List o f Exhibit s

1 Lis t o f Advisory Committee member s 2 Lette r t o Institut e fo r Community Economic s (ICE ) requestin g project concep t feedbac k 3 Lette r o f respons e fro m IC E 4 Lette r (1st ) to the Vermont Housing & Conservation Board (VHCB) requesting projec t fundin g 5 CE D projec t contrac t & updates - 2/20/9 3 & 4/17/9 3 6 Lette r o f respons e fro m VHC B re: funding request 7 Spring/Summe r 199 3 BCL T newsletter: homebuye r workshop a d 8 Homebuye r workshop flye r 9 HOMELAN D Program brochur e 10 Lette r t o Vermont Housing Financ e Agency (VHFA ) re: projec t funding 11 Lette r o f respons e fro m VHF A re: project fundin g 12 Lette r t o VHFA 13 Revise d CE D projec t contrac t outlin e & 8/9 3 updat e 14 Revise d funding request to VHCB 15 Lette r t o Vermont Nationa l Ban k (VNB ) re : project fundin g 16 Lette r o f respons e fro m Rockingha m Are a Communit y Lan d Trus t 17 Letter of response from VHCB 18 " " " " 19 " " " "- re : funding approval 20 Lette r t o VHCB 21 Lette r o f respons e fro m VN B - re: funding approval 22 Lette r t o VN B 23 Fal l 199 3 BCL T Newsletter: announcing manua l 24 Lette r o f respons e fro m Benningto n Regiona l Affordabl e Housing Corporation 25 199 3 Schedul e o f Homebuye r & Marketing Workshops

Note: feedbac k fro m Advisor y Committee members wa s mainl y writte n directly o n copie s of th e manual , therefor e it' s not include d in the exhibits , a s it takes u p abou t 2 reams of paper . Thre e people submitte d letters wit h comments , an d thos e letter s ar e included i n the exhibits . 1

Advisory Committe e

Diane Binnic k Bennington Regiona l Affordabl e Housin g Corporation ; Directo r

Andy Broderic k Rockingham Are a Communit y Lan d Trust ; Directo r

Pat Crad y

Vermont Housing Financ e Agency; Directo r of Developmen t

Beth Dano n Mickenburg, Dunn , Sirotki n & Dorsch ; Attorne y (fo r BCLT) Rick DeAngeli s Vermont Housing & Conservatio n Board ; Projec t Analys t Phyllis Fole y Vermont Housin g Financ e Agency; Lende r Traine r

Martin Hah n Institute fo r Community Economics ; Technica l Assistanc e Dept .

Carrie Hoaglun d Vermont Housing Financ e Agency; Assistan t Director o f Communications

Hoilis Hop e Vermont Housin g Financ e Agency; Directo r of Communication s

Mary Houghto n Burlington Communit y Lan d Trust ; Associat e Directo r

Don Jamiso n Burlington Communit y Lan d Trust ; Leaseholder

Michael Lehma n Institute fo r Community Economics ; Technica l Assistanc e Provider

John McLendo n Vermont Housing & Conservatio n Board ; Staf f Attorne y

Richard Moff i Central Vermon t Communit y Lan d Trust ; Directo r

Ellen Rubenstei n Burlington Communit y Lan d Trust ; Admi n Assistant

Connie Sno w Brattleboro Are a Communit y Lan d Trust ; Directo r

Brenda Torp y Burlington Communit y Lan d Trust ; Directo r P.O. Box 523 • Burlington , Vermont 0540 2 • (802 ) 862-624 4 (TDD) • Fa x (802) 862-505 4

March 15 , 199 3

Martin Hah n Institute -fo r Community Economic s 57 Schoo l Stree t Springfield, M A 01105-133 1 Dear Martin ,

I'm writin g regardin g a homeownership progra m "how-to " manua l I' m developing fo r BCLT and for my projec t fo r the CED Program . I' d like t o know if you are interested i n making th e final produc t available to other CLTs .

The manua l wil l includ e informatio n o n ou r buyer—initiated pro - gram calle d HOMELAND , marketing limited equit y housing , homebuye r education, workin g with lenders , realtors , mortgag e program s appraisers an d attorneys , lega l document s (fo r condos an d singl e family homes) , qualifyin g buyer s for mortgages, procedures for implementing a homeownership program , an d re-sale s o f CLT proper - ties.

The Vermon t Housin g & Conservation Trus t Fun d is interested in funding thi s project , whic h the y fee l i s needed for Vermont CLTs . Other Vermon t CLT s have expresse d interest , an d hav e agree d to provide feedbac k on the manual's development .

I learne d a t the March 2n d Marketin g Worksho p tha t Connecticu t CLTs are beginning a buyer-initiated program , s o the manua l should com e in handy. I expect to have a draft availabl e earl y summer, and woul d appreciat e an y feedback you have, or would b e happy t o address certai n area s yo u ma y fee l ar e needed.

Thanks for your consideration. I 1 1 giv e yo u a cal l i n a bit to hear you r thoughts .

Sincerely,

Cindy Rei d TO: Cindy Reid

FROM: Martin Hahn

RE.: CLT Homeownership Program Manual

DATE: Apri l 9,1993

Your proposed manual could be a great addition to the TA resource s availabl e to CLTs . What follows ar e some ideas on the content for the manual. A s usual, I'm a bit strapped for time, so this input is by no means comprehensive. I' d welcome future opportunities t o provide you with feedback.

For you r information, I've enclosed th e draft outline of the Operations Manual currently being prepared by ICE. W e will publish the manual in two volumes, with the first volume due out by the end of this year. Som e of the topics you plan on covering may be in Vol. I I of the manual (what's called "Part Two" i n the outline). You r manual could be a good companion piece to the Operations Manual

There are potentially 2 markets for your manual from ICE's perspective :

1) Stat e CLT coalitions an d public policy advocates that are considering proposing a Homeland- type program in their state. I f you want to target this group, the manual might include:

• Shor t (1-2 page) description of the program. • Copy , perhaps as an attachment, of the legislation an d samples of previous years' appropriations. • Sampl e marketing materials.

2) Developin g and established CLT s tha t are interested in creating or improving their internal systems would also find the manual very helpful. I like your idea of providing sample forms and materials. Thi s can be a real time saver for groups, and for new group s it can make the whole housing development proces s see m less daunting. Material s you might include:

Marketing Sample ads and flyers Agenda for orientation session "The BCL T Lease and You "

Homeowner Education Is this a requirement of the program? I f so, a sample training schedule

Qualifying Buyers Eligibility criteria Application form Letters of approval/rejection to potential buyer

Legal Documents Ground lease Letter of stipulation from lessees Buyer document that binds them to transferring land to CLT (it' s stil l not clear to me how and when title to land and improvements ar e separated with the Homeland Program) Covenants required by the state What process d o you use to assist buyer in identifying an attorney 3

Lease Monitoring and Resales BCLT resale formula Form for requesting approval of an improvement, if this is required by your lease Form for calculating lessee earned equity, if this notification is required by your lease Notice of default from lessor to lessee Bill for lease fees

Other If available, a BCLT budge t that details the expenses and revenues fro m a typical transaction P.O. Bo x 523 • Burlington , Vermont 05402 • (802 ) 862-6244 (TDD) • Fa x (802) 862-505 4 April 15 , 1993

Liz Curr y Vermont Housing & Conservation Boar d 136 1/ 2 Main Stree t Montpelier, V T 0560 2

Dear Liz,

I a m writing to request VHC B fundin g fo r a Homeownership Progra m Manual fo r Vermont CLTs. W e firs t discusse d the need fo r thi s type of resource at the January 8t h meeting of VHCB and the statewide CLTs . Specifically , it addresses th e need Vermont CLT s have fo r programmatic, marketing , an d implementation informatio n for th e HOMELAND Progra m and re-sales. Thi s projec t comes at an opportune time , to be my project for a Masters in Community Economic Development , a program whic h you have intimatel y known !

I hav e enclose d a n outline of the Manual as it now stands, for your review . Th e Vermont CLT s have all agreed t o review materia l along the way, so that it will mee t their needs , and appropriately an d effectively addres s curren t gaps. I will als o appreciate VHC B staff's revie w an d feedback alon g the way, as you, too , kno w what is needed. It will b e a very hands-on , useable resourc e manua l so as to prevent mor e re-inventing of the wheel fo r each organizatio n participating in Homeland, or in general, limite d equit y singl e famil y housing. Th e Manual wil l include forms , checklist s an d handouts that can be easily re-use d or adapte d to suit variou s CLTs ' needs .

The Institut e fo r Community Economics ' technica l assistanc e department has expressed interes t in this resource , too . I'v e attached a memo from ICE indicating thei r interes t in the project. I n order to be useful for other CLTs , it will als o contain a section on "How to Start a Similar Progra m in Your State", includin g backgroun d material s about Vermont legislatio n and resource s whic h hav e bee n organize d an d developed t o meet housing need s here .

I've enclose d a budget and fund request . I appreciate you r consideration of this request , an d any feedback yo u or other VHC B staff ma y have. I look forwar d to hearing fro m you!

Sincerely,

Cindy Rei d Homeownership Program Coordinato r Enclosures 4

Community Land Trus t

Homeownership Program Manua l

CONTENTS

I. HOMELAN D Program (Buyer-Initiate d Program)

A. Progra m Description

B. Marketin g th e Program Strategies Sample ads , flyers , brochure s

C. Homebuyer Educatio n Orientation Agendas , Checklists Sample Educationa l Materials: explanations of : limite d equit y formula ; leas e fee ; role s of CLT, lawyer, bank , realtor ; qualifyin g fo r a mortgage ; homebuying process .

D. Qualifying Buyers Eligibility Criteri a Application For m Mortgage Approva l Proces s

E. Othe r Resource s fo r Homebuyer s Property Inspection s Energy Efficien t Mortgag e Downpayment & Closing Cost Assistanc e Consolidation Loan s & Credit Counselin g

F. Lega l Document s & Issue s Single Famil y Hom e Documents & Issue s Condominium Document s & Issue s Sample Language fo r Purchase & Sale Contract s Sample CLT/Homebuye r Grant Agreement s Legal Counse l fo r Homebuyer s

G. Working wit h Lender s & Realtors

II. Re-sale s

A. Progra m Description B. Marketin g Re-sale s Strategies Sample materials: flyers , ads Sample Selectio n Polic y

C. Homebuye r Educatio n

D. Qualifying Buyers & Resources fo r Buyer s E. Lega l Document s & Issue s

III. Equit y Trus t Donation s (Bargai n Sales )

A. Descriptio n of th e Concep t

B. Cas e example(s ) o r Equit y Trus t Transaction s

C. Lega l Issue s

D. Selle r Educatio n

E. Buye r Educatio n & Qualifyin g

IV. Resource s fo r CL T Homeowner s (Leaseholders )

A. Ongoin g Support , Service s & Resource s fo r CL T Homeowner s How t o Kee p th e Community I n Communit y Lan d Trus t

V. Ho w t o Star t a HOMELAN D Program i n Another Stat e

A. Resource s & Example s Formation o f Burlingto n Community Land Trus t Formation o f Vermon t Housing & Conservatio n Trus t Fun d Housing Subsid y Covenan t Legislatio n Institute fo r Community Economics : technical assistanc e & resource s Request for Funding: Community Lan d Trus t Home Ownership Progra m Manua l

BCLT staf f time : 16 0 hours x $20/hr $3,20 0 Writing; compiling ; solicitin g & incorporatin g feedback.

BCLT Legal Costs : 6 hours x $75/hr 45 0

Production Cos t (desig n & printing) 93 5

Total Reques t $4,58 5

This estimat e (primaril y printing ) assume s production of 50 copies of the Manual. Cindy Rei d 2/20/93 Project Outlin e

CED Projec t Summar y Sheet

The Community : Community Lan d Trusts (CLTs ) in Vermont, an d possibl y nationwide , who develo p singl e famil y homeownershi p opportunitie s fo r low to moderate incom e individual s an d families .

Program Goal : My goa l is to develop a how-to technica l assistanc e guid e based on Burlington Communit y Lan d Trust' s (BCLT ) singl e famil y homeownership program experience, detailing the program components, policies an d procedures , lega l document s an d lega l issues , an d homebuyer educatio n material s for other CLTs ' use.

Problem Statement: If n o solutio n i s found , th e amoun t o f wor k that' s bee n accomplished a t BCL T i n the developmen t o f a successfu l buyer - initiated homeownershi p program , wil l remai n a n institutiona l memory, inaccessible t o other CLTs .

Project Purpose: To research , organize , an d transfor m informatio n abou t a buyer - initiated singl e famil y homeownership program, including homebuye r education materials, int o a useful technica l assistanc e too l which can b e use d by othe r CLT s in Vermont an d nationwide .

Expected Outputs : 1) Interview s an d consultatio n wit h othe r Vermon t CLTs , BCLT' s legal counsel , staff , an d homebuyers ; 2) Fundin g fro m th e Vermon t Housin g & Conservatio n Trus t Fun d (VHCTF); 3) Strengthene d lin k betwee n BCL T an d Institut e fo r Communit y Economics' (ICE ) technical assistanc e department; 4) A useabl e technica l assistanc e manua l whic h wil l b e mad e available t o othe r CLT s b y BCLT , VHCTF , an d th e Institut e fo r Community Economics . 5

Cindy Rei d 3/20/93 Project Outlin e

CED Projec t Contrac t Outlin e A. Background; Burlington Communit y Lan d Trust ha s develope d a n effectiv e single famil y homeownershi p progra m which has successfull y serve d many low to moderate incom e individual s an d familie s in Chittenden County , Vermont. I n 1991, BCLT developed a buyer - initiated homeownershi p program , which was an d currentl y is funded b y the Vermont Housin g and Conservatio n Trus t Fun d (VHCTF). Seve n CLT s in Vermont ar e implementing the program, to different degrees , eac h covering differen t servic e areas . BCLT , as th e oldest an d most experience d CLT , ha s take n th e lead o n developing th e program. Policies , procedures , lega l issues , marketing an d homebuye r educatio n al l hav e bee n initiate d b y BCLT, which has provide d suppor t an d directio n t o the other CLTs . In orde r to effectively shar e th e experience, successe s an d problems tha t BCL T has faced , I will b e developin g a "how-to " homeownership progra m manual for all Vermon t CLTs , plu s othe r CLTs in the country . I wil l b e workin g wit h BCL T homebuyers an d leaseholder s (current BCL T homeowners), Vermon t CLTs , othe r communit y base d organizations wantin g to develop a simila r program , the VHCTF, and th e Institute fo r Community Economic s (ICE) , al l wit h th e goal o f assisting in the development of successful homeownershi p programs for low to moderate incom e people .

