Overview
What is City Of Lakes Community Land Trust?
The City of Lakes Community Land Trust, located in Minneapolis, Minnesota, is a nonprofit organization committed to preserving affordability and inclusivity within the community. Celebrating its 20th anniversary in 2022, the land trust has expanded to 354 homes, assisting over 1,200 individuals in achieving homeownership over the past two decades. In 2022 alone, the CLCLT assisted 31 low-income households, acquiring fourteen new properties and seventeen resales. Notable projects include a 17-unit townhome development and the rehabilitation of a building into seven perpetually affordable condos. The CLCLT also introduced a Seller Leveraged Program (SLP) in 2022, securing discounts from sellers to create and preserve affordability. With a mission to promote community ownership, the CLCLT actively works to provide housing opportunities for residents earning less than 60% of Area Median Income. (Word count: 119)
Official website here: www.clclt.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 86% (Three-Star out of Four Star rating)
City Of Lakes Community Land Trust has received a solid Three-Star rating from Charity Navigator, reflecting its strong performance in accountability and finance. The organization scored 86% in this area, indicating a commitment to transparency and responsible financial management. This rating is particularly significant as it is derived entirely from their accountability and finance metrics, underscoring the importance of these factors in evaluating nonprofit effectiveness.
The organization boasts a fully independent board with eight members, which contributed to its high score in board governance. Additionally, it has implemented robust financial oversight practices, including an audit and oversight committee, with no reported material diversion of assets. The program expense ratio is impressive at nearly 98%, suggesting that the majority of its funds are directed towards fulfilling its mission.
However, there is a notable point regarding the liabilities to assets ratio, which stands at 63.11%. While still within a manageable range, this may indicate potential financial risks that the organization should monitor. Furthermore, key personnel salaries appear substantial, with the executive director earning over $163,000, which might raise concerns about compensation levels in relation to the organization's overall budget and mission fulfillment. Overall, City Of Lakes Community Land Trust demonstrates commendable financial practices while also facing some challenges that warrant attention.
This AI summary has been generated from information found on Charity Navigator.
What do the Facebook reviews say about City Of Lakes Community Land Trust?
88% of 13 reviewers on Facebook recommend City Of Lakes Community Land Trust. Here is a summary of their reviews:
Many families have expressed gratitude for the transformative impact the organization has had on their lives. One reviewer highlighted how the assistance with home buying allowed their family to move from a challenging situation to a more stable and prosperous environment. The support they received was pivotal in helping them pursue further education and improve their career prospects, demonstrating the nonprofit's commitment to fostering community growth.
Overall, the sentiment is overwhelmingly positive, with users appreciating the compassionate and dedicated staff who guide them through the process. The nonprofit is seen as a valuable resource for those seeking affordable housing and a path toward financial stability.
This AI summary has been generated from reviews found on Facebook.
Is City Of Lakes Community Land Trust legitimate?
City Of Lakes Community Land Trust is a legitimate nonprofit organization registered as a 501(c)(3) entity. City Of Lakes Community Land Trust submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $386,502
Professional Fundraising Fees: $0
Other Salaries and Wages: $119,200
For more financial information, click here
Official website here: www.clclt.org
What is the mission statement of City Of Lakes Community Land Trust?
The City of Lakes Community Land Trust's mission is centered around fostering community ownership that ensures affordability and inclusivity. Over the past 20 years, the organization has served over 1,200 individuals by assisting in homeownership through various means. In 2022, they expanded their land trust to 354 homes and assisted 31 new low-income households in achieving homeownership. The CLCLT also initiated a Seller Leveraged Program, securing discounts from sellers to create and preserve perpetual affordability for homes. They are currently working on several projects, including a 17-unit Townhome development and the rehab of a building into seven perpetually affordable condo units, both aimed at providing affordable homeownership opportunities for low-income renters.
Official website here: www.clclt.org
Who is the CEO of City Of Lakes Community Land Trust?
