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Welcome to National Homeownership Month, the end of what, for many of us, was a very fast-paced Q2, and the start of an active summer season! As I reflect on the previous three months, there is so much to be thankful for. Our staff team has grown with six new hires and with even more additions yet to come. We’ve reached a total of 238 network members so far this year, and even more are joining each week. Based on the previous outreach I made soliciting member-led regional convening proposals, there are 5 such events that Grounded Solutions is supporting with sponsorship funding and staff participation:

Northwest CLT Coalition Gathering: May 6-8 in Walla Walla, WAFlorida CLT & Shared Equity Practitioners Convening: Aug. 26-28 in Orlando, FLCalifornia CLT Network: Sept. 12-13 in Los Angeles, CAMid-Atlantic Affordable Housing Conference: Oct. 1-3 in Baltimore, MDNorth Central CLT Conference: Oct. 7-10 in Minneapolis, MN

In addition to these 5 gatherings, various members of our team have been engaged in representing the interests of CLTs, Shared Equity Homeownership programs, and Inclusionary Housing programs at multiple other events across the nation. We joined and supported our long-time member, the National Community Reinvestment Coalition, at their April 2024 Just Economy Conference. Our Innovative Finance team members joined fellow Enterprise/Wells Fargo Housing Affordability Breakthrough Challenge winners recently in Birmingham, AL. Our team was also present to celebrate the inclusion of our member, Durham Community Land Trustees, in HUD’s Innovative Housing Showcase on the DC National Mall in June.

We also continue to be engaged in supporting the deployment of a portion of Amazon’s $2.2 billion Housing Equity Fund in the DC, Seattle, and Nashville regions, along with our member/partner the National Housing Trust. Related to that work, I’m very excited to share that Amazon CEO Andy Jassy recently announced the commitment of an additional $1.4 billion investment [[link removed]] in the Housing Equity Fund based on the many positive outcomes and faster deployment of the original commitment than anticipated. The new commitment brings the company’s total support for affordable housing to more than $3.6 billion, which is being used to fund more than 35,000 housing units in the three Amazon focus regions. While this significant investment alone won’t solve all housing needs in all places for everyone in need, it clearly serves to illustrate the appropriate magnitude of resources and the kind of partnerships required to adequately begin to address affordable housing expansion at scale. In Bellevue, WA, for example, reports indicate Amazon’s housing investments have achieved a 30% increase in the affordable housing stock. Most interestingly, in addition to our own CLT/Shared Equity permanent affordability homeownership contributions, many of the Amazon funded rental deals also include a 99-year affordability requirement and critical partnerships with developers of color.

I’m also deeply appreciative of the opportunity to hold our June Grounded Solutions Board retreat in Denver, CO. We enjoyed the gracious hospitality of the Colorado Health Foundation and connected with several of our members, such as the Urban Land Conservancy, Enterprise Community Partners, and the Elevation Community Land Trust. A major highlight for all of us was touring and

learning about the recently completed permanently affordable deed restricted condos created by the Elevation Community Land Trust (see the full story in the following member highlights section).

Have a great Summer!

Maggie Walker Community Land Trust set to make its 100th home sale soon”

Maggie Walker Community Land Trust was recently featured in the Richmond Free Press for their recent development, Ettrick Landing. This 21-unit unit subdivision will push Maggie Walker CLT’s portfolio past the 100 unit mark.

Check out the Announcement [[link removed]]

Elevation CLT completed a 49-unit new construction condo project; the Burrell, near Downtown Denver, CO in the historically African American neighborhood of Five Points.

Learn More about Elevation CLT [[link removed]]

Grounded Solutions Staff Has Been Busy!

Devin Culbertson, VP of Innovative Finance, recently recorded his conversation with civil rights and community land trust icon Shirley Sherrod for a blog by Enterprise Community Partners. They discussed the history of community land ownership, racial justice, and the value of land.

Listen to the Podcast [[link removed]]

Local Policy Principal Colby Sledge (center) speaks at the Spring meeting of the National Multifamily Housing Council in Nashville, TN, on Tuesday May 7. Sledge was featured on a panel entitled "Gaining Support from Policymakers, Planners and Community for Development and Investment."

