Overview
What is The Rondo Community Land Trust?
The Rondo Community Land Trust is a nonprofit organization situated in St. Paul, Minnesota, with a mission to fortify communities by offering permanently affordable, sustainable housing for families and individuals whose income falls below 80% of the local median income. They achieve this through the Community Land Trust (CLT) model, which guarantees long-term housing affordability. Homebuyers acquire only the house and enter into a 99-year ground lease with the organization for the exclusive use of the land. When a homeowner decides to sell, the house is transferred to another low-to-moderate income household for the initial purchase price plus 25% of the house's value appreciation. This approach ensures that affordability is maintained, and initial subsidies are distributed across multiple generations of homebuyers. The CLT model also provides households who would otherwise only afford renting the opportunity to enjoy the benefits of homeownership, such as stability, security, tax advantages, and the potential for equity and value appreciation.
Official website here: www.rondoclt.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 92% (Four-Star out of Four Star Rating)
The Rondo Community Land Trust has achieved a strong Four-Star rating from Charity Navigator, reflecting its commitment to accountability and finance. The charity scored exceptionally well in several key areas, such as having a fully independent board and demonstrating no material diversion of assets. Its program expense ratio of 81.64% indicates that a significant portion of its funding is dedicated to its mission-driven activities.
Strengths noted include the organization's comprehensive financial oversight, with a perfect score for its audit and oversight committee, and excellent fundraising efficiency, requiring minimal costs to raise funds. Additionally, its liability to assets ratio is low, showcasing a solid financial foundation and sustainability.
However, there are two areas where the organization could improve: the absence of a whistleblower policy and a document retention and destruction policy. Addressing these shortcomings could further enhance its governance practices and transparency, solidifying its positive reputation in the nonprofit sector.
This AI summary has been generated from information found on Charity Navigator.
Is The Rondo Community Land Trust legitimate?
The Rondo Community Land Trust is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Rondo 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $259,628
For more financial information, click here
Official website here: www.rondoclt.org
What is the mission statement of The Rondo Community Land Trust?
The Rondo Community Land Trust's mission is to strengthen communities by providing permanently affordable, sustainable housing for families and individuals with income levels at or below 80% of the area median income. Additionally, the organization aims to promote the land trust model as a method of preserving affordable housing. This is achieved through a unique ground lease system, where homebuyers purchase only the house and enter into a 99-year lease with the organization for the exclusive use of the land. Upon selling the home, the house is passed on to another low-to-moderate income household at the original purchase price plus 25% of any appreciation in the home's value, ensuring long-term affordability and spreading the initial subsidies across generations. This affordable housing option provides households the opportunity to enjoy the benefits of homeownership, such as stability, security, tax benefits, and the potential to earn equity and appreciation in real estate, which is not typically available through renting.
Official website here: www.rondoclt.org
Who is the CEO of The Rondo Community Land Trust?
Mikeya Griffin is the Executive Di of The Rondo Community Land Trust.
Official website here: www.rondoclt.org
What is the revenue of The Rondo Community Land Trust?
The Rondo Community Land Trust's revenue in 2022 was $2,961,756.
Official website here: www.rondoclt.org
Who are the executives of The Rondo Community Land Trust and what are their salaries?
The average compensation at The Rondo Community Land Trust during 2022 was $37,090. There are 7 employees and 12 volunteers at The Rondo Community Land Trust.
Here are 13 key members and their salaries:
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Official website here: www.rondoclt.org
Where can I find the form 990 for The Rondo Community Land Trust?
The Rondo Community Land Trust's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.rondoclt.org
Learn more at the official website: www.rondoclt.org
Mission Statement of The Rondo Community Land Trust
The Rondo Community Land Trust, a community-focused organization, strives to strengthen communities by providing permanently affordable and sustainable housing for families and individuals who fall below 80% of the area median income. This is achieved through the implementation of the land trust model, which serves as a method of preserving affordable housing.
At the heart of its mission, The Rondo Community Land Trust aims to ensure long-term housing affordability by utilizing a ground lease system. Homebuyers acquire only the property, entering into a 99-year ground lease agreement with the organization for the exclusive use of the land. This contract includes a provision that when a homeowner decides to sell, the house is passed on to another low-to-moderate income household for the initial purchase price, plus 25% of any home value appreciation. By limiting market appreciation, affordability is maintained, and the initial subsidies invested in making the home affordable are spread across generations of low-to-moderate income homebuyers.
The unique affordability option offered by The Rondo Community Land Trust provides households who would otherwise only be able to afford renting with the opportunity to enjoy the benefits of homeownership, such as stability, security, tax advantages, and the chance to build equity and appreciate in real estate. This model not only addresses the immediate need for affordable housing but also promotes generational wealth-building within the community.
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Impact
July, 2024
The Rondo Community Land Trust's impact is evident in the provision of permanently affordable, sustainable housing for families and individuals at or below 80% of the area median income. By promoting the land trust model as a method of preserving affordable housing, the organization ensures long-term housing affordability through the use of a ground lease. This approach allows low-to-moderate income households to purchase homes with the assurance of stable and secure homeownership, along with the opportunity to build equity and benefit from property appreciation. The Rondo Community Land Trust's innovative housing solution spreads initial subsidies across generations, ensuring that affordability is maintained over time and providing a pathway to homeownership for those who may otherwise only afford renting.
This information is meant to be a general summary of The Rondo 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: $825
- Program Service Revenue: $87,012
- Gross Receipts: $2,961,756
Assets and Liabilities:
- Total Assets: $6,317,796
- Total Liabilities: $1,161,313
- Net Assets: $5,156,483
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$72,643
DEVELOPER FEES
Revenue
$14,969
LEASE FEES
Revenue
-$600
Organization Details
Founding Year
1993
Phone
(651) 221-9884Principal Officer
Mikeya Griffin
Main Address
1041 SELBY AVE, ST PAUL, MN, 55104
Website
www.rondoclt.orgNTEE Category
Code: L200 - Housing
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