B. Problem Statement: If n o solutio n is found, BCLT' s succes s an d experienc e developing a successfu l buyer-initiate d homeownershi p progra m for low t o moderate incom e people wil l remai n untransferable an d inaccessible t o other CLT s wh o coul d benefi t fro m the informatio n immediately.

C. Goal Statement: i. Th e firs t goa l o f this projec t is to develop a how-t o technical assistanc e resourc e manua l o n implementin g a singl e family homeownershi p progra m for Community Lan d Trusts, detailin g the progra m components, policie s an d procedures , lende r an d mortgage issues , lega l document s an d lega l issues , marketing , an d homebuyer educatio n material s for other CLTs ' use. ii. Second , the manual wil l the n b e made available t o other CLT s in Vermon t an d nationwid e throug h BCLT , VHCTF and ICE .

D. Project Product : A technica l assistanc e manua l whic h addresses the needs of

1 5

Community Lan d Trust s a s t o ho w t o develo p an d implemen t a singl e family homeownershi p program .

E. Outputs: * Proposa l develope d t o obtai n fundin g fo r projec t * Projec t outline developed & provide d t o CLT s & VHCT F fo r feedback * Contac t wit h IC E technica l assistance staf f * Revie w o f homebuye r educatio n material s b y BCLT 7s leaseholder s for feedbac k * Researc h o f ne w materia l & consolidatio n & organizatio n o f existing materia l

F. Inputs: * Projec t fundin g fro m VHCT F * Outlin e o f informatio n neede d * BCL T & VHCB Attorneys' revie w * BCL T staf f suppor t * Feedbac k & informatio n fro m CL T leaseholder s & staff s * CE D Projec t Focu s grou p suppor t & guidanc e * Feedbac k fro m IC E

G. Implementation Plan : Develop outlin e of Manua l 4/1/9 3 Confirm ICE' s interes t i n distributing resourc e 4/1/9 3 Develop & Submi t proposa l fo r fundin g t o VHC B 4/15/9 3 Research & compil e ne w & existin g material s 5/15/9 3 Solicit feedbac k fro m BCL T leaseholder s re : homebuyer educatio n material s 5/30/9 3 Feedback fro m BCL T & VHCB Attorneys re : lega l documents 5/30/9 3 First draf t completed 6/15/9 3 Feedback fro m othe r CLTs , BCLT , VHCB, IC E 7/15/9 3 Incorporate change s 8/15/9 3 Complete fina l versio n 10/1/9 3 Make available through BCLT , VHCTF, IC E 10/1/93 , .on

H. Minimum Objectives : * I wil l hav e me t wit h VHCTF , homebuyers, throughout th e proces s and gotte n thei r feedbac k regardin g th e projec t outline an d roug h drafts t o assur e it s effectiveness. * I wil l hav e receive d fundin g fo r th e project . * I wil l hav e complete d th e technica l assistance manua l b y October 1993 . * I'l l have made contact wit h VHCT F an d IC E re : distributio n an d availability o f th e resource , an d hav e gotte n the m copies .

2 5

Workplan:

Meet with CLT s an d VHCT F 1/25/9 3 to discus s project concept 1/9 3 Write u p projec t outlin e 2/93 Meet with V t CLT s to discus s project in more depth , and identify issue s the y nee d hel p wit h 2/25/93 Develop outlin e o f Manua l 3/20/93 Confirm ICE' s interes t i n distributing resourc e 4/1/93 Develop & Submi t proposa l fo r funding t o VHC B 4/15/93 Research & compil e ne w & existin g material s 5/15/93 Solicit feedbac k fro m BCL T leaseholder s re : homebuyer educatio n material s 5/30/93 Feedback fro m BCL T & VHCB Attorneys re : lega l documents 5/30/93 First draf t complete d 6/15/93 Feedback fro m othe r CLTs , BCLT , VHCB, IC E 7/15/93 Incorporate change s 8/15/93 Complete fina l versio n 10/1/93 Make availabl e throug h BCLT , VHCTF, IC E 10/1/93

3/20/93 Updat e

To date , I'v e me t wit h th e othe r Vermon t CLTs twice, to discus s the projec t and t o identif y need s an d issue s the manua l shoul d address. On e meetin g include d reps fro m th e VHCTF , wh o offere d to fun d th e project , and agree d tha t it was a neede d resource .

On Marc h 2n d I co-le d a worksho p o n marketin g limite d equit y housing i n Worcester, MA . whic h provide d a foru m fo r discussing marketing amon g a variet y o f "housers" . I go t feedbac k o n BCL T materials an d experiences , whic h is invaluable in starting t o pu t together a useabl e resourc e abou t homeownership .

I mad e contact (phon e an d mail ) wit h th e IC E technica l assistanc e department abou t thei r interes t i n the resource , an d whethe r it's something the y ca n mak e available t o othe r CLTs .

3 5

Cindy Rei d 4/17/93

Project Updat e

Planned Activitie s fo r this pas t month :

Develop preliminar y outline o f manua l 3/20/9 3 with inpu t fro m V t Communit y Lan d Trusts , Vermont Housing & Conservation Trus t Fun d (VHCB) , Institut e fo r Communit y Economics (ICE ) technica l assistanc e department .

Confirm ICE' s interes t i n project 4/1/9 3

Develop & submi t proposa l t o VHCB for fundin g 4/15/9 3

Actual Activitie s fo r this pas t month :

Developed outlin e o f manua l 3/20/93

Confirmed ICE' s interes t i n project (se e attache d 4/9/93 letter): Phon e contac t & lette r contac t provide d feedback abou t conten t & usefulnes s & targe t audienc e

Developed & submitte d proposa l t o VHC B for fundin g 4/15/9 3

Met wit h Vermon t CLTs to discus s preliminary 4/13/9 3 materials (outlin e an d som e content )

Began compilin g materials for the manua l ongoin g

Met wit h a n ES L - Englis h as a Secon d Languag e - 4/7/9 3 teacher t o pla n a clas s fo r Vietnamese residents about housin g issue s o n 4/20 . Thi s wil l hel p the homebuye r educatio n sectio n in the manual , and ho w th e material s work (o r don't wor k an d need revising ) for people studyin g ESL . Vermont Housing &

Conservation April 29, 99 3 Board

Cindy Reid BCLT PO Bo x 52 3

Burlington, Vt. 05402

136½ Main Stree t Re: HOMELAN D Operation s Manual Montpelier Vermont 0560 2 Dear Cindy, 802 82 8 325 0 VHCB staf f ar e in receipt o f you r letter dated Apri l 15 , 1993 , requestin g VHC B FAX 80 2 828 320 3 technical assistanc e fund s fo r you r proposal t o creat e a n operation s manua l tha t could be used by any community land trust that is participating in the HOMELAN D program. W e have read the proposal and agree that the manual would b e useful a s Board of Directors a tool to institutionalize th e HOMELAND progra m in Vermont. I n our discussions Robert E . Woolmington, of th e outline , a number of question s and issues were raised by staff . Chair Elizabeth Humston e Vice-Chair The firs t issue i s tha t w e woul d lik e t o se e th e CLTs leverag e othe r resource s i n Deborah Brighton order to produce th e manual . W e have thre e suggestions . Th e first is tha t VHC B Elizabeth Mullikin Drak e already awarde d a gran t t o Barr e Neighborhoo d Housin g Service s (BNHS ) t o George M. Dunsmore Allan S . Hunt develop a homebuyer counselin g an d education program . Wit h th e VHCB funds , Conrad M. Motyka BNHS hire d Jane Milner t o pu t th e progra m and materials together . Rathe r than Rev. John E . Nutting duplicate thi s project, w e woul d like to se e BCL T tailo r the BNHS material s t o th e Stuan J. Thurber, Jr. HOMELAND manual . Thi s could eliminat e th e nee d t o fun d I & I I C, D. an d Gustave Seelig possibly I.E . of you r outline. Executive Director Second, we would like BCLT t o request som e contribution from VHFA toward s th e manual. W e believe they have som e investment in the program's success and feel that they have bee n partners in the program. Pleas e submit a proposal to VHFA t o share som e of th e cos t with VHCB .

Third, w e do not feel tha t it is appropriat e to use Vermont's public funds t o provide ICE wit h supplementa l informatio n fo r thei r Operation s Manual . Perhap s the y could contribute a few hundre d dollars for the component o f the project tha t is don e for IC E an d other states.

Before w e ca n make a commitment toward s th e costs of producing the manual, we will nee d some more clarification on the budget an d the outline. W e are concerned that VHCB alread y awarde d BCLT a capacity gran t an d that ou r Board may hav e questions about duplicating funds alread y granted for staff costs. Coul d you please give u s a mor e detaile d justificatio n fo r th e reques t t o cove r staf f time spen t Equal Housing Opportunit y developin g th e manual ? I n addition, w e woul d like mor e detail on wha t specifi c page 2, 4/29/93 legal work will be involved in producing the manual.

Finally, w e woul d lik e t o hav e a commitmen t from a t leas t tw o peopl e from othe r CLT s participating i n HOMELAND, wh o ar e willing t o participate in a n oversigh t committee . Th e committee coul d ideally also include someone from VHFA, a Board member, a loan officer, o r anyone wh o ha s mor e distance from th e program so tha t th e product is "user-friendly " to those who d o no t know th e in s an d outs of th e program.

Please le t me know if you need clarification on our thinking behind any of the items in this letter, or i f yo u hav e othe r questions . I loo k forwar d t o reviewin g a revise d outlin e an d budget . Thanks, Cindy !