In April, Brian Stromberg, National Policy Director, and Alex Cabral, Senior Principal of Innovative Finance, attended the Just Economy Conference held by the National Community Reinvestment Coalition. This year's conference focused heavily on Community Land Trusts and had over 1,200 people in attendance.

Grounded Solutions Network recently co-hosted a two-part event focused on affordable homeownership with HAND (Housing Association of Nonprofit Developers) and National Housing Trust. The first event held on May 29th was titled "The Ins and Outs of Lasting Affordability" and featured a training session on shared equity led by Jason Webb, Community and Technical Assistance Principal.

Shared Equity Map Update

Last quarter, the research team completed the first round of updates to Grounded Solution Network's US Map of CLTs and Nonprofit Shared Equity Homeowenrship Programs [[link removed]]. Thanks to updates submitted by 23 organizations, the map now represents 11 new programs, 571 more shared equity homeownership units, and 2,723 more rental units! We encourage all organizations to check out the map and submit any relevant updates or modifications [[link removed]]; your input is crucial for keeping this tool accurate and up to date. Additionally, the research team just released a tutorial [[link removed]] to assist users in navigating the map's features. Make sure to check it out and feel free to contact [email protected] [[link removed]] with any questions about the map, form, or tutorial.

National Policy Update HUD Announces Proposed Rule for Home Program

On May 29, HUD published their long-awaited proposed rule on the HOME Investment Partnerships (HOME) program in the Federal Register [[link removed]]. While there are a number of changes that will benefit HOME recipients as a whole, what we are most excited about in this proposed rule are changes to make HOME program funding more accessible for CLTs and shared equity homeownership programs. You can find a direct link to the proposed rule here [[link removed]], and we will send out additional materials to our members soon.

Some key changes include:

- Introducing a regulatory definition of community land trust to resolve perennial frustrations with the definition in the original 1992 statute. - Giving participating jurisdictions (PJs) – the localities that administer HOME funds, the authority to approve several types of resale formulas, including fixed-rate, index, appraisal, and itemized formulas. - Codifying into regulation the authority of PJs to give CLTs preemptive purchase rights to prevent the loss of affordable units. - Adjusting the criteria for CHDO board membership to benefit smaller organizations and more rural communities, without compromising their purpose.

The HOME program is the largest source of federal grant funding for affordable homeownership, but its usage has been hampered significantly by statutory barriers. In addition to the changes mentioned above, HUD proposes changes related to a range of topics from improving tenant protections to incentivizing green building practices. The program has not seen substantive changes since it was first created in 1992 (changes in 2013 notwithstanding).

We encourage you to submit comments to HUD. Please visit our website [[link removed]] for guidance.

Training and Membership

Registration will open in late August for our final TIO courses of 2024. For now, save the dates for the following courses:

• October 23-24: Shared Equity Homeownership: Basics and Beyond

• October 30-31: Affordable Pricing and Resale Formulas for Shared Equity Homeownership

Learn More [[link removed]] Save The Date for our 2025 Conference

The Grounded Solutions Network Conference is back! Mark your calendars for May 27-29 in Washington, DC. More details to come – stay tuned!

Policy Practice Power [[link removed]] Stewardship Policies & Procedures Template Manual

A brand-new tool is now available in the Grounded Solutions Resource Library. The Stewardship Policies & Procedures Template Manual is a resource for the field that will help shared equity homeownership programs develop or improve their own stewardship-related policies and procedures.

Stewardship Policies & Procedures [[link removed]]

Members of Grounded Solutions Network can access an expanded version of this manual that is editable and includes 50 pages of sample forms. To access the member-only version, log into our Online Learning Platform and enroll in the “Stewardship Policies and Procedures Template Manual” learning pathway. If you need assistance, email [email protected]. Not yet a member? Join Now!

Where we live matters.

We bring together an extensive network of partners and member practitioners from local communities who have a deep understanding of best practices in community land trusts, shared equity housing, local housing policies such as inclusionary zoning, and more.

At Grounded Solutions Network, we know what policies and strategies work to build and preserve housing opportunities, and we help communities use them.

Grounded Solutions Network

PO Box 70724

Oakland, CA

94612

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