Trusts



Greetings,



Community Land Trusts (CLTs) in the Pacific Northwest are exploring
financing options (for acquisition, construction, mortgage origination),
and the idea of creating a community development financial institution
has been raised as one option. I'm wondering if folk know of any
examples of CLT-sponsored/focused CDFIs? Or innovative relationships
between CDFIs and CLTs? Are CLT's originating their own mortgages and
accessing the secondary market (as we at Habitat do)? Any information
or tales of success (or woe) are greatly appreciated!



Tess Colby

Vice Chair

Tacoma/Pierce County Habitat for Humanity

tesscolby@msn.com



CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')