Sincerely,

cc: Ji m Libby Spring/Summer 199 3 Volume 7 , Number 2

President's Messag e Inclusionary Zoning: What Have We Power in Numbers Learned? Author Charlie Brush is a private developer with Westlake Limited Partnership in Shelburne, Burlington's affordabl e housin g move - developers of Redrocks Phase IIIA in Burlington - a 44-home condominium development. ment met a serious challenge recentl y over Twelve homes at Redrocks are made available at discounted prices through BCLT. This was Community Developmen t Bloc k Gran t Burlington's first Inclusionary Zoning project. (CDBG) Allocations. The plain and simple issu e was on e o f We have all heard the popular phrase "win- homes in a project i n exchange fo r "includ- money an d ho w i t wa s t o b e divide d win" used to describe things from recycling to ing" homes which will be affordable t o those amongst non-profi t applicant s an d Cit y relationship counseling. I n my experience as earning les s tha n th e are a media n income . Departments. Th e Mayor' s plan cu t th e a develope r o f rea l estate , Burlington' s That incom e i s probabl y wha t mos t polic e Citizen's Advisor y Committe e recom - Inclusionary Zon- officers, fire - mended allocations fo r BCLT and the Co- ing Ordinance may "Wiih what 1 believe is an unprecedented fighters an d op Federatio n b y $50,00 0 an d $32,00 0 be just that , a real spirit of cooperation between many many othe r respectively. Th e Citizen's Advisory Com- win-win fo r every - hard-working mittee recommendations ha d been arrived body. groups and agencies, nine families are and essentia l at afte r lon g an d har d reviewin g o f al l A littl e histor y now enjoying the reality of members of the applications an d toug h decision s abou t will help . Durin g the American Dream, at Redrocksl" local econom y how th e mone y shoul d b e allocated . Re- the "boo m years " make i n on e sponse from the community was immedi- in housing of the 1980s, developers reacted to year. To include tha t group in the American ate. A groundswel l o f peopl e fille d the marke t an d buil t high-price d housing . Dream is fai r by any standard! City Hall t o show support fo r affordabl e With interes t rate s a t 9-1 2 percent , mos t The Cit y Counci l the n passe d a comple x Continued on Page 2 people earning a stable wage from $20,000 - law called the Inclusionary Zoning Ordinance, $35,000 pe r yea r wer e unabl e t o affor d a to make a supply of affordable housing avail- home. Th e America n Drea m wa s slippin g able fo r generations t o come . Redrocks , o n Fundraising Notice away a s a finite supply of buildable land wa s Austin Drive, was th e firs t project t o be built BCLT is sending out its annual fundraising being consumed t o satisfy high-priced hous- Continued on Page 3 etter this month, and you may be receivin g ing development . yours soon, if you haven't already. Please give Responding to the need for affordable hous - as generously a s you can. We have a $20,000 ing, a coalition o f Burlington politicians, de- gap to fill this year (see President' s Message) , velopers an d affordabl e housin g advocate s and need your help. representing a wid e politica l spectrum , We appreciate your support, and hope to be adopted a far reaching planning concept called nearing from you soon! Inclusionary Zoning. Put simply, Inclusionary Zoning allow s a develope r t o buil d mor e BCLT Board of Directors Election This Fall BCLT Awarded CDB G At each Annual Meeting held in September, Appreciation by Cit y the Lan d Trus t membership hold s election s for Boar d seats. Th e Boar d o f Director s i s BCLT receive d th e Communit y Develop- comprised of twelve members, representin g ment Bloc k Gran t (CDBG ) "Communit y public, genera l an d leaseholder (tenant , co- Partnership Decade Award" from the City of op an d homeowner ) interests . Eac h are a i s Burlington for its Affordable Housing Initia- represented equally . tives over the past ten years. This marks th e If you are interested in serving on the Board 10th Anniversary of the Community & Eco- or in nominatin g someon e t o serv e o n th e nomic Development Offic e (CEDO), whic h BCLT Director Brenda Torpy with Mayor Peter Board, contac t BCLT' s Board President, Ro b presented th e awards to many CDBG recipi- Brownell, holding the "Community Partnership Reiber, 863-624 8 (w ) o r 658-265 6 (h) , o r ents who hav e contributed t o bettering th e Decade Award" presented to BCLT by the contact th e office , community ove r th e pas t decade, ft Community & Economic Development Office. President's Messag e (Contnued) HOMELAND Program : housing, an d fo r th e wor k o f th e Lan d opportunities, i t was said again and again in Single Family Trust and the Co-op Federation. beautiful an d personalized ways, peopl e ar e Homeownership Families, elderl y people , peopl e wit h willing and abl e to invest in their community A growing number of homebuyers are ben- disabilities, professionals, tenants , co-o p The Cit y Council and Mayo r Brownell heard efiting fro m BCLTs HOMELAN D Program , residents, homeowners, and genera l com- the message, and a majority of City Council- which provides downpayment assistance an d munity member s alike , met a t Cit y Hal l ors vote d t o restor e som e o f th e fundin g - lower mortgage financin g for qualified buy- on Ma y 10t h to attend the Public Hearing $30,000 to BCLT and $22,000 to th e Co-op ers. Th e buyer s choos e thei r ow n home s regarding the CDBG process and funding Federation. (within Chittende n County), often wit h th e recommendations. Hous e placard s an d It is likely that Burlington's affordable hous- help of a buyer broker. lapel stickers provided visual unity of the ing programs , and specifically BCLT and the A major benefit of the program is the choice supporters o f affordabl e housing , and a Co-op Federation , wil l agai n fac e fundin g it allow s a household , wh o ma y wan t t o sign-up sheet for those wanting to testify challenges fro m th e City ; But , n o on e ca n purchase a home nea r their school, daycare, drew a long line which stretched outsid e erase the images and stories of the people who work, or family, or even sometimes the home of th e auditorium! testified o n May 10th. they ar e renting. Below-market mortgage fi- For abou t thre e hours , Mayo r Pete r Following thi s outpouring of support and nancing mean s Brownell and th e City challenge t o th e ne w Mayor' s funding plan, low an d afford - Council hear d a s Mayor Brownel l spent thre e hour s tourin g able monthl y many reasons as there BCLFs and othe r non-profit's housing projects. payments, an d were speakers to sup- The Mayo r exclaimed tha t he wished he had BCLTs HOME- , port affordable hous - done thi s year s ag o an d showe d a sincer e LAND grants re- ing. Som e spoke of the interest in affordable housing options . duce th e price s economic gain s non- BCLT i s not only an effective advocate fo r of homes for eli- profit affordabl e low income people bu t also an educator and gible buyers , a s housing development successful partne r with all levels of govern- well a s assis t has provide d th e city , becaus e privat e ment an d the ful l spectru m of political phi- with th e down - monies ar e leveraged b y public monies , losophies. payment. Com- giving the city more for each public dollar On behal f of th e Board , I thank everyon e ing u p with th e spent. (I n fisca l yea r 1992 , BCL T lever - who cam e and supported BCLT and the Co- downpayment is aged its CDBG grant 16 to 1! ) Many more op Federation , and th e developmen t o f af- often the biggest people spok e o f thei r persona l experi - fordable housing. With such continued sup- obstacle fo r new ences - o f the benefit o f having affordable port, w e ar e read y t o mee t th e challenge s homebuyers. Additionally , th e cost of hous- housing an available option. It was during ahead, an d tha t i s wort h mor e tha n mone y ing i s s o hig h tha t eve n wit h lo w interes t these testimonies that our strength a s an can buy ! ft rates, many people ar e still locked out of the organization and as a movement becam e Author Rob Reiber is a BCLT Leaseholder and market, without th e kind of help the HOME- apparent, fo r th e messag e wa s clear . President of the Board. LAND Progra m lends. Through stable , saf e affordabl e housin g The averag e cost of a single famil y home in Burlington in 1992 was $126,060. The incom e needed to purchase that home is approximately $46,000 (assumin g a n 8 % loan , 5% BCLT resident Autumn Rozon with her downpayment), an d th e cas h neede d i s ap- pal. Autumn has lived in a Land Trust proximately $10,000. Yet, 30% of Burlington apartment for five years - and is moving employees earn an average wage of $ 14,700. A soon, because her mother is buying a family with two such wage earners could afford home in Addison County. We'll miss a $76,000 home, with $7,000 cash. This means Autumn and her mother, Penny, but wish there's a large gap, considering the average cost them well in their new home! of home s in Burlington. The HOMELAN D Progra m is on e wa y t o close tha t gap , a s i t provide s a boos t t o homebuyers wh o ar e exclude d fro m th e market. HOMELAN D grant s reduc e th e cost of housing, help with the downpayment, and VHF A provide s a mortgage rat e starting at 5.95%, which translates t o a low monthly payment. Fo r mor e informatio n abou t the HOMELAN D Program , cal l BCL T a t BCLTs Annual Bank of Vermont City Marathon 862-6244. ft Relay Team hit the road once again in a flash: left to Author Cindy Reid coordinates BCLTs right - Don Dickson, Mary Houghton, Cindy Reid, Homeownership Program. Rob Reiber & joe Forgione. Inclusionary Zoning (Coninued from Page 1) Environmental Law Intern under th e ne w ordinance , and has been th e Inclusionary Zoning won't solve all housing Joins BCLT proverbial "guine a pig. " Gues s what ? It' s and socia l problems, but it's one positive step; This spring and summer BCLT is fortunate working! Yet as political idealism meets real- And, finally , this has been a learning expe- to hav e th e hel p o f intern Bridget Barzman. ity - peopl e wantin g t o purchas e home s - rience, an d th e succes s t o dat e o f Redrocks She wil l b e focusin g o n th e environmenta l some difficulties are bound to arise, and bugs would no t hav e bee n possibl e withou t th e problems o f th e Graci e sit e o n Archibal d need t o be worked out. cooperation o f many , including: Burlingto n Street, the future home of the Archibald Street Community Lan d Trust , Burlington' s Housing Co-op . I n addition , ther e ar e tw o What we have learned: Community & Economi c Developmen t neighboring sites that BCLT ha s under con- The ordinanc e is comple x an d th e paper- Office, Vermon t Nationa l Bank , Vermon t tract and plans to purchase and rehab, which work overwhelming; Federal Bank, U.S. Small Business Adminis - also have some environmental problems as - Buyers need extra help (more than in con- tration, Vermon t Housing Finance Agency, sociated wit h them. The intern's project will ventional transactions ) understandin g th e Vermont Housin g & Conservatio n Board , help BCL T cu t costs , an d mor e effectivel y terms of the deal; Pinnacle Builders Inc., and Westlake Limited deal wit h thes e challengin g projects . Wel - Cooperation and trust between the devel - Partnership, come, Bridget ! ft oper, CEDO an d BCLT i s an absolute must . This has happened! The Plannin g Commission must make th e density bonus a reality, or the financial bottom BCLT Board President Recognized by line just won't work, and nothing will be built; It's importan t t o marke t an d educat e th e Governor Dean public that this ordinance creates an opportu- Rob Reiber , BCLT's Boar d President and a nity - no t another government program; Leaseholder, was one of eleven Vermonters to Private developer s can an d will mee t th e receive th e Governor' s Community Service affordable housing needs of the community, Recognition Award for his outstanding dedi- and public/privat e partnerships can be help- cation and commitment to BCLT. Rob ha s put ful toward s meeting thi s goal; in man y hour s ove r th e year s buildin g th e The ordinanc e does have som e flaw s an d organization, an d w e ar e al l prou d o f hi s uncertainties which can be interpreted differ- recognition. I t seemed appropriate that Rob ently. Some bugs hav e been worked out and would receive the award from Governor Dean, Governor Howard Dean presents a others must be dealt with. who wa s a n origina l incorporator of BCLT . Governor's Community Service Award to Congratulations and thanks t o Rob! ft BCLT Board President Rob Reiber.

Sarah Cole House Wins Thanks to our Anonymou s Donors! BCLT recently received this anonymous letter with a donation, and we wanted to share it Award with our readers. We also wanted to thank the anonymous donors, hoping and trusting The Sara h Cole House received a "Maxwell that they're on our mailing list! Award o f Excellence " fro m th e Fanni e Mae Dear Friends, Foundation i n May . Sarah Please accep t th e enclosed gif t a s a small that mak e thi s communit y suc h a grea t Cole House is a community token o f ou r appreciatio n tha t th e Lan d place t o live. We believe th e work that th e home fo r formerl y home - Trust exists and is doing such grea t thing s Land Trust does is partially responsible fo r less wome n develope d b y for affordabl e housing in Chittenden County. our equit y because so much of what you do BCLT 1 1/2 years ago . Resi - Our famil y recentl y sol d ou r hous e i n makes this a better place t o live. dent Manage r Sr . Marlene Chittenden County , reapin g a modes t Another reason we support your work is Perrotte creates a supportive environment in amount o f equity tha t w e wil l use t o pur- the fac t tha t i t offer s a permanen t an d which th e Sara h Col e resident s hel p eac h chase our next family home. This donation efficient solution to this community's hous- other to meet their challenges. Along with the is a small portion of that equity W e under- ing problems . Th e shelters an d service s award came a $1000 grant which will be put stand tha t your homebuyers agre e t o limit for th e homeless in this area are certainly to good use funding the program. Thank you, their equity t o preserv e housin g subsidie s much-needed and well-run, but we dream Fannie Mae! and hel p keep housing affordable for future about th e da y when thos e services won' t buyers. We salute their commitment to this be necessary . BCLT Approaching form of home ownership . We wis h tha t thi s donatio n coul d b e THE BI G ONE-OH We ar e proud of the fact that we took care larger, but perhap s if you share thi s note of ou r hom e while we owned it, and left it in with other s the y will also be encourage d Keep your eyes open fo r upcoming events better conditio n tha n we foun d it . Bu t a t to give an d become members . in earl y 1994 t o recognize BCLT' s 10t h anni- least some of the equity in that house was the Best o f luck t o you an d thank you fo r versary. We'll be seeking the support of mem - result of positive external influences beyond being there ! bers and volunteers t o help us plan our birth- our control.. . good schools, park s and services Signed, Your Friends day celebration!

3 BCLT Continues Old North End Fair Housing Act: 2 5 Years Old & Desperately Needed Acquisition & Rehabilitation In 1968 President Lyndon B.Johnson signed Since the acquisition of its first multi-fam- Because o f th e continuin g need, thi s vital the Fai r Housin g Act into la w I t outlaw e ily renta l building in 1986 , BCL T ha s bee n project wil l continue . A ke y playe r i n thi s discrimination against anyone seeking hous pursuing the ambitious goal of stabilizing the project ha s bee n th e Vermon t Housin g & ing o n the basis of race, ethnicity o r place of housing stock and rental costs in Burlington's Conservation Board (VHCB), which has pro- birth. oldest neighborhood . Sinc e tha t firs t pur - vided acquisitio n an d developmen t grants . Yet law s are one thing , and attitudes, a n chase, BCLT ha s acquired a total of 30 build- Other funding sources include local banks and enforcement o f laws, ar e another. While lack ings containin g 8 4 apartment s i n th e Ol d the Federal HOME progra m for rehabilitation. of mone y i s th e bigges t obstacle t o housing opportunities, discriminatio n i s th e second As o f thi s printing runner up . Discriminatio n on th e basi s o f BCLT ha s fundin g race and ethnicity i s rampant, and, the Low available for the ac- Income Housin g Information Servic e news quisition o f seve n letter reports , th e federa l governmen t have more units of rental been th e single largest violato r of the law . housing unde r it s current contrac t with VHCB . Considering Archibald Street Co-op what ha s bee n de- The Co-o p Federation is still taking appli- scribed as a "buyer's cations fo r a planned 20-unit housin g co-o p market" wit h th e on Archibal d Street . Th e move-i n dat e i s slow economy an d estimated t o be Sprin g 1994. Monthl y costs the relativel y lo w will be approximately: $300 for a 1-bedroo m numbers o f inves - $370 for a 2-bedroom; $410 fo r a 3-bedroom. tors, acquirin g In addition , co-o p member s nee d t o pa y a Beautiful & affordable neighborhood: two BCLT buildings on multi-family prop- $350 share before the y move in. Intervale Avenue, with a total of five apartments. The furthest building erties shoul d b e a If you'd like more information about ho w was recently renovated and is now fully occupied. quick and eas y task. to hav e mor e control over your housing, o r North End alone. Eigh t of those apartment s "Not so," says Steph Holdridge, BCLT's Prop - about the Archibald Street Co-op, call the Co- were converte d t o cooperativ e ownershi p erty Manager, "W e haven' t seen the downward op Federatio n a t 862-5430. Don' t wait , be- when thei r resident s bough t th e building s price adjustment tha t on e woul d expect con- cause the y ar e currentl y gettin g i n lots of from BCLT . I n all, a tota l o f 7 7 apartment s sidering th e poo r conditio n o f th e housin g applications! have been rehabilitated in the Old Nort h En d stock. We are bound by our fund- and anothe r seven apartments ar e scheduled ing source s an d ou r missio n t o for rehabilitatio n soon. rehabilitate t o fairl y hig h stan - This activity ha s added value t o neighbor- dards, so initial cost of buildings hoods an d improve d livin g condition s fo r can't be too high." As a result, said many low and moderat e income families while Holdridge, onl y th e mos t com - keeping rents affordable. The positive effect s petitively priced buildings are se- of thi s Old North End project ar e still being lected fo r purchase by BCLT. tallied. Bu t th e tas k i s fa r fro m complete . In the last year and a half, BCLT Unhealthy conditions abound and man y fami- staff hav e inspecte d nearl y 20 0 lies are forced to pay 60-70 percent and more units fo r possible purchase , of thei r income fo r housing. Author Tom Peterson is BCLTs Rehabilitation Specialist

Congratulations to BCLT leaseholders Kathleen Hurley & John Gallagher on the birth of their daughter, Nora Lillian Gallagher.

Russian friends and public officials from Yaroslavl, Burlington's Sister City, with host Peter Clavelle. From L to R: Alexander Baikin, Interpreter, Vladimir Mamaev, City Councilor, Mikhail Rabotnov, City Councilor, former Burlington Mayor Peter Clavelle, and Alexander Sisov, Deputy Mayor. The Russians met with BCLT staff to find out about the Community Land Trust approach to affordable housing while they were visiting Burlington as part of a Sister City exchange. 4 UPCOMING EVENT S BCLT Special Membershi p Meetin g Wednesday, June 23, 199 3 - 7:0 0 p m Emergency Food Shel f 245 N . Winooski Ave.

to discuss and approve financing of the ReLIEF Project, a cooperative effort of five non- profits servin g low-income persons to purchas e and renovat e three building s i n Burlington to house their programs. Current BCLT members residing in Chittenden County may vote on this issue. The non-profits include BCLT Vermont Legal Aid, the Food Shelf, COTS and Court Diversion. - Th e facility is wheelchair accessible. For more information or for information about disability access, call Ellen at 862-6244 (TDD).

