Story County Story County Community Community

Housing Housing CorporationCorporation

(SCCHC)(SCCHC)

20092009

STORY COUNTY COMMUNITY HOUSING CORPORATION a community land trust 130 S. Sheldon #307, Ames, IA 50014 • (515) 292-3676 • www.storyhousing.org

The Mission of SCCHCThe Mission of SCCHC

The SCCHC is one of 3 such corporations The SCCHC is one of 3 such corporations in Iowa, and one of about 170 nationally, in Iowa, and one of about 170 nationally, whose common mission it is to preserve whose common mission it is to preserve affordable housing for generations. affordable housing for generations.

We pride ourselves on this responsibility We pride ourselves on this responsibility and cherish the trust of our membershipand cherish the trust of our membership—and Community—to do this.—and Community—to do this.

The SCCHC balances our The SCCHC balances our homeowner’s and community’s homeowner’s and community’s

interestsinterestsHomeowner InterestsHomeowner Interests

Security: Security of Security: Security of tenure with support and tenure with support and assistance in times of assistance in times of hardshiphardship

Earned Equity: Earned Equity: Opportunity to build Opportunity to build equity through in-equity through in-vestment of money and vestment of money and laborlabor

Reasonable legacy: Right Reasonable legacy: Right to bequeath property and to bequeath property and the use of land to heirsthe use of land to heirs

Community InterestsCommunity Interests

Community Access: Community Access: Access to land for Access to land for present and future present and future generations.generations.

Community equity: Community equity: Regaining government Regaining government subsidies; cap-turing subsidies; cap-turing socially-created value.socially-created value.

Community legacy: Community legacy: Commu-nity control over Commu-nity control over the use and development the use and development of local land.of local land.

The Need for The Need for AffordableAffordable HousingHousing

Income for renters in Ames is not adequate.Income for renters in Ames is not adequate.

*Fair Market Rent for a two bedroom apartment in Ames is $702.*Fair Market Rent for a two bedroom apartment in Ames is $702.

HourlyHourly MonthMonthlyly

AnnualAnnual

**Wages **Wages needed for a needed for a $702 apt.$702 apt.

$13.50$13.50 $2,340$2,340 $28,080$28,080

Actual Average Actual Average Wages for Iowa Wages for Iowa RentersRenters

$10.51$10.51 $1,821$1,821 $21,860$21,860

*Apartment costs based on Fair Market Rent established by HUD*Apartment costs based on Fair Market Rent established by HUD**Annual income needed to keep rent and utilities at 30% of **Annual income needed to keep rent and utilities at 30% of

income (an affordable level). Actual average income is listed income (an affordable level). Actual average income is listed below the needed amount. below the needed amount.

The Need for The Need for AffordableAffordable HousingHousing

Percentage of residents living in povertyPercentage of residents living in poverty

19991999 20052005

IowaIowa 9.19.1 10.910.9

Story Story CountyCounty

14.114.1 19.719.7

Nearly 48% of the renters in Ames, on average, spend Nearly 48% of the renters in Ames, on average, spend over 40% of over 40% of their monthly income for rent their monthly income for rent and utilities.and utilities.

Affordable HomeownershipAffordable Homeownershipthrough the SCCHCthrough the SCCHC

Homeowners obtain a mortgage for the house Homeowners obtain a mortgage for the house portion of the property from a local bank.portion of the property from a local bank.

A lower mortgage amount insures affordable home A lower mortgage amount insures affordable home ownership with the opportunity to build equity. ownership with the opportunity to build equity.

The Corporation retains the land under the house The Corporation retains the land under the house and the homeowners hold a 100 year ground lease and the homeowners hold a 100 year ground lease on it.on it.

At the time of sale, the seller receives a portion of At the time of sale, the seller receives a portion of the market accrued value gain.the market accrued value gain.

The balance helps the next buyer obtain the home The balance helps the next buyer obtain the home at an affordable price.at an affordable price.

Seven families own homes through this CLT Seven families own homes through this CLT model.model.

1012-1014 Wilson

SCCHC Home OwnershipSCCHC Home Ownership1515 – 24th

Street

This owner occupied duplex helped get the original SCCLT started in 1998. The lot was made available from the City. A partnership with Habitat for Humanity was forged with this twin home construction.

 

This property is one of three located at the corner of Hoover and 24th Street in Ames. It was completed in 2004 with the help of Habitat for Humanity volunteers. The City of Ames donated the land.

2501 Hoover

SCCHC Home OwnershipSCCHC Home Ownership2503 Hoover

Three units were built at 24th & Hoover, as a result of a generous gift of land by the City of Ames. The volunteer labor of Habitat for Humanity and the Story County Building Trades Class was instrumental in making these homes possible.  

1520 Stafford

SCCHC Home OwnershipSCCHC Home Ownership1120 Curtiss

Avenue

This is the latest addition of a land trust home in Ames. A buyer also selected this existing house for purchase (buyer-initiated) in July 2006.  

This is the first of the ‘buyer- initiated’ land trust homes. The buyer selected this existing house for purchase in the summer of 2005.

 

SCCHC Affordable SCCHC Affordable RentalsRentals

14 units are owned by the SCCHC in the Ames area14 units are owned by the SCCHC in the Ames area Monthly rent ranges are $250 to $600 per month Monthly rent ranges are $250 to $600 per month

which is about 65% of fair market rent.which is about 65% of fair market rent. All current tenants have incomes at or less than 80% All current tenants have incomes at or less than 80%

of County median income – some are at less than 60%.of County median income – some are at less than 60%. Three small mortgages with numerous gifts and grants Three small mortgages with numerous gifts and grants

insure that this inventory of housing will be affordable insure that this inventory of housing will be affordable to lower-income families for years to come.to lower-income families for years to come.

Each year, our Each year, our tenants save $40,360 in rent payments.tenants save $40,360 in rent payments. The SCCHC makes a real impact in providing low-The SCCHC makes a real impact in providing low-

income housing in Ames each year…income housing in Ames each year…

414 S. 4th Street

Triplex--each has 3 bedrooms. Built 2004 by the Story County Building Trades class and volunteers. Rent range: $600-$700/unit.

SCCHC Rental PropertiesSCCHC Rental Properties615-617 Hodge

Ave.

A duplex rental property, 2 bedroom units. New sewer line in Summer 2006, upstairs kitchen renovation in Spring 2007. Rent range: $375.  

231-233 S. Kellogg

One bedroom up & 2 bedroom down rental duplex. Two car garage. Bath & kitchen renovations in 2007 with volun-teer labor. New roof in Summer 2006. