Homesight

“The draft form 990 is provided to all members of the executive board for review prior to filing. If timing allows, questions may be raised at a board meeting prior to filing; if not, the cfo is available to answer any and all questions.”

“The board and employees complete a conflicts of interest statement annually.”

“The board periodically reviews the top official's compensation using survey data to make modifications as necessary.”

“The management team periodically reviews the top official's compensation using survey data to make modifications as necessary, and budgeted salaries are subject to board approval.”

“The financial statements are included in homesight's annual report that is available to the public. Other governing documents are available upon request.”

“Homesight creates affordable homeownership opportunities through its homebuyer education and lending, and real estate development programs. These programs primarily serve low and moderate income, first-time homebuyers in seattle, king, pierce, and snohomish counties. Homesight is a community development financial institution, certified by the us department of treasury, and is a washington state licensed consumer loan company”

“Real estate development: part of homesight's strategy is to use affordable commercial and residential real estate development to stimulate economic growth in communities where equitable investment is lagging and build household assets for low income and first-time home buyers. Homesight development also provides project management services to community nonprofit organizations to assist in community development and neighborhood revitalization activities. Homesight continues to manage the rehab and replacement of mobile homes in a low-income senior community in partnership with the housing authority of snohomish county. Homesight had continued its partnership with the king county housing authority in 2017, managing the construction of 5 single family homes in the greenbridge community until the project was put on hold and cancelled in early 2018. With the assistance of several community-led coalitions actively involved in equitable development in southeast seattle, homesight has been leading a dedicated and robust community engagement process throughout the program planning to ensure that the othello square best meets the needs and vision of the community. During 2018 homesight signed four purchase and sale agreements (psas) on properties for the othello square project with the seattle housing authority (sha). Homesight also entered into assignment agreements for two of the properties to be owned and developed as part of the project by two local organizations breaking ground in 2019. Property purchases for the remaining two psas will be finalized once all closing conditions are met.”

“Homebuyer services & lending: homesight's homebuyer education and counseling program serves over 1,000 households annually, including new and existing customers. In 2018 and 2017, of these customers, 71% and 75%, respectively were at or below 80 percent of the area median income. Homesight's mission is to serve primarily low and moderate income families wishing to purchase their first home, but as a hud-certified housing counseling agency, it cannot discriminate based on income. Its homebuyer program consists of one-onone counseling, and no-cost classes on achieving the dream of homeownership, or an online buyer education curriculum for a nominal fee. -- homesight developed the puget sound revolving loan fund in 2003 to address limited assistance loan resources and the growing gap between family incomes and home prices. It offers assistance loans funded by public and private investments to package highly competitive amortizing or deferred second loans and deferred third loans for low and moderate income homebuyers. This structure allows homesight to eliminate the requirement for private mortgage insurance for its clients, and increase the buying power of low and moderate income first-time homebuyers. Homesight's first-time homebuyer education and lending programs created 202 and 106 first-time homebuyers in this market in 2017 and 2016, respectively. During 2017, the revolving loan fund was extended state-wide with loans in pierce, king, snohomish, whatcom, kitsap counties and spokane through its purchase program for first mortgage and project reinvest. -- homesight is a correspondent 1st mortgage lender to the washington housing finance commission and a local community bank. Homesight originates loans with its capital primarily for subsequent sale to these lenders. Through these channels homesight provides quality, low-down-payment options and more flexible case-by-case underwriting that allows many mortgage- eligible customers to access credit that would not be available to them otherwise. -- in 2016, homesight began offering a new layer of financing in the form of forgivable down payment assistance loans with 4 million awarded through the neighborhood lift program. These are loans of up to 7,500 (increased to 20,000 as of mid-2018), forgiven over three years for buyers up to 100% of median income in king county. During 2017 homesight expanded this program into pierce and snohomish counties. Homesight anticipates disbursing all loan funds from this program in 2019. -- in 2018, homesight completed the sixth year of the washington homeownership stability fund in partnership with the washington state housing finance commission. With 5.4 million in capital from the washington attorney generals national mortgage settlement this program provides critically needed emergency loans to homebuyers facing foreclosure. -- homesight provides rescue loans to borrowers who are capable of sustaining homeownership if their loans can be reinstated before the foreclosure. Typically, these are deferred loans, with interest rates ranging from 0% to 2% interest, depending on the income.”

“Community development: with a history of cross-sector collaboration, expertise in policy and advocacy, and a track record of equitable development, homesight is recognized as a catalytic community leader. For over 25 years, homesight has facilitated beautification and infrastructure improvement projects, managed the development of cultural centers, supported local business organizations, and led coalitions promoting equitable growth in southeast seattle, the citys most racially and ethnically diverse community. Homesight recently established three new community development activities: 1) othello square community steering group (formerly southeast economic opportunity center (seoc)) a group of residents, business owners, and other stakeholders united to ensure that the othello square reflects the communitys need for a culturally relevant development that prioritizes equitable access to housing, education and employment; 2) communities of opportunitya multi-year planning effort with more than 30 community based partners, funded by the seattle foundation, to identify policy and systems solutions to improve health, housing, and economic opportunity, and community connections in southeast seattle; 3) othello farm stand a unique place-making project transforming a lot that has been vacant for over 10 years into a community gathering space which promotes environmental and nutritional education through support of local farmers and makers.”