Here's the agenda for today's meeting, and a link to it on the Documenters website! documenters.org/documents/june… https://t.co/pEKqbWjH87

According to a City of Chicago webpage, the Chicago Community Land Trust "was founded in 2006 to address the increasingly limited supply of funding for affordable housing." It's a quasi-governmental non-profit corporation with a City Council-approved board chicago.gov/city/en/depts/…

As part of its work to support affordable homeownership, particularly preserving affordability of homes created through City programs, the Chicago Community Land Trust (CCLT) sells affordable/below market price homes—with certain conditions chicago.gov/city/en/depts/…

In exchange for subsidies that make the home affordable and benefits such as reduced property taxes, buyers of CCLT homes sign an agreement requiring the home to be sold to "another income-qualified buyer at an affordable price." metroplanning.org/homegrown/case…

The homebuyer can still make a profit, based on a formula set by the CCLT to ensure a fair return, but the home stays affordable!

And we're called to order! Board president Joy Aruguete, CEO of prominent affordable developer Bickerdike Development Corporation, says we may have lost a board member to moving to DC, which she didn't know until 30 seconds ago, she says—there's room for it on the agenda later

Aruguete, recapping more formally, says Rob McGhee has stepped down from the board, and Nyasha Nyamapfene has moved to DC and they expect a formal resignation in the near future. There's also a new intern! https://t.co/xZmHu8Mu6P

CCLT Board VP William Towns announces he's taking a position at a national organization, though he's staying in the affordable housing space (and in Chicago thus far).

The minutes of the April 1, 2021, meeting are approved! Check out the @CHIdocumenters notes and tweets on this meeting here: documenters.org/assignments/re…

Board Finance Committee chair Calvin Holmes says the committee met just before this meeting. Very little change in the balance sheet since last quarter, he says. Just a $8,000 decrease in assets https://t.co/wye9RyQao3

Holmes says CCLT ended this quarter—Q1 of the fiscal year‚ with a ~$2,000 deficit. A few drivers—vouchers not completed yet, a major donation that hasn't been completed, among others https://t.co/yPjVmxMq84

The Affordable Homeownership and Housing Program (AHHP) funds can't be shown as revenue flowing through the schedule of activities for accounting reasons anymore, and so it will look like a deficit as they're spent, Holmes says https://t.co/SoQgqeQB3r

Holmes says they're trying to see if the accountants have a fix, because the on-paper deficits might not look good to nonprofits and foundations, even though the City of Chicago will understand as their major partner

The AHHP program, started in 2019, enables homeowners to opt-in to the land trust. Homeowners can put their home in the trust (rather than the trust only having homes built through City programs) in exchange for reduced taxes and a grant for home repairs blog.chicagocityscape.com/proposal-put-a…

Board members are talking about how they include a note about their financial structure in reports, and can expand that to help explain these changes, but still auditors aren't comfortable with them not reflecting a deficit as they spend down AHHP grant funds from the city

The AHHP program has a $2 million budget for 2021. They moved forward on acquiring a cottage in Little Village, have a contract for a two-flat in Woodlawn, and are working on homes in East Garfield Park. They're also working with a community land trust in Hermosa https://t.co/18vqN0Nd9J

The CCLT Finance Committee report and first quarter financials are approved unanimously.

Next on the agenda: The Homeowners Resource and Marketing Committee Reporting. Committee Chair Kathy Tholin says they've continued work with PR furm Rudd Resources on rollout of the opt-in program https://t.co/cOCBJCnj4T

Applications for the opt-in program have not been formally launched. The Committee has been working on planning & marketing to potential users. "It's a complicated program, we're trying to make it simple enough that people will understand it and want to participate," Tholin says

The tax benefits of the opt-in program aren't as clear-cut as initially envisioned. As the Committee worked with staff to build out scenarios for launching the opt-in program, they learned not all eligible homeowners would get property tax benefits depending on the market value

"If you're in a community where property is not yet unaffordable, the tax benefits don't exist" for the program but the $30,000 grant for repairs and rehab is more helpful, Tholin says

Realized I need to clarify something from earlier: The AHHP is the Affordable Homeownership and Housing *Pilot* Program—it essentially sets up an opt-in program in six specific pilot neighborhoods. I believe full rollout of the opt-in program would expand it to more neighborhoods

A board member asked about how they've been telling people worried about being displaced by high property taxes that they'll likely have a significant reduction through the program. "You should stop saying that," another person said, because it may not always be true https://t.co/PwWfaTlLXY