BCLT Homebuyer Worksho p Thursday, June 24, 199 3 7:00 t o 9:0 0 p m Burlington Boathous e

Come t o a hands-on worksho p t o fin d out more about buying a home. Rep - resentatives from Vermont Hous - ing Financ e Agency , Vermon t Development Credit Union, Vermont National Bank , Bank o f Vermont , th e Mark Your Calendar! Merchants Bank , an d The 3rd Annual Preservin g BCLT will b e present t o help Homeland Rac e & Walk i s Afoot! you mak e sens e ou t o f th e Sunday, September 26, 199 3 homeownership maze. Confidential, one-on-on e Take your pick: time is available with lenders. 6.2 Mil e Run, or 6.2 Kilomete r Walk Space is limited , s o cal l fo r a Minimum sponsorship is $15. Runner s and walkers reservation b y Jun e 21 , are encouraged to solicit sponsorships; top three pledge- 862-6244 (TDD). getters in each event will receive fun, exciting prizes! The facility i s wheelchair accessible. For infor- Top female and male runner will also receive prizes. mation about disability access , cal l 862-624 4 Help BCLT make this a FUNdraising event! (TDD). Sponsors to date include WIZN an d VHFA. T o find The event is free, but there's a $2 parking fee on the out ho w yo u ca n help, o r for registration and pledge waterfront. information, cal l Ellen at 862-6244 (TDD). --Membership Applicatio n • wish t o expres s m y suppor t fo r th e lan d trus t model of land stewardship an d homeownership b y becoming a member of the Burlington Community P.O. Box 523 • Burlington, Vermont 05402 • (802) 862-624 4 (TDD) Land Trust . I'v e enclose d my annual membershi p What is the Land Trust? dues of $ _____ (BCL T suggests the followin g The Burlington Community Land Trust was incorporated in range: individuals $1-5; individuals/families $5-25; 1984 t o provide access to land and decent housing for low and households/organizations $25-50) . moderate income people, t o develop an economic base in and I'm interested in volunteering. Pleas e contact me . for the local community, to preserve open spaces, an d to create and preserv e housin g tha t wil l remai n affordable . W e ar e a • I'm sending along a tax-deductible contributio n of private, non-profit tax-exempt membership based corporation. $ t o help with your work. The Lan d Trus t buys land and buildings, holds th e lan d in trust, an d sell s th e building s t o lo w an d moderat e incom e Name families, individuals , tenan t co-operatives , an d communit y organizations. Building owners enter into long-term land lease Address agreements with the Land Trust to assure future affordability of the property. If you are interested in owning property through Zip the Land Trust, through the single-family or co-operative hous- ing program, or participating in any way, please call or write us. Phone (H), (W). BCLT Staff : BCLT Board : Signature Steph Holdridg e Rob Reiber, President Please send this form along with your dues to BCLT, Mary Houghto n Pat Crady, Treasurer PO Box 523, Burlingto n VT 05402 Sr. Marlene Perrotte Don Jamison, Secretary Tom Peterso n Steve Hingtgen Mary Sullivan Office use only: Paid Dat e Mel Pritchet t Sr. Marie Kieslic h David Weinstein Cindy Rei d Jill Chapman Milazz o Ted Wimpey Ellen Rubenstei n Ray Poole Lynn Witter Brenda Torpy

Subsidized Housing ? Newsletter Creation: • Th e top 20% of income earners in the U.S. receives $63 billion, Cindy Reid , Production • Barb Forgione, Steph Holdridge & Cindy or 61% , of housing subsidies fro m th e federa l government, Reid, Photography • Ellen Rubenstein, Proofreading/Editin g primarily through mortgage interest deductions. • Bonni e Acker & Casey Chappie, Graphics • Casey Chappie, Typesetting & Layout • Vantage Press, Printing • Th e bottom 20% of income earners receives $18. 7 billion , or 18% , of housing subsidies fro m the federal government. # This publication will be made available in alternative Source: Low Income Housing Information Service, April-May 1993. medium upon request.

Burlington Community Land Trust Non-Profit Org . P.O. Box 52 3 U.S. Postag e PAID Burlington, VT 05402 Permit No. 83 4 Burlington, V T 05401

Printed on 100% Recycled Paper Find out how you can buy your own home ! Come to a "Hands-On" Workshop for Prospective Homebuyers

Thursday, June 24 • 7:00 to 9:00 pm Burlington Community Boat House (at the foot of College Street)

Representatives fro m Burlingto n Communit y Lan d Trust , Vermon t Housin g Finance Agency, Vermont Development Credit Union, Bank of Vermont, Vermont National Bank and the Merchants Bank wil l hel p you and other prospective buyers find out :

What kin d o f house ca n I afford? What ca n I borrow? What i f 1 have limite d credit? Who wil l hel p me ? What ar e the role s of th e bank , realtors, lawyers? Do I qualify fo r assistance fro m Burlingto n Communit y Lan d Trust ? What d o I need t o save ? Confidential, one-on-onc time is available. Bring With You 1 ) household income befor e taxe s 2) loan s & credit card paymen t amoun t & balance s Space is limited, so call the Land Trust - 862-6244 (TDD) - by June 21st for a reservation. How BCL T Homeland HOMELAND Purchase Compares:

Buying Buying HOME # O WNERSHIP • M EANS With BCL T Withou t BCLT EQUITY • L EGACY 4 A FFORDABILITY Purchase price $85,000 $85,000

Homeland Grant $10,000 n/a NEIGHBORS # D REAMS Net purchas e price $75,000 $85,000 5% downpaymen t n/a $4,250 Est. closin g costs $3,000 $3,400 Interest rate 5.95% (1st yr ) 7.95% 7.45% (yrs 4-30 ) First year payment $622 ; $740 (incl. taxes, insur- ance & lease fee) Approx. income $25,000 $30,000 needed to buy Cash needed to buy $3,000 $7,700 Note: If a buyer has downpayment money to put down, monthly payment would be lower and income needed to purchase would also be lower.

* Our family picked out a house to purchase What D o I Do Next ? in a great neighborhood, and the Land Trust helped us buy it at a reduced price, with a • Revie w BCLT material s (including, fo r singl e family home buyers, "BCLT Leas e and You" ) special VHFA mortgage. And in buying through the Land Trust, we are keeping our • Complet e & send in BCLT Housin g Applica- tion with membership dues home affordable for future buyers !' ~ Don Jamison & Christina Root • Mee t with BCLT staf f to determine eligibility BCLT Homeowners • Pre-qualificatio n at a local bank - BCL T wil l refer you to area banks which provide Affordable Homeownershi p in discounts Chittenden Count y What is the Burlingto n What i s the HOMELAN D What Typ e of Property is Community Lan d Trust? Program? Eligible? BCLT i s a non-profit community-based Discounted Home Prices • Singl e family home o r condominium (new o r membership organization whose purpose is to: BCLT ha s funds t o reduce th e price of homes existing) • provid e access to land and housing for in Chittende n County selected by income-eligible • Withi n Chittenden County people o f modest means ; buyers by $10,000 to $15,000 each, according to • I n good condition • promot e neighborhood preservation and need and eligibility. • Withi n price guidelines - t o be determined for improvement; each buyer by BCLT an d the bank • creat e and Low Mortgage Rate • Mus t be your primary residenc e preserve housing First time buyers (and buyers who haven' t that will remain owned in the past 3 years) may be eligible fo r a Other HOMELAN D affordable special mortgage rat e from Vermont Housing forever. Finance Agency (VHFA) which starts a t 5.95%. Program Requirements : BCLT homeowner s No Downpayment - Just Closing enter into leases or Property Inspection covenants with BCLT. Costs Homebuyers must get a property inspection Buyers only need t o come up with money fo r Both the lease and the by a n independent certifie d building inspector, a t covenant giv e BCL T closing costs - n o downpayment i s needed . buyers' expense (see BCL T staf f fo r a list of the first option t o (Closing costs are roughly $2800 to $3200). inspectors); purchase a home whe n Energy Rating and i f it's sold, at an Eligible Buyers: Properties receive an energy rating. New affordable price - th e homeowner's origina l price • Ar e within income guidelines; minimum is homes must be 4-star energ y rated. Existing plus 25% of the increase in value. By doing this, generally about $20,000 & maximums are homes can be brought up to 4 - BCLT homeowner s shar e their profit with future listed below star energy efficiency if generations and keep their homes permanently f Hav e good current & past credit the homebuyers affordable. t Hav e savings - approximatel y 4% of th e choose to do so. purchase price BCLT staf f will • Hav e no more than 8-10% o f their monthly go over thi s Benefits of Owning a income in debt (school/car loans, credit cards, option with you. etc.) The cos t of th e Home: • Hav e stable source(s) of income energy rating is • Securit y included in the • Stabilit y of housing Income Guideline s closing costs. costs Household Size Maximu m Income • Contro l over your 1 24,65 0 Legal Guidance own housing 2 28,13 5 Homebuyers review • Tax benefits 3 31,70 5 legal documents wit h their own attorney in order 4 35,19 0 • Legac y - yo u can to be fully informed and aware of the terms of th e 5 38,00 0 pass the home on to heirs deal. BCLT offer s a list of attorneys who are 6 40,80 0 familiar with our documents. Thi s cost is also •Equity Note: Interest rate and income guidelines are subject to change. included in the closing costs. P.O. Bo x 523 • Burlington, Vermont 0540 2 • (802) 86 2 624 4

June 10, 199 3

Pat Crad y Vermont Housin g Financ e Agenc y P.O. Box 408 Burlington, VT 05402 RE: Funding Request : CL T Homeownership Operations Manua l

Dear Pat ,

I am writing to request VHFA' s financial suppor t fo r a Homeowner— ship Operation s Manua l for Vermont CLTs . Th e need for such a resource was first brough t up at a statewide CLT meeting wit h the Vermont Housin g & Conservation Trus t Fun d staff . Specifically , it addresse s th e CLTs' needs for programmatic, marketin g and implementation informatio n fo r the HOMELAND Program and CLT re- sales. I n addition to addressing the needs of CLTs, this Manua l is m y project for the Community Economi c Development Master s program I' m currently in — so it is a personal endeavo r as well.

BCLT has more experience tha n the other Vermon t CLT s with the HOMELAND Program as well as with re-sales , and we would lik e to get the information out in the form of a practical, useabl e resource in order to prevent furthe r "re-invention of the wheel". I am planning to produce a Manual in a loose-leaf binder, suc h that form s and handouts can be duplicated easily and inexpensive- ly as well as adapted by their users .

Jane Milner and I have discussed her previous wor k on homebuyer education wit h Barr e Neighborhoo d Housin g Service s and in Waits- field. Fo r a variety of reasons, she was unable to complete her work on packaging th e homebuyer educatio n material s into a use- able resourc e fo r other non-profits . W e have discussed incorpo - rating som e of her work in the Manual, in order to get it out to the non—profits . Thi s would roun d out the Manual, as she has more experience wit h homebuye r educatio n programming , and I have experience wit h marketing , progra m development , qualifyin g buyer s and lega l issues .

Realizing Jan e has received fundin g fro m VHF A for her homebuyer education work , I am not including tha t portion of the work in this reques t fo r funding. He r work wil l b e included in the Manual as part of her earlier gran t commitment .

I have enclose d a n outline of the Manual, as it now stands, for your review . I will nee d the help of a review committee , and I Pat Crad y Page 2 think it would be appropriate to include several CLT representa- tives, a BCLT Board member , a representative from VHFA, and one from VHCB . Th e review committe e wil l ensur e that the resource addresses th e needs effectively. I n addition to the grant re- quest, woul d you consider participatin g in a review committee , Pat?

The Institut e fo r Community Economic s has expressed interes t in the Manual , too . I n order for it to be useful to other CLTs , I've include d a section on "Ho w to Start a Similar Program in Your State", includin g backgroun d material s about Vermon t legis - lation an d resources. I see this chapte r a s a minor sectio n of the Manua l — the large majority is focused o n Vermont issues.

I have approached VHC B for funding, and they woul d lik e to see commitments fro m othe r sources , an d felt tha t VHFA was also invested in the program, so suggested I approach you.

I've enclose d a budget and funding request . I appreciate you r consideration of this request , an d any feedback you may have. I look forwar d t o hearing fro m you!

Sincerely,

Cindy Rei d Homeownership Program Coordinato r 10

Request for Funding : Community Lan d Trust Homeownership Program Manua l

BCLT staff time : 15 0 hour s x $20/hou r $3,00 0 This estimat e is based o n 8 hour s pe r wee k for approximatel y 5 months. Work will entai l writing, compilin g information, soliciting & incorporating feedback . Completio n b y mid - November is the goal.

BCLT Legal Costs : 4 hour s x $85/hour $ 34 0 Review o f documen t summaries , revie w o f legal sectio n fo r clarity & accurac y

Production Cost : design , printing & binders $ 73 5

Total request : $4,07 5

Total requeste d fro m VHC B $2,07 5

Total requeste d fro m VHF A $ 2,000 VERMONT HOUSIN G FINANC E AGENC Y

July 16 , 199 3

Ms. Cind y Rei d Homeownership Program Coordinator Burlington Community Land Trus t P.O. Bo x 52 3 Burlington, VT 05402

Dear Cindy :

Enclosed please fin d a check in the amoun t o f $ 79 2 t o cove r your request fo r cooperative advertisin g through June 30, 199 3 an d $1,000 toward the productio n of th e Community Land Trus t Homeownership Manual .

We reques t tha t thi s $1,00 0 be use d fo r legal an d design, printing , and binding expenses associated wit h producing the publication . When the projec t i s completed , w e woul d appreciate copie s of invoices documentin g th e expense s and any unused fund s tha t ma y be remainin g should be returne d to VHFA t o m y attention .

Pat Crad y would like t o participate on your review committe e an d I would appreciate th e seeing a copy before i t goes to press .

I understand there i s a great nee d fo r this typ e o f manual to support the homeownershi p efforts o f th e nonprofits . It' s a great projec t and we wis h you all the bes t with it ! Pleas e feel fre e t o cal l if we ca n be o f further assistance.

Sincerely,

Hollis Hope Director of Communications

Enclosure

One Burlingto n Square , P.O . Bo x 408, Burlington, Vermont 05402-040 8 802/864-5743 • 1-800/339-5866

P.O. Bo x 523 • Burlington , Vermont 0540 2 •( 8 0 2 ) 86 2-624 4

July 19 , 1993

Pat Crad y & Hol1is Hop e Vermont Housin g Financ e Agenc y P.O. Box 408 Burlington, V T 05402

Dear Pat & Hollis ,

Thank you for funding the Homeownership Operation s Manua l for Vermont CLTs . I' m excited abou t this project , an d hope to get a draft to you soon, Pat, for you r revie w and feedback.

Thanks -fo r your continue d suppor t o f BCLT's work !

Sincerely

Cindy Rei d Homeownership Progra m Coordinato r 13

Cindy Rei d 8/1/93 Project Outlin e

Revised CE D Projec t Contrac t Outlin e A. Background: Burlington Communit y Lan d Trus t ha s develope d a n effectiv e single famil y homeownershi p progra m which has successfull y serve d many low to moderate incom e individual s an d familie s in Chittenden County , Vermont. I n 1991, BCLT developed a buyer - initiated homeownershi p program , which was an d currentl y is funded b y the Vermont Housin g and Conservatio n Boar d (VHCB) . Seven CLT s in Vermont ar e implementing th e program, to differen t degrees, eac h covering differen t servic e areas . BCLT , as the oldest an d most experience d CLT , ha s take n th e lead o n developin g the program . Policies , procedures , lega l issues , marketin g an d homebuyer educatio n al l hav e bee n initiate d b y BCLT , which has provided suppor t an d directio n t o the other CLTs . I n order to effectively shar e the experience, successe s an d problems tha t BCLT has faced , I will b e developin g a "how-to " homeownershi p program manua l for all Vermon t CLTs , plu s othe r CLT s in the country. I wil l b e workin g wit h BCL T potential homebuyers , leaseholders (curren t BCL T homeowners) and staff , Vermon t CLTs , other communit y base d organizations wantin g to develop a simila r program, the VHCB, and the Institute fo r Community Economic s (ICE), al l wit h th e goal o f assisting i n the development of successful homeownershi p program s for low to moderate incom e people.

B. Problem Statement; If n o solutio n is found, BCLT' s succes s an d experienc e developing a successfu l buyer-initiate d homeownershi p progra m for low t o moderate incom e peopl e wil l remai n untransferable an d inaccessible t o other CLT s wh o coul d benefi t fro m the informatio n immediately.

C. Goal Statement: i. Th e firs t goa l o f this projec t is to develop a how-t o technical assistanc e resourc e manua l o n implementin g a singl e family homeownershi p progra m for Community Lan d Trusts, detailin g the progra m components, policie s an d procedures , lende r an d underwriting issues , lega l document s an d lega l issues , marketing , and homebuye r educatio n material s fo r other CLTs ' use. ii. Second , the manual wil l b e mad e available t o other CLT s in Vermont an d nationwid e throug h BCLT , VHCB and ICE .

1 D. Project Product :

A technica l assistance manual whic h addresse s th e need s o f Community Lan d Trust s a s t o ho w t o develo p an d implemen t a singl e family homeownershi p program .

E. Outputs: * Proposa l develope d t o obtai n fundin g fo r project * Projec t outline developed & provide d t o CLT s & VHCB for feedback * Contac t wit h IC E technica l assistance staf f * Revie w o f homebuye r educatio n material s b y BCLT' s leaseholder s for feedbac k * Homebuye r Educatio n Workshop s periodicaly over a year' s time , providing opportunitie s to us e material s & develo p an d chang e materials an d presentatio n styles . * Researc h o f ne w materia l & consolidatio n & organizatio n o f existing materia l to includ e in the manua l

F. Inputs: * Projec t fundin g fro m VHCB , Vermont Housing Financ e Agenc y (VHFA), an d possibl y Vermont National Bank . * Outlin e o f informatio n neede d * BCL T & VHCB Attorneys' revie w * Advisor y Committe e Review & Inpu t * CE D Projec t Focus grou p suppor t & guidanc e * Feedbac k fro m IC E

G. Implementation Plan : Develop outlin e of Manua l 3/1/9 3 Confirm ICE' s interes t i n distributing resourc e 4/1/9 3 Develop & Submi t proposa l fo r fundin g t o VHC B 4/15/9 3 Research & compil e ne w & existin g material s 5-8/9 3 Solicit feedbac k fro m BCL T leaseholder s re : homebuyer educatio n material s 9/15/9 3 Feedback fro m BCL T & VHCB Attorneys re : lega l documents 9/15/9 3 First draf t complete d 8/15/9 3 Feedback fro m othe r CLTs , BCLT , VHCB, IC E 9/15/9 3 Incorporate change s 10/1/9 3 Complete fina l versio n 11/1/9 3 Prepare fo r Production & g o t o Prin t 12/1/9 3 Make available through BCLT , VHCTF, IC E 12/15/9 3 .on

H. Minimu m objectives: * I wil l hav e me t wit h VHCB , homebuyers, an d Advisor y Committe e throughout th e proces s an d gotte n thei r feedbac k regardin g th e project outlin e and roug h draft s to assur e it s effectiveness. 13

* I will hav e receive d fundin g fo r the project. * I will hav e organize d 2 and participated in 2 other homebuye r workshops in order t o develop effectiv e materials , format , presentation style , an d incorporate thos e experience s i n the manual. * I will hav e complete d the technical assistance manua l by December 1993. * I'l l have made contac t wit h VHC B an d ICE re: distributio n an d availability o f the resource, an d have gotte n the m copies .

Third Semeste r Update: Ma y - August , 1993 :

This fel t lik e th e most productiv e semester , as my projec t reall y began to take shape . Here' s an update on progress fro m Ma y through August :

* I met with a woman who has done considerabl e homebuye r education wor k for 2 non-profits in the state. She provided m e with copie s o f her work to date and information abou t her activities. Sh e never finishe d th e distribution par t of her project - i.e. getting her presentation material s an d handouts out to the non-profits wh o nee d thos e resources . W e discusse d incorporating som e of her work int o the manual. Thi s ma y or may not happen , dependin g on how much hel p sh e can give editing . (VHCB didn't wan t duplication of materials b y funding thi s manual, so it seemed lik e w e shoul d wor k togethe r o n a chapter) .

* I presented informatio n o n affordable homeownershi p to a Vietnamese grou p of 14 in May, part of their ES L class on bankin g issues. I also organize d an d presented a t a homebuyer educatio n workshop for 40 people in June for BCLT. Thes e 2 events wer e opportunities to develop bette r materials , a better format , and try ou t new techniques . Thes e material s an d information wil l b e incorporated in the manual.

* M y Advisor y Committe e has been forme d - representative of statewide CL T staff, BCL T leaseholders, a loa n officer , a VFHA staff person , an d 2 people fro m VHCB . The y wil l revie w draft s and provid e feedback , an d additional information to include.

* I submitted a request t o VHFA and received $1,00 0 for production an d legal costs . Ye a I

* The firs t draf t is coming along . I revised m y timelin e whic h was way too ambitious, considerin g m y workload s wit h bot h BCL T and CED .

* I' m plannin g t o submit a revised fundin g reques t t o VHCB thi s week to address thei r earlie r concerns , an d submit a new reques t to Vermon t Nationa l Ban k as well .

3 13

* Ou r projec t class is really helpfu l fo r feedback an d ne w ideas . I appreciat e th e hel p fro m folks , an d loo k forwar d t o seein g wha t others ar e u p to.

4 14

P.O. Bo x 523 • Burlington, Vermont 0540 2 •(802) 862-624 4

August 10 , 199 3

Rick DeAngeli s Vermont Housin g & Conservation Boar d 136 1/ 2 Main Street Montpelier, VT 05602 Re: CL T Homeownership Program Manua l

Dear Rick ,

I am writing to request fundin g fo r a CLT Homeownership Progra m Manual I am currently workin g on for my school project . Liz Curry responde d t o a request I submitted earlier , outlinin g VHCB's concerns, and I am responding late r tha n I intended to !

First, Li z stated that Jane Milner had done lot s of homebuyer education wor k and felt tha t parts of the Manua l duplicated Jane's work. I understand th e concer n abou t duplication , but feel tha t this projec t doe s not duplicat e efforts or material. Jane and I met to discuss this issue , and to go over bot h projects. He r work was never put into a finished produc t to be disseminated to other group s besides BNHS. A t this stage , it needs a lot of editing and polishing befor e it can be re-pro- duced. Jan e doesn' t hav e time, and in order fo r me to do this, BCLT needs funding. Tim e which I spend on the Manua l is time I'm not abl e to spend doin g othe r activit y - activity whic h generate s development fees . Th e request I' m submitting for funding doe s not includ e time to work on Jane Milner's piece - it covers th e outline attached . The secon d issu e here i s that th e informatio n in the pro - posed manua l doe s no t duplicat e Jane's work. He r work was tar- getted to a wider audienc e - this wor k is specific to households who ar e low to moderate income, and it is also limite d equit y specific. Fo r these reasons , it is not a duplication, but new material.

Second, Liz thought i t would be appropriate for VHFA to fund a part of this project . The y have committed $1,00 0 towards produc - tion and legal costs . Thei r funding sourc e doesn' t allo w the m to fund BCL T staff time . I also a m requesting funding fro m Vermon t Nationa l Bank , as we have generated a lot of business fo r them. I am hoping fo r $500 from VNB , but I don't expec t mor e — bu t I will certainl y ask !

Third, ther e was some concern abou t whethe r VHC B would be sup- porting ICE' s Operations Manual . Th e resource I am proposing will b e Vermont specific . I t is separate and unique fro m ICE' s Operations Manual . I had asked IC E for their inpu t about the 14

manual I' m workin g o n t o ge t thei r feedback , a s the y regularl y get technica l assistanc e questions fro m CLTs . The y made some suggestions, bu t wer e not bein g abl e to provide financia l sup - port, an d I a m no t askin g VHC B to suppor t a project for ICE . I see thi s manua l a s helpin g the housin g non-profit s in Vermont t o not re-inven t the wheel , an d t o hel p th e singl e famil y homeowner— ship program s to operat e mor e effectively .

Last, Li z recommended a n Oversigh t Committee . Thi s is a grea t idea, an d t o dat e thi s Committe e consists of: Pa t Crad y (VHFA) , Don Jamiso n & Ro b Reibe r (BCL T Board member s an d leaseholders), Connie Snow (BACLT) , Andy Broderick (RACLT) , Richar d Moff i (CVCLT), Brenda Torp y & Elle n Rubenstei n (BCLT) , a VN B represen - tative, Joh n McLendon , and you ! I think this grou p o f peopl e will provid e a well—rounde d response . I a m lookin g forward t o getting th e feedbac k an d incorporatin g the suggestions . Dian e Binnick ma y als o be intereste d i n reviewing th e material , but I haven't contacte d he r abou t tha t yet .

Here is an update d budge t for the request :

BCLT staff time : 16 0 hour s @ $20/hou r 3,20 0 This is 20 ful l tim e day s - which is my estimat e fro m beginnin g t o completio n

Legal Costs : 2 hours @ $75/hou r 15 0

Production Costs : design , priting , bindin g 93 5

Sub-total 4,285 VHFA Contribution (Committed ) (1,000) VNB Contributio n (Uncommitted ) ( 500 )

Amount Requeste d fro m VHCB 2,785

Attached i s a cop y o f th e revise d outline. I expect mor e revi - sions a s I get feedbac k fro m people , an d a s I continue t o develo p the project.

I appreciate you r consideratio n of thi s request , an d loo k forwar d to hearin g fro m you . I also look forwar d t o you r comment s about the firs t (unfinished ) draft .

Thanks, Rick i

Sincerely,

Cindy Rei d Homeownership Progra m Coordinato r

Enclosure 14

Community Land Trus t

Homeownership Program Manua l

CONTENTS

I. HOMELAN D Progra m

1. History of the HOMELAND Progra m

2. Progra m Description

3. Qualifying Potentia l Buyer s Eligibility Mortgage Pre-qualificatio n Proces s "Other Debt "

4. Marketin g the HOMELAND Program Developing a Marketing Pla n Defining You r Market & Strategies What to Include in an Advertisemen t Using Feedbac k Sample ads , flyers , brochure s

5. Homebuye r Educatio n Initial Contac t Meeting wit h Potentia l buyer s Homebuyer Workshop s Maintainting Contac t

6. Other Resource s fo r Homebuyers Property Inspection s Legal Guidanc e Buyer Broker s Rehabilitation Resource s

7. Lega l Document s & Issue s Single Famil y Hom e Legal Issue s Condominium Lega l Issue s Sample Language for Purchase & Sale Contract s Sample CLT/Homebuyer Grant Agreement s

8. Resource s fo r Leaseholder s Assistance wit h Propert y Improvement s Referral to Other Resource s Outreach Budgeting & Staff Suppor t

II. Re-sale s

A. Progra m Description 1 14

B. Marketin g Re-sale s Strategies Sample materials: flyers, ad s Sample Selection Policy

C. Homebuye r Educatio n

D. Qualifyin g Buyers & Resource s fo r Buyer s

E. Lega l Document s & Issue s

III. Equit y Trust Donation s (Bargai n Sales )

A. Descriptio n of th e Concep t

B. Cas e example(s) or Equit y Trust Transaction s

C. Lega l Issue s

D. Selle r Educatio n

E. Buye r Educatio n & Qualifying

IV. Resource s fo r CL T Homeowner s (Leaseholders )

A. Ongoin g Support , Service s & Resources for CL T Homeowners : How t o Kee p the Community I n Communit y Land Trus t v. Ho w t o Star t a HOMELAN D Program in Another Stat e

A. Resource s & Examples : Formation o f Burlingto n Community Land Trus t Formation o f Vermon t Housing & Conservatio n Trus t Fun d Housing Subsid y Covenan t Legislatio n Institute fo r Community Economics : " technical assistanc e & resource s

2 15

P.O. Box 523 • Burlington , Vermont 0540 2 • (802) 862-624 4

August 13 , 199 3

Rob LaClai r Vermont Nationa l Ban k 150 Bank Stree t Burlington, VT 05401

Dear Rob,

I am writing to request Vermon t Nationa l Bank' s support for a Homeownership Progra m Manual I am developing for community lan d trusts (an d other housin g non-profits ) in Vermont creatin g limit - ed equit y homeownershi p for low to moderate income people .

BCLT is the oldest Communit y Lan d Trus t in the state, and has the most experienc e developing , educatin g homebuyer s about , and marketing limite d equit y homeownership . T o date we've developed 94 singl e famil y homeownershi p opportunitie s in Chittenden Coun - ty. Eac h year w e develop 25—3 0 more single famil y homes .