Jeff Washburne is the Chair of City Of Lakes Community Land Trust.
Official website here: www.clclt.org
What is the revenue of City Of Lakes Community Land Trust?
City Of Lakes Community Land Trust's revenue in 2022 was $2,266,852.
Official website here: www.clclt.org
Who are the executives of City Of Lakes Community Land Trust and what are their salaries?
The average compensation at City Of Lakes Community Land Trust during 2022 was $63,213. There are 8 employees and 40 volunteers at City Of Lakes Community Land Trust.
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- Compensation: $163,006
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- Other: $11,603
Official website here: www.clclt.org
Where can I find the form 990 for City Of Lakes Community Land Trust?
City Of Lakes Community Land Trust's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.clclt.org
Learn more at the official website: www.clclt.org
Mission Statement of City Of Lakes Community Land Trust
The City of Lakes Community Land Trust, in its mission, strives to foster community ownership that safeguards affordability and promotes inclusivity. Over the past two decades, this organization has demonstrated its commitment to this goal, assisting over 1,200 individuals in achieving homeownership through its initiatives. In 2022 alone, the CLCLT helped 31 low-income households secure homes, either by selling newly acquired properties or reselling existing ones that had been previously assisted.
The CLCLT's approach to achieving its mission is twofold. Firstly, it works to create new affordable housing opportunities. In 2022, the organization began construction on a 17-unit townhome development in the Harrison neighborhood, in partnership with Twin Cities Habitat for Humanity. All units will be perpetually affordable, ensuring that future generations can continue to benefit from affordable housing. Additionally, the CLCLT undertook significant rehabilitation work on the 628 Franklin building, converting it into seven affordable condominiums.
Secondly, the CLCLT seeks to preserve affordability in existing homes. In 2022, it launched a Seller Leveraged Program (SLP), securing discounts from sellers to create and maintain perpetually affordable homes. By the end of the year, the CLCLT had acquired three properties through this program, with sellers providing an average discount of 41%.
In its efforts to promote affordability and inclusivity, the City of Lakes Community Land Trust collaborates closely with neighborhoods, ensuring that current renters earning less than 60% of the Area Median Income have opportunities for affordable homeownership. This approach not only preserves affordability in existing homes but also creates new opportunities for low-income families to achieve the dream of homeownership.
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Impact
July, 2024
The City of Lakes Community Land Trust has made a significant impact in creating affordable homeownership opportunities for low-income households in Minneapolis. Over the past 20 years, the CLCLT has assisted over 1,200 individuals in achieving homeownership, with 31 new low-income households assisted in 2022 alone. This includes the development of 17 perpetually affordable townhome units in partnership with Twin Cities Habitat for Humanity and the transformation of a building into seven perpetually affordable condo units in collaboration with Hope Community. Through initiatives like the Seller Leveraged Program, the CLCLT has been able to acquire properties at discounted rates from sellers who are committed to preserving affordability. Overall, the CLCLT's dedication to creating community ownership that preserves affordability and inclusivity has had a positive and lasting impact on hundreds of households in Minneapolis.
This information is meant to be a general summary of City Of Lakes Community Land Trust. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $2,072
- Program Service Revenue: $286,938
- Gross Receipts: $3,871,557
Assets and Liabilities:
- Total Assets: $15,797,710
- Total Liabilities: $9,970,803
- Net Assets: $5,826,907
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Land lease revenue
Revenue
$80,202
Commissions
Revenue
$55,953
Building rents
Revenue
$50,190
Miscelaneous income
Revenue
$48,543
Service and organization fees
Revenue
$12,150
Organization Details
Founding Year
2002
Phone
(612) 594-7150Principal Officer
Jeff Washburne
Main Address
1930 Glenwood Avenue, Minneapolis, MN, 55405
Website
www.clclt.orgNTEE Category
Code: L20 - Housing
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