The intent of the opt-in program was always tax relief and preserving affordable housing, Aruguete said, and the county tax assessor's people agreed—need to talk with them more

Tholin: Looking at real communities, found it seems in some neighborhoods property taxes would drive participation, as they were affordable once & they've escalated, & in others, that's not the problem but people can't afford to keep up their homes. Both relevant, but not at once

"Even within these different communities, individual situations abound everywhere," Tholin says. It's about understanding in a nuanced way who benefits and how—there are clear benefits in each scenario, but it makes communication about the program more difficult

Towns suggests CCLT can talk about they try to help in multiple ways—the program tries to reduce taxes, or provide capital to rehab the home to make it more sustainable long-term, rather than making tax reduction estimates

Tholin says they also need to be able to answer the questions of specific applicants about the benefits they'll receive, and everyone agrees

City of Chicago Housing Commissioner Marisa Novara, an ex officio CCLT board member, says, "I've already started writing the email to staff... stop saying this [property tax benefit] as an absolute," noting talking about a range of benefits sounds like the right move for now

Kaye Champion of Rudd Resources is now presenting on the company's insights on marketing of CCLT's programs. Interviews with the board highlighted words like "affordable," "accessible," and "equity" https://t.co/XvdGV29Bwb

Kimberley Rudd of Rudd Resources is talking about how they're drafting mission, vision, & values statements for the CCLT, as well as recommendations for potentially renaming CCLT (to be discussed in a marketing committee meeting this month) to avoid confusion with other entities

Recommended mission statement: "To foster diverse and healthy Chicago neighborhoods, we make home ownership more affordable, accessible and sustainable through partnerships with community groups, developers and city leaders." https://t.co/IcotJMk5BF

The draft values—transparency, collaboration, audacity, and they're still pinning down the fourth one https://t.co/8Wsln6F7IH

"We are not sensitive people, so bring it on," Rudd says, asking for feedback about the mission statement. Holmes says he likes it, and would like to see residents called out as well as developers—beneficiaries as families and homeowners. Tholin says it's missing a long-term view

Board member Lisa Herrera says she gets stuck on the word "healthy"—thinks about medical issues, not housing. Wonders if "affordable" or something like that would be more clear. Ciere Boatright suggests "equitable" replace "healthy" or be included elsewhere in the statement

Board member Lissette Castañeda says "diverse" also isn't ideal, as it's sometimes used in a way that conflicts with equity—would prefer "equitable" as well

Board members are brainstorming ideas for other words to swap in, what they want to see in housing—stable, connection, sustainable? Towns suggests something he describes as "radical"—removing the word "neighborhoods" and talking about a sustainable, equitable Chicago

Herrera agrees with Towns, talking about what residents want to see. Novara says they worked with Rudd on Department of Housing mission statements, too: "You do a great job of the hell that must be group editing in this way every time," she says, thanking Rudd.

Aruguete: Part of CCLT's expansion to a broader purpose a few years ago went from being more of a passive group—we take things from other programs—to working in more active partnership. It's also about what the CCLT is producing themselves. "It's a nuance, but it's important."

Kaye Champion of Rudd says part of their aim is to illustrate what CCLT means when they talk about equity, rather than just dropping it in as a buzzword. Tholin notes she wants to see words describing equity for CCLT that clearly relate to their programmatic initiatives

Executive Director Jennie Fronczak says some of the words tossed out before do feel very relevant: "I see connectivity very near the center of what we do."

On to the recommended vision statement: "A resilient Chicago where building wealth through home ownership is possible for everyone." (The slide is missing a word.) Aruguete critiques: "It's looking at housing as a real estate investment as opposed to a quality... place to live." https://t.co/ADG4NfLo78

Rudd says the vision statement is "not just about you" but about "the biggest possible thing that can happen" with CCLT as a player in it. Says some board members were more clear in conversations about the money side, others about the human side, trying to attend to both

Aruguete says, "I have not heard that language ever over the operating life of the land trust." It's not about her "private beliefs" about wealth-building, but about the land trust's purpose. Some newer board members may have different perspectives

Towns: If some board members have expressed this as a desire, this is something we should talk about. This is the board we have. But it does direct us to act in a different way than we have, "puts us on a whole different path," and he doesn't think that's CCLT's goal

Novara comments on another part of the statement, saying she doesn't necessarily think homeownership is the goal for everyone. How do we talk about the positive of an accessible entry point to homeownership without saying "everyone"?