Due to this experienc e and level of activity, w e get many call s from othe r Lan d Trusts and other housin g non-profit s requestin g technical assistance . Th e Homeownership Progra m Manual I'm developing is an effort to prevent group s from re—inventin g the wheel, and to make homeownership program s in Vermont mor e effec - tive and efficient. I t includes informatio n abou t pre-qualifyin g prospective buyers , homebuye r education , marketing , lega l issues , and working with lender s and realtors. I have enclosed an out- line of the Manual, and a budget, for your review .

I am requesting VNB' s financial suppor t in developing thi s manu - al. Betwee n 7/9 1 and 5/93, VNB provided 35 mortgage loan s for BCLT homebuyers. Mos t of the buyers wen t throug h VHFA , and some used the SRB program. Vermon t National' s discoun t on the points for CLT buyers is available statewide , and I see this manua l further increasin g th e capacity of affordable homeownershi p programs around the state.

The ide a of a manual originate d as a much needed resource at a meeting amon g Vermont Communit y Lan d Trusts and the Vermont Housing & Conservation Board . I t then becam e my project as part of a Masters Program I am working on in Community Economi c Devel - opment throug h Ne w Hampshire College Graduat e School of Business. My goa l is to have a completed produc t by December. I have an advisory committe e to review drafts , includin g othe r Communit y Land Trusts , VHFA , Vermont Housin g & Conservation Board , and CLT homeowners. I would appreciate you r feedback , as well. 15

Rob LaClai r Page 2

Thank yo u -for your consideratio n of this request , Rob . Pleas e call m e if you would lik e to discuss this further . I look for - ward to hearing fro m you.

Sincerely,

Cindy Rai d Homeownership Program Coordinato r

Enclosure cc: Nevad a Bromley, SRB Projec t Coordinato r 15

Budget for CLT Homeownership Manua l

BCLT staff time : 16 0 hours @ $20/hou r 3,20 0

Legal costs : 2 hours @ $75/hour 15 0

Production: design , printing , bindin g 93 5

Sub-total 4,28 5

VHFA Contribution (1,000 )

Requested fro m Vermon t Housin g & Conservatio n Trust Fun d (2,285 )

REQUESTED FROM VN B (1 ,000) To: Cind y Reid , BCL T From: A. Broderick, RACL T Re: Homelan d Manua l Date: 8/30/9 3

The manua l look s great . Sinc e m y vacation i s threatening, I wanted to get a quick firs t tak e of f to you .

It read s well , i s clearly organized , an d comprehensive. This wil l prov e an invaluable resourc e to all CLT's tryin g to get a singl e famil y progra m of f th e ground .

I though t of a couple of points tha t I did not see included in th e documen t tha t I think ar e wort h considering : 1) Som e explanation of how a closing should go . Thi s wil l be a little awkwar d sinc e it will depen d on which mode l i s bein g used, but I believe it could b e helpful to the uninitiated . 2) A littl e mor e on the rol e of the appraisa l in establishing th e valu e of the securit y and how that relate s to mortgage approval , purchas e price , and PMI. 3) Th e fact that a number of mortgage programs allo w the seller to cover closin g costs, reducin g cas h require d fro m buyer . And ho w the P& S must contai n thi s language . 4) In terms of additional legal resource s t o attach, I would include th e VHF A mortgage and lease rider s and maybe includ e copies of VHCB covenants .

That's all I have bee n abl e to come up with. I f you need a formal revie w fo r your course , le t me know and I will b e happy to draft a more "academic " evaluation . Thanks , Andy .

Working to Creat e and Preserve Affordabl e Housin g in Northern Windham and Southern Windso r Countie s Vermont 17 Housing & Conservation September 2, 199 3 Board

Cindy Rei d BCLT PO Bo x 52 3 Burlington, Vermont

Re: Homelan d Operation's Manual

136½ Mai n Street Montpelier Dear Cindy: Vermont 05602

802 828 3250 Thanks for your letter of August 10t h in response t o Liz Curry's question s abou t FAX 802 828 3203 the Homeland Manual. I have reviewed the draft manual and your revised budget. Because of vacation schedules, I've bee n unable to discuss the revised request with other VHCB staff . I hope to do that and respond to your request by September 10. Board o f Director s Robert E . Woolmington, Thanks fo r sharin g the draf t wit h m e fo r th e Cincinnat i conference , The draf t Chair Elizabeth Humston e manual and my comments on are enclosed. Vice-Chair Deborah Brighto n Elizabeth Mullikin Drak e George M . Dunsmor e Allan S . Hunt Conrad M . Motyka Rev. John E . Nutting ichard DeAngelis Stuart J. Thurber, Jr . Project Analyst Gustave Seeli g Executive Directo r

Equal Housing Opportunity 18

MEMO

TO: Cind y Rei d

FROM: Ric k DeAngelis

DATE: Septembe r 2, 199 3

RE: Comment s on draft Homeland Manual

Hello and welcome back ! Hop e your two week vacation to school was good. A t some time I'd be interested to spea k with you about the program and how valuable its bee n to your work.

I've had a chance to review your draft Homeland manual and put together some notes. I'v e als o enclosed the draft you sent with my comments (muc h of it scribbled in the corners) as I read it. Much of th e handwritten stuff on the draf t is somewha t rando m and probably repetitious. D o with it what you will. Her e I've attempte d to consolidate som e of my observations.

Overall Impression s

It's thoroug h and covers all of th e essential areas . The attachments ar e excellent an d reflect th e effort you've put into the program. I think the narrative needs work to:

(1) Orien t it more toward non-profit users. Fo r th e most part you did that, but I would suggest rereading it and focussing o n its potential users an d how they could best use th e manual.

(2) Shorte n it: I felt tha t many areas were unnecessarily long. I wondered if the document would become a file-filer or a working manual. Perhap s there are ways to format the text or restructure the layout to accomplish a better "feel" without leaving out important detail.

(3) Restructur e Outline: Belo w ar e my comments o n th e outline . I though t your's wa s to o encompassing an d could benefi t fro m furthe r breakdown. I als o though t tha t th e physical division of these sections woul d be helpful in folk's us e of th e manual.

Outline

I se e th e firs t 2 item s in the Program section a s a separate intro that provides a context. Wha t do you think about renaming the rest of that section a s "Operatin g Homeland1' or something like that? M y suggested change s follo w below . I have included comments wit h some section s fo r areas tha t I thought needed greate r definition.

Introduction 1. History

2. Progra m Overview

Operating Homeland 1. Staffin g an d Scale Issues: what do you need to have a s a n organization in order 18

to feasibly ru n a program like this ? 2. Marketin g A. Buildin g relationships wit h players th e program needs B. Attractin g potential buyer s 3. Homebuye r Education 4. Qualifyin g potential buyer s 5. Othe r Resources

Legal Issues/Document s 1. Securit y an d appraisal issues A. Implication s fo r the CLT B. Implication s fo r Buyers 2. Document s A. Brie f Description of BCLT's packag e

B. Alternativ e approaches by other CLT s

Attachments

Format I know that this is a draft. Yo u probably recognize tha t the final forma t and layout will be very important in making it work a s a manual. I didn't come t o an y conclusions abou t thi s bu t I wondered abou t th e following:

* Overall , mor e bullets an d simple "follow-the-numbers " typ e tex t layout. Tightenin g up the narrativ e would make this mor e possible .

* Integratio n of th e narrativ e and attachments. Wha t do you think? Would it make it harder or easier t o use?

I thin k your suggestion of a 3 ring binder is a good one .

Universality

It would be helpful to have examples fro m other organizations. Perhap s this could be simplified by callin g around to folks an d querying them abou t their methods an d practices in each of th e operational area s an d sprinkling in examples throughout .

Legal Sectio n

I wa s confuse d b y the discussion of the three methods. Also , I wasn't sure how much of it wa s necessary. I would sugges t asking John McLendon t o review thi s sectio n an d helping you t o simplify t o th e essentials.

That's it. You'v e done a great job. Don' t get th e wrong impression from my many comments. Feel free t o do what you will with it all. I though you would find it helpful too ge t mor e rather than less commentary. Vermont 19 Housing & Conservation September 8 , 199 3 Board

Cindy Rei d Burlington Community Land Trust Burlington, Vermont

Re: Homelan d Manual

Dear Cindy,

136½ Main Street Montpelier VHCB staf f have reviewed the request from the Burlington Community Land Trust Vermont 05602 for fund s t o prepar e and distribute a Homelands Manual. W e will awar d up t o 802 828 3250 $2,000 for BCLT staf f tim e involved in this project FAX 802 82 8 3203 The condition s of this awar d are as follows :

Board of Directors 1. Thi s awar d shall b e disbursed as a 1- 1 matc h to fund s tha t Grantee raises Robert E. Woolmington, from othe r sources . BCL T ma y includ e th e valu e o f staf f tim e o f othe r Chair organizations tha t participat e i n th e developmen t o f th e manua l i n Elizabeth Humstone Vice-Chair demonstrating fulfillment of th e matching requirement; Deborah Brighton Elizabeth Muilikin Drak e 2. BCL T shal l submi t for VHCB staf f review an d approval a final outlin e of George M. Dunsmore Allan S . Hunt the manual prior to th e release of an y funds; Conrad M. Motyka Rev. Joh n E . Nutting 3. BCL T shal l establis h an d involv e a n Oversigh t Committe e i n th e Stuart J. Thurber, Jr. development of the manual. Th e Committee shall include potential users of Gustave Seelig the manual. Executive Director 4. BCL T shal l agree to complete an d distribute the manual within 6 months of acceptance o f thi s award.

If yo u agre e t o accep t thes e funds , pleas e indicat e acceptanc e b y havin g th e appropriate person sig n belo w an d returning this lette r t o ou r office. I n order to request funds , yo u mus t submi t invoices . W e wil l the n reques t a chec k i n th e appropriate amoun t fro m th e Treasure r to b e pai d to BCLT. Yo u can expect t o receive a check withi n twenty to thirty days of our receipt of a n invoice.

To th e exten t tha t th e specific s o f th e projec t ar e no t include d i n thi s letter , reference i s mad e t o your letters April 1 5 an d August 10 , 1993 . Thes e documen t are incorporated herein and made a part of this Agreement.

Any variatio n from this agreement wil l need approval by the Vermont Housing and Conservation Board, and the Board does not guarantee payment for work other than Equal Housing Opportunit y tha t outlined in this agreement . 19

If you have any questions about this award , please giv e Rick DeAngelis a call.

Sincerely,

Acting Directo r

Burlington Communit y Lan d Trust agrees to accept the conditions of this award .

Duly Authorize d Agen t of the Dat e Burlington (Jommunit y Land Trust RO. Box52 3 • Burlington,Vermon t 0540 2 • (802) 862-624 4

September 13, 199 3

Rick DeAngeli s Vermont Housing & Conservation Board 136½ Main Stree t Montpelier, VT 05602 Ret Fundin g -fo r Homeownership Manual & Feasibility Reques t #09 5

Dear Rick,

A huge thanks to you and others at VHCB -for agreeing to fund the HOMELAND Manual that' s in the works! I'v e looke d over you r comments, and look forward to incorporating som e of the feedback , and gettin g another , more complete, draf t out soon.

Another thank s for granting additiona l feasibilit y fund s for the Howe Farm project . Th e status of that projec t i s that we'v e made an offe r on the lan d to the seller , whic h is open for his consid- eration unti l 10/15/93 . W e will certainl y kee p you posted.

Again, thank s to you and others at VHCB — Polly , et al -- for your suppor t for these two projects!

Sincerely,

cc: Brend a Torp y 21

September 17 , 199 3

Cindy Rei d Homeownership Progra m Coordinato r Burlington Communit y Lan d Trus t P.O. Bo x 52 3 Burlington, Vermon t 0540 2

Dear Ms . Reid :

Enclosed pleas e fin d tw o check s eac h i n th e amoun t o f $25 0 which represen t contribution s fro m ou r Burlingto n Regiona l Offic e as wel l a s ou r Sociall y Responsibl e Bankin g Fund . W e ar e please d to b e abl e t o offe r thi s financia l suppor t fo r you r Homeowner s Program Manual .

Please fee l fre e t o giv e m e a cal l i f I ca n b e o f an y furthe r assistance.

Very trul y yours ,

Robert A . LaClai r Vice Presiden t dmj

Enclosures

150 BAN K STREET. BURLINGTON . VERMONT 05401 - TELEPHONE 802-863-8900 P.O. Bo x 52 3 • Burlington , Vermont 05402 • (802 ) 862-624 4 (TDD) • Fa x (802) 862-505 4

September 21 , 199 3

Rob LaClair Vermont Nationa l Ban k 150 Bank Stree t Burlington, V T 0540 1

Dear Rob ,

I a m writin g to thank Vermont Nationa l Ban k for contributing generously toward s the Homeownership Manua l I am developin g for Vermont's non-profit housin g organizations . You r $500 contrib u tion is a great hel p toward s the project !

I would welcome you r comments and feedback abou t the outline I sent earlier , o r the project in general.

Again, thank s for your generous , an d ongoing, suppor t fo r BCLT' work in the community.

