Proud Ground

Filing Period

Jan 1, 2012 to Dec 31, 2012

Signed

Jul 23, 2013

Return Version

2012v2.0

Gross Receipts

$6,997,984

Mission

Major Activities

Activity 2

Acquisition & project developmentnew construction - the organization partners with commercial and nonprofit developers to design, finance, and construct homes to sell to income-qualified buyers. The organization either owns the land or will receive the title to the land when the improvements are sold to a new homeowner. In 2010, condominiums first entered the organization's portfolio. With condominiums, the organization holds a deed covenant. From 1999 through the end of 2011, proud ground and its partners built 45 single-family residences and 21 residences in multi-family settings that are now occupied by new owners, in addition to rosemont court senior housing (100 rental apartments for seniors with low income), and the rosemont townhomes (18 family rentals).over the years, the organization has received land for new development from the portland development commission and multnomah county's affordable housing development program (ahdp). Through the ahdp, the county makes available for redevelopment lots that the county has received in tax foreclosure. Those lots are redeveloped by both not-for-profit and for-profit developers, and the organization's participation guarantees that the houses built on those parcels will be permanently affordable, owner-occupied homes.in 2007, the llc purchased a site in southeast portland on which it is developing multi-family housing, known as svaboda court. This multi-year project, with partial funding by the portland housing bureau, will provide up to 12 affordable units, and will be the first new construction project developed entirely in-house. Buyer-initiated grants - often funds are provided from external source/sources to offer home buyers grants with which to "go shopping" on the open market; the amount of the grant buys down the purchase price of the home. Often the grants come with geographic restrictions and/or require that a portion of the grant be used toward necessary repairs and/or energy efficiency upgrades. All homes purchased with such grants become part of the organization's portfolio of permanently affordable homes, with proud ground receiving title to the land.acquisition rehab - on occasion the llc purchases distressed properties, completely renovates the homes located on those properties, and then offers the homes for sale to income-qualified buyers. The first such program began in 2007 and was in coordination with the home forward, which was divesting its portfolio of nine (9) houses. By mid-2010, all nine homes had entered the organization portfolio of permanently affordable homes. In late 2010 the llc, utilizing funds from the neighborhood stabilization program, administered by the portland housing bureau, purchased five (5) homes in east portland, four (4) homes have been renovated and sold, and one (1) home was sold in 2012.

Filer

EIN

93-1290320