Herrera says, "My first home I bought for my mom—I wasn't trying to build wealth at all. I wasn't someone who came from wealth... I was really more thinking I wanted to create stability for my family... to know we didn't have to keep moving or bouncing."

Towns says, "The millennials and Gen Zs do look at these things as investments," and that that may be a generational difference. (Side note, I'm a millennial and am not thinking that way (not that I can afford a home anyway), but we're both running on anecdote here.)

Aruguete says that though that may be true for some people, those who are looking at homes as building wealth are not necessarily the main or only people the CCLT is serving. She suggests we move toward final comments on this and workshop more later.

Lots of comments in the chat suggesting tweaks. Wrapping up, the vision is the big, big goal, Rudd says. Noting people talked about stability—"I'm going to challenge you a little bit and say that is wealth building." What is the highest bar people can get out of having a home? https://t.co/WA4NUsYNpc

Board member Boatright asks if they've talked to anyone who doesn't believe this kind of vision of CCLT, because she's encountered pushback based on the idea their programs hinder wealth creation. She's well aware CCLT homewoners do build wealth, but wondering about the reaction

Rudd says homeowner feedback on later drafts of the vision and mission statements will be critical, and they'll look out for that. https://t.co/mVi1YcbJJH

After Rudd thanked the board members for their feedback, now we move into the Policy and Projects Report, led by Will Towns! Towns notes policy intern Eshaan Kawlra is leading some engagement efforts this summer and collecting data.

"We continue to work on the 606/Pilsen demolition surcharge," Towns said. Were thinking of using some of those funds to add staffing, but given community feedback that didn't love that, instead going to use that to support AHHP program rehabs etc.

More details on the 606/Pilsen demolition surcharge funds: chicago.suntimes.com/city-hall/2021…

Towns mentions continued work on strategic plans. Also brings up partnership with Here to Stay land trust in Hermosa and Logan Square. Working on clarifying how they work with local community land trusts going forward. They don't want to be competitors lsna.net/here-to-stay

CCLT Executive Director Jennie Fronczak reviews specific projects developing homes through the Affordable Homeownership & Housing Pilot program, which the policy committee has been empowered to vote on and which the full board reviews. One a 3-flat at 2330 S. Drake in La Villita https://t.co/zPwZjzcxK2

Here's a slide of the home in Hermosa, 3617 W. Cortland, that they're working on with the Here to Stay local land trust. This is also through the AHHP program. https://t.co/nHxAf8znbZ

The property was reviewed in CCLT's usual ways; they reached out to Here to Stay and asked if they were aware of it. Here to Stay did multiple walkthroughs, and they were interested to see if it would meet their requirements for acquisition

CCLT is able to provide acquisition support through AHHP. Fronczak mentioned providing ~$70,000 later in the process but I didn't catch when. Chicago Metropolitan Housing Development Corporation is due to close on 6/15 on behalf of Here to Stay, the slide says

Another project: 6633 S Saint Lawrence. Acquisition: $175,000. Hard costs: $230,186. This one is likely news to much of the board, Fronczak says https://t.co/ise8uuPoOQ

Towns talks a bit about how the committee meets frequently to make sure they can move on these homes. Some discussion of the changes to the decision-making structure and how the policy committee is able to move forward on some things on behalf of the board

The board ratifies the new actions of the policy committee (i.e., the final project at 6633 S Saint Lawrence)

Executive Director's Report! Fronczak is talking about the pipeline of home acquisition. This quarter, looking to bring on 19 total homes via the Affordable Requirements Ordinance (ARO+ includes homes not technically subject to the ARO that still land in the CCLT's portfolio) https://t.co/ysmM6i5fmn

Outreach coordinator Destiny Edmonds has been working "around the clock," Fronczak says—already moving beyond last year's pipeline numbers https://t.co/xqXafPHJ2C

Fronczak points out in reviewing the portfolio dashboard that there have been 9 closings on homes, via new construction and resale, this year so far, with a year target of adding 48 https://t.co/TowcHCfIsD

Motion to adjourn! https://t.co/VhOoJyjMCS

Today's Chicago Community Land Trust board meeting is adjourned at 10:41 am. The next meeting is scheduled for August 5, 2021, at 9:00 am. Check out upcoming notes on this meeting from Rebecca Reid & more meeting coverage at Documenters.org! documenters.org/assignments/bo…

Homeowners Resource and Marking Committee *Report, and *PR firm Rudd Resources. Excuse the fast typing!