Sincerely,

Homeownership Progra m Coordinato r cc: Nevad a Bromley, SRB Projec t Coordinato r Fall 1993 Volume 7, Number 3 ReLIEF Gaining Support ! BCLT's Ninth ReLIEF has gained lots of momentum since target area for neighborhood re-developmen t Annual Meeting BCLT's last newsletter. (see Director' s Message), so the project meets What i s ReLIEF ? I t stands fo r "Regiona l the goals of both ReLIEF and neighborhood BCLT's annual meetings are occasions for Low Incom e Emergenc y Facilities," and it s revitalization. Rehabilitating these two build- reflection o n our mission an d history, a cel- goal is to provide long term, affordable facili- ings will have an immediate positiv e impac t ebration o f accomplishments , an d inspira- ties for five agencies on th e neighbor - tion for the year to come. This year's meeting, -BCLT, the Commit- hood. a desser t potluck , wa s hel d o n Septembe r tee o n Temporar y After renovatio n 28th at the Chittenden Emergency Food Shelf Shelter (COTS) , th e the buildings will be - on e o f th e ReLIE F agencies . A variety o f Emergency Foo d in goo d condition , people attended: Flynn Ave Co-op members, Shelf, Vermont Legal energy efficient , BCLT leaseholders, ReLIE F donors J. Warren Aid, and Chittenden handicapped acces - and Lois McClure, ReLIE F Chai r George E. Court Diversion. All sible, and affordable. Little, Jr., former board members, neighbor- of thes e organiza - BCLT wil l manag e hood residents , an d state senators. Age s o f tions ar e no w lo- the buildings, help - attendees range d fro m 2-wee k ol d Col e cated i n inefficien t ing t o contro l rent s Milazzo t o .... and crowde d quar - and managemen t Senator Pat Leahy was unable to attend th e ters, an d som e ar e costs, an d increas - meeting, bu t wrote, " I express my thanks t o George E. Little, Jr., ReLIEF Campaign Chair, out o f complianc e ing th e efficiency o f you an d everyon e involve d wit h th e Brenda Torpy, BCLT Director, and J. Warren with federa l and/o r each organization . Burlington Community Land Trust for your McClure, who, with his wife Lois, donated local regulations. All The $2. 9 millio n outstanding work on affordable housing over $500,000 to the ReLIEF Campaign. of the m serv e th e project cost is being the years . You r tireles s commitmen t t o af- needs o f lo w incom e people , an d al l hav e raised throug h a $1. 4 millio n tax-exemp t fordable hom e ownershi p ha s turne d th e seen th e need s fo r housing, foo d an d othe r municipal bond, and $1. 5 millio n in dona- American drea m o f ownin g a hom e int o services double ove r th e pas t decade . tions fro m foundations an d individuals. To reality instead o f only a dream for so man y Three building s i n Burlingto n are unde r date, donation s fro m individuals and foun - Vermont families . Pleas e accep t m y bes t contract by BCLT fo r purchase and rehabili- dations tota l more than $705,000. wishes for continued success as you plan for tation as soon a s funds are raised. One is th e The campaign got a tremendous boost from BCLT's 10t h Anniversary Celebration." "Whalen Building" on South Winooski Av- J. Warre n an d Loi s McClure, wh o donate d The meetin g bega n wit h Boar d Presiden t enue, in downtow n $500,000. "This is a Rob Reibe r presentin g th e Ti m McKenzi e Burlington. BCL T project that just ha s Award fo r Contributions to Perpetuall y Af- and COT S wil l re- "We're making this gift with the hopeto b e done, " com - Continued on Page 2 locate there . Cour t of inspiring many others to give as mented J . Warre n Diversion, alread y generously as they can. It's an excep- McClure, "Ther e is renting there , wil l no question as to the remain an d hav e a tional opportunity to help agencies need for these agen- rent decrease, allow - that, collectively, address the most cies and their dedi- ing more of its bud- compelling human needs in this area."cated personne l t o get t o be devoted t o ~ J. Warren McClure secure adequat e programs. The Food space for their pro- Shelf wil l mov e grams, whic h ca n across th e street from its current location on help those in this area who need it the most. " North Winoosk i Avenue , int o a buildin g As chair of the capital campaign, George E. which is currently boarded up. Vermont Le- Little, Jr . ha s worke d tirelessl y t o recrui t BCLT President Rob Reiber presents the Tim gal Aid will move to the former Moose Lodge/ volunteers and support from the community. McKenzie Award for promoting perpetual Hebrew Schoo l building , als o o n Nort h Volunteer solicitors have been going out into affordability to Flynn Ave Co-op represen - Winooski Avenue. tatives Marcia Mason and Richard Kemp at North Winooski Avenue has been in BCLT's Continued on Page 2 the Annual Meeting. Annual Meeting... (Continued from page 1) fordable Housin g t o th e member s o f th e The meetin g continue d with member s o f project (se e articl e in this newsletter) . Flynn Avenu e Co-op . Richar d Kem p an d the boar d an d staf f deliverin g th e annua l Elections for the board followed. Pat Crad Marcia Mason , report. Topics in- Rodney Patterson and David Weinstein were who accepted the cluded the finan- all re-elected . Th e two open seats for lease award, spok e o f cial report , ac- holders were hotly contested, with six people the struggl e in- quisition and de- running. After several ballots, BCLT tenants volved i n bring - velopment news, Veronique Va n Zand t an d Kath y Bonill a ing th e Co-o p the single family emerged fro m the pack. Congratulations to into existenc e homeownership them both, and to the other four candidates and th e prag - program "Home- After th e elections, La r an d Jenni returned. matic idealism of land," propert y The las t o f th e dessert s disappeared t o the those wh o mad e management, accompaniment o f goo d musi c an d quiet it happen. special project s conversation, For th e pas t (see Housing Fo r Author Don Jamison is a BCLT Board several years , Homeless article Member and newly elected president with a each annual meeting has had a place in it for in thi s newsletter), an d the exciting ReLIE F healthy streak of humor. everyone i n attendance t o introduc e them - selves and offe r a thought o n a topic high- lighting BCLT' s characte r a s a communit y Director's Messag e organization. Thi s year , afte r reminiscin g about BCLT' s founding , Do n Dickson , a Progress on Archibald Street former presiden t o f th e board , invite d sug - Even though it doesn't physically show acquisition o f th e triangl e building . We gestions fo r BCLT' s tent h anniversar y cel - yet, an d despit e mixe d medi a coverage , should own i t soon. Th e FDIC too k ove r ebrations during the next year. Practical and there has been a lot of progress on BCLT's after th e Caledoni a Ban k (forme r ban k whimsical ideas came flying forth until Don Old Nort h En d re-developmen t efforts , involved in th e property ) went under. In asked members to join the anniversary com- which includ e th e revitalizatio n o f th e short, it' s been a long haul! mittee. (An d yes, w e welcome you r involve- Klinkostein property on North Winooski Jane Sorenson of T . J. Boyl e Associate s ment eve n if you weren't a t the meeting!) Avenue, th e planne d par k t o replac e th e Landscape Architect s created a beautiful A fin e musica l interlude was provided by triangle buildin g a t th e intersectio n o f park design from input at a neighborhood Jenni Johnson, a BCLT leaseholde r an d ac- North Winoosk i Avenue, Archibal d an d design meetin g las t spring . Th e desig n complished jazz singer, accompanied by an- Bright Streets , an d th e Archibal d Stree t includes tiles produced by children which other stella r loca l musician , La r Duggan. housing cooperative . depict thei r houses , yard s o r neighbor - Jenni turne d an old Ringo Starr tune int o a First, the heirs to the Klinkostein Estate hoods. I t will be an easy-to-maintain, du- "BCLT song" in which our property manager have agreed to sell their property to BCLT. rable park which will responds t o a tenant's plea with th e words , We ar e beginning our final phase o f envi- add a welcome gree n "Oh m y my, Oh my my/ We will fix it / And ronmental testing , an d earl y in th e ne w space t o thi s neigh - that's no lie." Everyone sang! year, w e wil l hav e develope d a clean-u p borhood. BCL T wil l plan. Furthe r testin g (a s fa r down a s 4 5 tear dow n th e no w feet) has been done on the Gracie site as a vacant an d dilapi - result of information provided by Mr. Larry dated buildin g an d help th e Cit y rais e ReLIEF... (Continued from page 1) Bessette, who use d t o work there . S o far, nothing additional has been found. funds fo r the park. the communit y t o as k individual s fo r sup - The non-profit s involved in this revital- Finally, almost 7 5 port. Writer/produce r David Schaefe r an d ization effor t hav e me t with th e Vermont people have submitted applications for the WPTZ/Channel 5 volunteered tim e t o pro- Bankers Associatio n Commercia l Loa n Archibald housing cooperative (wher e 2 0 duce and edit a compelling ten-minute vide o Committee t o fin d ou t wha t assurance s homes will be available). This Co-op will describing ReLIE F Th e vide o i s show n t o the ban k will nee d afte r th e clean-u p t o be named in memory of Thelma Maple, a potential donors , an d i s use d a s a n educa - loan o n thes e sites . I f bank s don' t fee l co-op pioneer and lifelong neighborhood tional too l fo r local town officials , commu - comfortable financin g thes e properties , resident. The success of the Flynn Avenue nity groups and institutions. even after clean-up, then low income neigh- Co-op an d th e contagiou s positivis m o f This kin d o f cooperatio n betwee n non - borhoods which have experienced a lot of the member s ther e hav e buil t a momen- profit groups is unique and i s also why ReLIEF disinvestment an d abandonment, like th e tum fo r co-o p housing . Severa l o f th e is such a successful project. If you woul d like Old Nort h End, wil l become ghos t towns . Archibald Stree t Co-o p members ar e al- to find out more about ReLIEF and help out, BCLT remains committed to reversing this ready at work forming a board, reviewing we would love to hear from you. Our numbe r trend in the Old North End . design an d developing by-law s an d poli- is 863-9971. ft The FDI C (Federa l Deposit Insuranc e cies. Good luck and welcome t o our new- Author Molly Farrell is Director of the Corp) i s negotiatin g wit h BCL T fo r th e est neighbors ! ReLIEF Capital Campaign.

2 23 Bank of Vermont Funds BCLT's "Housing for Homeless Bank o f Vermon t recentl y committe d population tha n any state in New England . Homeless" projec t comes from the "Shelte r $622,740 t o BCL T fo r th e financin g an d This is testimony t o the success of non-profit Plus Care " program through the Burlington rehabilitation o f community group s Housing Authority . Shelte r Plu s Car e i s a three building s i n here, an d ou r banks, nationwide HUD competitive progra m that Burlington whic h who work together t o pays fo r rental assistance if th e loca l group will be converted to meet th e housin g matches with support services. Spectrum an d "Single Roo m Oc- needs of low t o mod- Howard Communit y Service s provid e th e cupancy" housing . erate incom e people . match, and BCLT maintains the buildings for The building s wil l To date, eight Vermont this essentia l communit y program. provide a total of 27 projects have received "We ar e delighted and proud to again work units of housing for AHP funding , creat - with ou r friend s a t th e BCL T an d t o b e formerly homeles s ing a total of 228 units involved in a project which will provide 2 7 individuals. of affordable housing! units o f perpetuall y affordabl e housing . "This match of af- Spectrum Yout h 'Housing fo r Homeless ' i s a n exampl e o f fordable housin g and Famil y Service s another successful an d creative partnership with service s i s a and Howar d Cente r among the Bank, the City, and our local non- much neede d re- for Huma n Service s profit organizations, " commente d Ban k o f sponse to a national will emplo y on-sit e Vermont President John Ewing . homelessness prob- resident managers , In additio n t o th e Bank' s loan, a combi- lem," commente d and wil l provide other nation o f othe r fundin g come s fro m fed - BCLT Directo r support services to the eral, stat e and local sources includin g th e Brenda Torpy , "W e residents. Thi s com - U.S. Departmen t o f Housin g an d Urba n thank al l our part- bination o f housin g Development, th e Vermon t Housin g & Speaking at the "Housing for Homeless" ners and funder s for and suppor t service s Conservation Board, the City of Burlington's press conference, from L to R: David Elliot, supporting thi s will provide residents Community an d Economi c Developmen t Federal Home Loan Bank; Brenda Torpy, essential project. " with a direc t lin k t o Office, an d th e Vermon t Departmen t o f BCLT Director; Governor Howard Dean; needed advocacy , Historic Preservation . One o f the build- John Ewing, President of Bank of Vermont. ings i s o n Sout h counseling, crisi s in- * Author Jenny Engle is Assistant Vice Willard Street; it will house homeless adults tervention, healt h care , training and educa- President of External Affairs at Bank of with chroni c menta l illnesse s an d wil l b e tion services . Vermont. managed by Howard Center for Human Ser- Additional suppor t fo r th e "Housin g fo r vices. A second building is on Maple Street , and wil l house formerly homeless youth ages 16 t o 22 . Thi s hom e wil l b e manage d b y BCLT Adds Part-Time Spectrum Youth and Family Services . Assistant The Bank' s commitment also allowed BCLT Amy Demetrowit z ha s joine d BCL T to re-finance and make needed repairs to th e thank you part-time t o assis t ou r Rehab Specialist, Sarah Col e House, a community hom e fo r and t o help out on multi-family housing formerly homeles s women whic h ha s bee n development projects . Am y come s t o up an d running for ove r a year. The wrap- BCLT from the Community & Economic around porch at Sarah Cole House has bee n Development Office , where sh e wa s th e repaired, and a fresh coat of paint has greatly Housing Rehab Assistant. spruced up the exterior . Bonnie Acker, for donating the Welcome, Amy! To fund the project, Bank of Vermont made artwork for th e 3r d Annual Preserv- use of a discounted funds program offered by ing Homelan d Race & Walk! the Federa l Hom e Loa n Ban k o f Boston . Their Affordable Housing Program (AHP) i s Casey Chappie, for donating the a competitive nationwid e program designed production an d desig n o f BCLT s to help finance rehabilitation projects which fundraising letter in June! provide housing for low to moderate income people. Ban k o f Vermont has wo n fundin g Ethan Allen Homestead Tavern, for thre e AHP projects . This project - "Hous - for providin g BCL T board and staff ing fo r Homeless " - wa s selecte d fro m 4 0 with a great location and facilit y for entries fro m around New England , and wa s our Jun e Board meeting - at a very the only one selected from Vermont. affordable price! In fact , Vermont has received more Federal Home Loa n Ban k fundin g in proportion t o

3 Volunteers Creat e Green Spac e for BCL T

Thanks to the donated labor and generosity donated a backhoe to dig up a 40' x 9' section of o.j., the Old North End Committee for financial of many, the concret e are a in front of BCLT's concrete, t o prepar e th e are a fo r topsoi l and support, the Police Explorers for traffic cones apartment buildin g a t 5 7 Nort h Champlai n planting. Onc e th e concret e wa s out , topsoi l Jerry Tomlinson , Scot t Johnstone , an d Jo e was brough t in, raked, leveled, an d Trombley of the Public Works Department for seeded by th e volunteers . Thi s ne w donating the backhoe and excavation fee , th e green spac e i n on e o f Burlington' s Parks Departmen t fo r reduce d truckin g & most densely populated areas makes a dumping fees, and the Fletcher Free Library for positive difference for the neighborhood and street. UVM Voluntee r Coor- dinator Jen Varricchion e commented, "than k you so much for allowing our group t o help in th e ser - vice projec t i n th e Ol d North End.. . W e ha d a The Public Works Department donated a backhoe to great tim e an d really fel t lift up the concrete in front of 57 North Champlain special afte r completin g Street, to help make the green space. Sure beats a the Old North End beau- jackhammer! tification project. But what Street i s no w a gree n bel t wit h flowers ! O n was eve n mor e special wa s t o se e Neighborhood children help spread topsoil in front of August 26th , a grou p o f studen t volunteer s young members of the community 57 North Champlain Street. from University of Vermont's Center for Service helping us out. " Learning worked with BCLT staf f and neigh- BCLT supporte r Dana Clark wa s a catalys t lending tools. We couldn't have done it without borhood residents t o create a lawn area, install for this project. BCLT staff, board, and residents all of you! ft an attractive paved stone walkway, and plant appreciate his efforts. A big thanks also goes to Author Steph Holdridge is BCLT's Property chrysanthemums, adding fall color. Timothy Kane and the student volunteers from Manager. The Publi c Works Departmen t generousl y UVM fo r labor & TLC, H.P Hood Company for

