Overview
What is Community Home Trust?
Community Home Trust is a nonprofit organization situated in Chapel Hill, North Carolina. Their primary mission is to foster a stronger community by providing permanently affordable housing opportunities. They achieve this by working with developers, helping them comply with inclusionary housing ordinances, and purchasing affordable homes to resell using a 99-year ground lease to income-eligible buyers. This approach ensures the homes remain affordable for future generations of low-income households. Additionally, Community Home Trust assists existing homeowners in selling their properties to new income-eligible buyers, utilizing a resale formula to distribute appreciation. During the fiscal year 2022-2023, they sold 11 homes and provided education to 119 participants as a HUD-approved counseling agency. Their responsibilities include marketing homes, offering financial and homebuyer education, and assisting with mortgage financing and identifying subsidy funds if necessary. With a team of 12 dedicated individuals, Community Home Trust is committed to making affordable housing a reality in their community.
Official website here: www.communityhometrust.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 83% (Three-Star out of Four Star rating)
Community Home Trust has earned a respectable Three-Star rating from Charity Navigator, reflecting a solid performance in accountability and financial management. With an overall score of 83%, the organization demonstrates strong leadership and adaptability, as evidenced by its perfect score of 100 in this area. The charity maintains a robust program expense ratio of 80.45%, indicating a significant portion of its budget is directed towards its programs.
Strengths of the organization include a fully independent board comprising 11 members, which helps ensure unbiased governance. The charity has also achieved top scores in financial audits and governance policies, showcasing diligence in maintaining practices such as conflict of interest and whistleblower protections. The investment in leadership development is another notable aspect, highlighting the organization's commitment to professional growth among its staff.
While the organization reflects many strengths, the ratings suggest there is always room for improvement. The liabilities to assets ratio stands at 75.20%, which may warrant attention to ensure long-term financial stability. Overall, Community Home Trust appears to be a well-managed nonprofit committed to serving its community efficiently and transparently.
This AI summary has been generated from information found on Charity Navigator.
Is Community Home Trust legitimate?
Community Home Trust is a legitimate nonprofit organization registered as a 501(c)(3) entity. Community Home 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: $126,113
Professional Fundraising Fees: $0
Other Salaries and Wages: $553,059
For more financial information, click here
Official website here: www.communityhometrust.org
What is the mission statement of Community Home Trust?
Community Home Trust, a nonprofit organization, aims to strengthen their community by providing permanently affordable housing opportunities. Their mission is to work with developers and existing homeowners to ensure the availability of affordable homes for low-income households. They purchase affordable homes from developers and resell them using a 99-year ground lease to income-eligible buyers. Additionally, they assist existing homeowners in selling their properties to new income-eligible buyers, utilizing a resale formula to maintain affordability. In the 2022-2023 fiscal year, they sold 11 homes and provided education to 119 participants as a HUD-approved counseling agency.
Official website here: www.communityhometrust.org
Who is the CEO of Community Home Trust?
Kimberly Sanchez is the Board Member of Community Home Trust.
Official website here: www.communityhometrust.org
What is the revenue of Community Home Trust?
Community Home Trust's revenue in 2023 was $941,098.
Official website here: www.communityhometrust.org
Who are the executives of Community Home Trust and what are their salaries?
The average compensation at Community Home Trust during 2023 was $56,598. There are 12 employees at Community Home Trust.
Here are 12 key members and their salaries:
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- Compensation: $97,194
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- Other: $13,792
Official website here: www.communityhometrust.org
Where can I find the form 990 for Community Home Trust?
Community Home Trust's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.communityhometrust.org
Learn more at the official website: www.communityhometrust.org
Mission Statement of Community Home Trust
Community Home Trust, a nonprofit organization, is dedicated to strengthening its community by providing permanently affordable housing opportunities. The organization's mission is to work with developers and existing homeowners to ensure the creation and preservation of affordable homes. This is achieved through various means, including purchasing affordable homes from developers and reselling them to income-eligible buyers using a 99-year ground lease. This approach ensures that these homes remain affordable for future generations of low-income households.
Community Home Trust also works with existing homeowners, helping them sell their homes to new income-eligible buyers. The ground lease contains a resale formula that determines the amount of appreciation realized by each seller, ensuring the homes remain affordable. In addition to home sales, Community Home Trust provides financial counseling, homebuyer education, and program orientation to every buyer. They also assist with mortgage financing and identify subsidy funds if needed.
In the fiscal year 2022-2023, Community Home Trust sold 11 homes and provided education to 119 participants, highlighting their commitment to making housing affordable and accessible for low-income families. Their work not only provides a roof over heads but also empowers individuals and families to build a stable future in their community.
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Impact
July, 2024
Community Home Trust's impact is focused on strengthening the community through permanently affordable housing opportunities. By working with developers to comply with inclusionary housing ordinances in Chapel Hill and Carrboro, they purchase affordable homes and resell them using a 99-year ground lease to income-eligible buyers. In addition, they work with existing homeowners to sell their homes to new income-eligible buyers, ensuring the continued affordability of these homes. Through financial counseling, homebuyer education, and assistance with mortgage financing, Community Home Trust helps low and moderate income individuals achieve homeownership. In the fiscal year 2022-2023, they sold 11 homes and provided education to 119 participants as a HUD-approved counseling agency. Their dedication to providing affordable housing options positively impacts the community by promoting stability and economic opportunity for those in need.
This information is meant to be a general summary of Community Home 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 2023.
- Investment Income: $10,379
- Program Service Revenue: $309,622
- Gross Receipts: $1,747,625
Assets and Liabilities:
- Total Assets: $10,687,817
- Total Liabilities: $8,037,674
- Net Assets: $2,650,143
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
MASTER LEASING PROGRAM
Revenue
$111,029
RESIDENTIAL PROJECT INCOME
Revenue
$55,096
DOWN PAYMENT ASSISTANCE
Revenue
$55,000
LAND LEASE INCOME
Revenue
$50,987
TRANSFER FEE INCOME
Revenue
$33,510
Organization Details
Founding Year
1999
Phone
(919) 967-1545Principal Officer
Kimberly Sanchez
Main Address
PO BOX 2315, CHAPEL HILL, NC, 27514
Website
www.communityhometrust.orgNTEE Category
Code: L99 - Housing
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