Overview
What is Kor Community Land Trust?
Kor Community Land Trust Dba Rootedhomes is a nonprofit organization based in Bend, Oregon, committed to creating sustainable and affordable housing communities for the local workforce. Established in 2015, the organization uses the Community Land Trust model to ensure long-term access to affordable homes for generations to come. Homeowners acquire their properties through traditional mortgages, while the land remains under the ownership of the Community Land Trust and is leased back to the homeowners. When homeowners sell, the properties are resold to income-qualified buyers, allowing for the preservation of affordable housing while providing a fair return to the original homeowners. Kor's mission is to offer environmentally sustainable and permanently affordable homeownership opportunities to those contributing to the Central Oregon economy and community. The organization focuses on building net-zero energy homes, which combine passive energy innovations and clean energy production to ensure homeowners have a healthy living environment and utility savings. Primarily serving extremely-low and low-income households, Kor also offers a quarter of its homes to middle-income families, fostering mixed-income communities. In 2022, Kor experienced significant growth, adding homes to its affordable housing pipeline, doubling its organizational budget and capacity, and shifting its approach to building more innovative and community-focused affordable housing. Kor has also prioritized providing opportunities for households with housing instability, local workforce, first-generation homebuyers, and lower-income homebuyers to increase their access to affordable housing. Additionally, Kor has advocated for policies that influence the quality and intentionality of affordable homes being built in the community.
Official website here: www.rootedhomes.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 89%, Three-Star out of Four Star rating. This rating indicates a strong level of accountability and finance practices, particularly highlighted by a high score of 90% in this area. The organization boasts a fully independent board and has implemented several financial oversight and governance policies, ensuring transparency and effective management of resources.
Kor Community Land Trust, doing business as Rootedhomes, demonstrates significant strengths in its commitment to equity, as evidenced by a perfect score in the Culture & Community category. The organization has reported the implementation of 14 equity practices, reflecting its dedication to fostering inclusivity and community engagement in its operations and outreach.
However, there are a few areas where the organization could improve. While the Liabilities to Assets Ratio is moderately high at 56.20%, this suggests potential financial stability concerns that should be monitored. The Program Expense Ratio is commendable at 67.59%, but maintaining or increasing this percentage could further enhance their ability to serve their mission effectively. Overall, the organization shows a solid commitment to accountability and community engagement.
This AI summary has been generated from information found on Charity Navigator.
Is Kor Community Land Trust legitimate?
Kor Community Land Trust is a legitimate nonprofit organization registered as a 501(c)(3) entity. Kor 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: $251,207
For more financial information, click here
Official website here: www.rootedhomes.org
What is the mission statement of Kor Community Land Trust?
Kor Community Land Trust, operating under the name Rootedhomes, has a mission to provide environmentally sustainable and permanently affordable homeownership opportunities for individuals who contribute to their community's economy. The organization aims to achieve this by creating sustainable, affordable housing communities, ensuring that future generations also have access to such homes. They use the community land trust model, allowing homeowners to own their homes while the land trust leases the land to them, ensuring that the property resells to another income-qualified homebuyer if sold. The mission is furthered by focusing on net-zero energy homes, which provide homeowners with health benefits and utility savings through energy-efficient technologies and clean energy production. Kor serves primarily extremely-low and low-income households but also offers homes to middle-income households, creating mixed-income communities. In 2022, Kor experienced significant growth, expanding its organizational capacity and changing its approach to building affordable housing to be more community-focused.
Official website here: www.rootedhomes.org
Who is the CEO of Kor Community Land Trust?
Jacquelyn Keogh is the President of Kor Community Land Trust.
Official website here: www.rootedhomes.org
What is the revenue of Kor Community Land Trust?
Kor Community Land Trust's revenue in 2022 was $843,046.
Official website here: www.rootedhomes.org
Who are the executives of Kor Community Land Trust and what are their salaries?
The average compensation at Kor Community Land Trust during 2022 was $50,241. There are 5 employees and 20 volunteers at Kor Community Land Trust.
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Official website here: www.rootedhomes.org
Where can I find the form 990 for Kor Community Land Trust?
Kor Community Land Trust's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.rootedhomes.org
Learn more at the official website: www.rootedhomes.org
Mission Statement of Kor Community Land Trust
Kor Community Land Trust Dba Rootedhomes, a nonprofit organization, is dedicated to providing environmentally sustainable and permanently affordable homeownership opportunities for individuals who contribute to the Central Oregon economy and community. This mission is achieved through the community land trust model, which ensures that the community will have access to healthy, affordable homes for generations to come. In this model, homeowners own their homes outright while leasing the land from the community land trust for a 99-year renewable lease. This arrangement allows Kor to maintain control over the homes, ensuring that they remain affordable and are resold to income-qualified homebuyers if the original homeowner sells.
Established in 2015, Kor was founded by two Oregonians who recognized the need for affordable, sustainable housing in their community. Kor builds its homes to net-zero energy standards, combining passive energy innovations and efficiencies with clean energy production. This results in homes that not only provide a healthy living environment but also offer utility savings to homeowners. Kor primarily serves extremely-low and low-income households, but a quarter of its homes are also available to middle-income households. This approach creates mixed-income communities, providing housing opportunities for households earning between 30% of the area median income (AMI) to 120% AMI.
In 2022, Kor experienced significant growth, adding 47 West-side Bend homes to its affordable housing pipeline, doubling its organizational budget and capacity, and shifting its approach to building affordable housing to be more innovative, nimble, and community-focused. Kor also created leadership opportunities for households with housing instability experience, giving them a voice in programmatic direction and community design. By prioritizing local workforce, first-generation homebuyers, and lower-income homebuyers, Kor increases their access to affordable homes, ultimately contributing to a more equitable and sustainable community.
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Impact
July, 2024
Kor Community Land Trust Dba Rootedhomes's impact lies in creating sustainable, affordable homeownership communities for Central Oregon's workforce. By utilizing the community land trust model, Kor ensures that the community will have access to healthy, affordable homes for generations to come. Through their innovative approach, Kor serves extremely-low, low, and middle-income households, fostering mixed-income communities that cater to a wide range of individuals. In 2022, Kor experienced significant growth by adding new homes to its affordable housing pipeline, doubling its organizational budget and capacity, and enhancing its programs to be more innovative and community-focused. Additionally, Kor has prioritized leadership opportunities for households with housing instability experience, developed preferences to increase access for local workforce, first-generation homebuyers, and lower-income homebuyers, and stepped up advocacy efforts to influence policies for creating quality affordable homes in the community. Overall, Kor Community Land Trust Dba Rootedhomes's impact is centered on providing inclusive and sustainable homeownership opportunities that benefit both residents and the community as a whole.
This information is meant to be a general summary of Kor 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: $502
- Program Service Revenue: $23,383
- Gross Receipts: $855,326
Assets and Liabilities:
- Total Assets: $2,954,365
- Total Liabilities: $1,660,390
- Net Assets: $1,293,975
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
DEVELOPER FEE INCOME
Revenue
$18,409
LAND LEASE FEE INCOME
Revenue
$3,064
STEWARDSHIP FEE INCOME
Revenue
$1,560
OTHER PROGRAM INCOME
Revenue
$350
Organization Details
Founding Year
2014
Phone
(541) 247-1244Principal Officer
Jacquelyn Keogh
Main Address
150 NE HAWTHORNE AVENUE STE 110, BEND, OR, 97701
Website
www.rootedhomes.orgNTEE Category
Code: L20 - Housing
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