Coming Soon... BCLT' s HOMELAND Homeownership Program Homeowership HOMELAND, BCLT's homeownership pro- However, th e Stat e ha s directe d u s al l t o Manual for CLT s gram which provides grants to eligible buyers target resources to the needs of very low income who purchase single family people, du e t o thei r ex- homes and condominiums treme housing conditions. BCLT receives many calls from within Chittenden County, This means less money will other non-profit housing develop - has had a busy and success- be available for home-own- ers i n th e stat e fo r assistanc e ful year. In just four months, ership. W e a t BCLT hav e developing an d implementin g a four households hav e pur- always worked to develop homeownership program . Thi s chased homes with HOME- a variet y o f housin g fo r December, with a huge thanks for LAND assistance , an d an- very low income people to funding from the Vermon t Hous - other seven households will moderate incom e people . ing &Conservatio n Board, Ver - buy their s withi n a fe w There is a tremendous need mont Housin g Financ e Agency , weeks. for all kinds of affordable and Vermon t Nationa l Bank , a The HOMELAN D Pro - housing - including home- manual designed for Community gram i s funde d b y th e ownership, apartments , Land Trusts (and other non-prof- Vermont Housing & Con- co-ops, etc . I n orde r fo r its) wil l become available. servation Boar d (VHCB) . BCLT t o continu e it s Staff member Cindy Reid, who is These fund s g o t o loca l homeownership program currently finishing a Masters Pro- Community Lan d Trust s (as wel l a s it s program s gram i n Communit y Economi c who fin d an d assis t inter- which serve other needs), Development a t Ne w Hampshire ested buyers. we need your support. Call College (call if you want informa- In addition to grant funds us to find out how you can tion abou t th e program) , i s pro- which hel p wit h th e help. Our community de- ducing th e manua l a s a schoo l downpayment, buyers also get VHFAs lowest serves this option! ft project, an d to meet the needs o f mortgage rates. BCLT staff and local banks pre- Author Cindy Reid coordinates BCLT's non-profit housin g developer s in qualify buyers and work with them on ques - homeownership program. the state. tions about credit and debt. 4 Our Third Annual Preserving Homeland Race/Walk

BCLT's Thir d Annua l Preservin g Home - were: Kathy Cross, Jenny Engle, Rona Brown- also than k th e man y othe r sponsor s wh o land 6.2 Mil e Rac e and 6.2 Kilomete r Walk, Balaun, Amy Dickson and Christine Negra. contributed t o making this event a success: held on Sunday , September 26 , wa s a lot o f Prizes wer e donate d b y are a merchants : Vermont Housing Finance Agency , Bank of fun despit e th e drenchin g rain . Everyon e Apple Mountain, Champlain College, Flynn Vermont, Vermon t Federa l Bank , Vermont who participate d stayed in great spirits . We Theatre, Oliv e Branch Bakery, Onion River National Bank , Summi t Financia l Center , raised approximatel y $360 0 WIZN, Vermon t Times, Price through participan t an d are a Chopper, Vantag e Press , Ver- bank sponsorships . mont Cit y Marathon , Green Prizes wer e awarde d t o th e Mountain Athleti c Associa - first and second plac e mal e and tion, the Burlington Police De- female runners, and t o th e to p partment, Marketplace Maga- three pledge-getter s i n eac h zine, an d the YMCA . event. The first place mal e run- Many volunteers helped out ner was Sam Demasi, coming in during th e plannin g proces s at 38 minutes , 1 9 seconds; sec - and o n th e da y o f th e race / ond place male was Bob Bortree, walk. Everyon e - runners , at 39:29. The first place femal e walkers an d volunteer s - re- was Andrea Tulin, at 43:04 (An- ceived T-shirt s an d wate r drea also runs the Vermont City bottles designed by local artist Marathon Offic e an d i s a grea t Runners at the start of the 3rd Annual Preserving Homeland Race/Walk! Bonnie Acker . supporter o f BCLT' s race) ; sec - We loo k forwar d t o seein g ond plac e femal e wa s Christin e Wai n at Co-op, Pizz a Putt , Shelburn e Museu m and everyone again next year at our Fourth Annual 43:12. Sneakers. Priz e winners go t t o choose thei r Race/Walk, an d we wil l do ou r best t o orde r The to p pledge-gette r wa s Do n Dickson, own prizes (to p winne r chose first) . better weather! ft who raise d $201 . Do n i s a forme r BCL T Food and drinks for the race were provided Author Ellen Rubenstein is BCLTs Admin - board member who continues to support our through th e generosit y o f Be n & Jerry's , istrative Assistant, and one of this year's work i n innumerabl e ways . Othe r peopl e Bruegger's Bagels, Chapin Orchards, and Cof- race/walk organizers. who won prizes fo r their fundraising effort s fee Tim e of Vermont/Sprin g Water Co. We

Get Involved! The followin g BCL T committee s ar e looking for help from our membership. Next t o each committee is th e nam e o f Single Family Home for Sal e the contac t person . Pleas e call if you'd like t o ge t involved . 67 Northview Drive , Burlingto n BCLT's 10t h Birthday : Don Sale Price : $81,000 ($459/mo. ) Dickson, h: 862-1362/w: 828-2474 Only 3 years old, cape-style, 3 bedrooms , Leaseholder: Ro b Reiber, h: 658 - full bath, partially finished ful l basement, 2656/w: 863-6248 fully carpeted , refrigerator , ga s range , gas hea t & hot water , 120 0 squar e feet , Tenant Involvement: Te d Wimpey, plenty o f storag e space , 4-sta r energ y h: 862-2469/w: 864-0099 rated (energ y efficient) , ceda r siding , washer/dryer hook-ups , nic e siz e yard , quiet wooded neighborhood , convenien t to busline , bik e path , an d waterfron t Leaseholder New s beach.

Congratulations to: Call us abou t income guidelines . • Ne d Shamon for having his Small City 7.45 Annual Percentag e Rat e assumes: 5.95 % year 1 ; 6.45 % Income & price guidelines apply. Homeowners kee p their Guide to Burlington Vermont published year 2; 6.95 % yea r 3; 7.45 % homes affordable b y sharing the appreciatio n with futur e years 4-30; a guarante e fee o f generations. and sellin g lik e hotcakes ! Siske l & .9%, originatio n fe e of 2% , an d Ebert say "tw o thumb s up." 5% down . • Shelburn e residents David & Lin Stone, on the birth of their daughter, Scarlett , in September ! Fiscal Year 1993 Annual Reports P.O. Box 523 • Burlington, Vermont 05402 • (802) 862-624 4 (TDD) are available. If you'd like one, What i s the Lan d Trust? stop by or give us a call and we'll The Burlington Community Land Trust was incorporated in mall you one. 1984 t o provide access to land and decent housing for low and moderate income people, t o develop a n economic base in and for the local community, to preserve open spaces, and to create and preserv e housin g tha t wil l remai n affordable . W e ar e a Membership Application private, non-profit tax-exempt membership based corporation. The Lan d Trus t buys land and buildings, holds th e lan d in •I wish t o expres s my suppor t fo r th e lan d trus t trust, an d sell s th e building s t o lo w an d moderat e incom e model of land stewardship and homeownership b y families, individuals , tenan t co-operatives , an d communit y becoming a member of the Burlington Community organizations. Building owners enter into long-term land lease Land Trust. I'v e enclose d m y annual membership agreements with the Land Trust to assure future affordability of dues of $ (BCL T suggests the following the property. If you are interested in owning property through range: individuals $1-5; individuals/families $5-25; the Land Trust, through the single-family or co-operative hous- households/organizations $25-50) . ing program, or participating in any way, please call or write us. • I'm interested in volunteering. Pleas e contact me . I BCLT Staff : BCLT Board: • I'm sending along a tax-deductible contributio n of Amy Demetrowit z Don Jamison, President Steph Holdridge Pat Crady, Vice President $ t o help with your work. Mary Houghto n Jill Milazzo, Treasurer Sr. Marlene Perrotte Veronique Van Zandt, Secretary Name Tom Peterson Kathy Bonilla Mar y Sullivan Mel Pritchet t Steve Hingtgen Davi d Weinstein Address Cindy Rei d Sr. Marie Kieslich Te d Wimpey Ellen Rubenstei n Rob Reiber Zip Brenda Torpy Newsletter Creation : Phone (H) (W ) Cindy Reid , Production • Cindy Rei d & Timothy Kane, Photos Ellen Rubenstei n & Mary Houghton, Proofreading/Editin g Signature Bonnie Acker & Casey Chappie, Graphics • Casey Chappie, Please send this form along with your dues to BCLT, Typesetting & Layout • Vantage Press, Printing PO Box 523, Burlingto n VT 05402 i # This publication will be made available in alternative Office use only: Paid Dat e medium upon request. 24 REGIONAL AFFORDABL E HOUSIN G CORPORATIO N

P.O. Bo x 124 7 BENNINGTON , VERMON T 0520 1 802-442-813 9

November 3 , 199 3

Cindy Rei d Burlington Communit y Land Trus t P.O. Bo x 52 3 Burlington, Vermont 05402

RE: CRITIQU E O F HOMELAND PROGRA M MANUA L

Dear Cindy :

Thank you for offering m e th e opportunit y to commen t o n your ambitious undertakin g of putting a Homeland Manual togethe r fo r us e b y non-profits, CLT' s an d others. I a m sure t o be th e leas t savvy i n knowing all there i s t o kno w regarding this complicate d transaction, but do offer you th e following observation s fo r what the y ma y b e worth:

1) Sinc e thi s i s t o b e a handbook fo r non-profits an d given th e fac t tha t VHCB i s interested i n some level o f standardization , more attentio n migh t b e give n t o identifying wha t portions of th e Groun d Leas e migh t be considere d "generic " information t o b e use d b y al l participants; for instance, th e BCLT versio n of th e BCLT Lease an d You provides a n excellent representation o f th e deal. I t is generi c enoug h to b e adopte d by al l participants.

Language in the document s tha t is considere d boiler plate legales e language coul d be designated a s suc h (thi s would also decreas e lega l cost s by eac h participant).

Those area s i n the document s considere d "specifi c to " eac h participan t could be high- lighted wit h th e recommendatio n tha t individual Boards and Executive Directors determine wha t work s best. I realize tha t this i s a n enormous consideratio n thi s lat e in the process .

2) A sectio n o n commonl y aske d question s b y potentia l Homeowner s an d participating non-profits/CLTfs woul d be helpful, high-lighting some of th e mor e "obscure " aspects of th e transactio n suc h a s IRS form 1099 .

Sample question s fro m m y point of view ar e a s follows :

a. Di d I read somewhere tha t Title Insuranc e i s no t require d on Homeland Deals? b. Doe s VHF A charg e 2 points t o d o th e deal ? I s i t waivable ? c. Base d on wha t experienc e doe s BCLT as k a potential purchase r to contribut e 2 1/2% o f purchase price to th e deal ?

A Unite d Way Participating Agency Page Two - Cind y Reid/Homeland

3) Includ e you r attachment s a s Exhibits (A etc. ) an d reference the m i n your text, i.e . under I . History of th e Homelan d Program a t the en d of fina l paragrap h - Exhibit _ [Press announcements]; unde r 3 Accepting th e Term s of th e Dea l - Exhibit _ [BCL T Lease an d You; client declaratio n form] , etc. ;

4) Yo u have provided a tremendous amount o f information.. . ther e is som e repetition tha t could b e deleted , i.e . unde r C - Homebuyer Workshop s - Advertising th e even t i s essentially th e sam e a s 4.B;

5) Th e section on Homebuyer Workshop s seem s to fi t bette r under marketing , i n my opinion; an d lastl y

6) I have included copie s of th e followin g item s that I have found helpfu l i n th e process :

a. SFA P applicatio n for m b. VHF A applicatio n fo r advertisin g fund s c. Credi t Counseling Service s of Vermon t brochure d. Joh n McLendon's rendition o f th e step s for dea l closur e whic h I now realiz e must be fo r th e "interim " method! e. m y note s of salien t pieces of informatio n garnere d i n m y meetin g wit h John McLendon an d Rick DeAngelis .

Cindy, I'v e undoubtl y gon e overboard, bu t a m working hard to ge t int o th e "process " and t o understand th e nuance s of th e deal . I a m overwhelmed b y al l of th e variou s consideration s needed to pu t togethe r a well-conceived Groun d Lease .

I look forwar d to ou r visit o n th e 16t h an d perhaps togethe r w e ca n wrestl e wit h m y suggestion in (1) . I hope these items ar e constructive , an d I think you hav e don e a wonderfu l job wit h a n extremely difficul t task !

See yo u soon !

Most sincerely ,

Diane L. Binnick Executive Directo r

DLB.abj 1993 Schedul e of Homebuyer & Marketing Workshop s

Marketing Workshop , 3/2/93 ; CLT New Englan d Roundtabl e sponsore d by ICE . I was a presenter o n a 3-perso n panel . Worcester , Massachusetts.

Homebuyer Workshop 3/18/93 ; Sponsore d by VHFA. I was a presente r along wit h a VHFA lende r trainer . Burlington , VT.

Homebuyer Workshop for ESL students 5/18/93 ; Sponsore d by Ban k of Vermont . I was a presenter alon g wit h a n ESL teacher an d a mortgage loa n office r fro m Ban k of Vermont. Burlington , VT.

Homebuyer Workshop 6/24/93 ; Sponsore d by VHFA, BCLT, Vermon t Development Credit Union, Vermon t National Bank, Merchants Bank , Farnham Associates, Bank of Vermont and the Credit Burea u Services of Vermont. I was a presenter alon g wit h the VHFA lender trainer . Burlington , VT.

Homebuyer Workshop for ESL students 8/19/93 ; Sponsore d by Ban k of Vermont . I was a presenter alon g wit h an ESL teacher an d a mortgage loa n office r fro m Ban k of Vermont. Burlington , VT.

Homebuyer Workshop 10/13/93 ; Sponsored by VHFA. I was a presenter alon g wit h a VHFA lende r trainer . Burlington , VT.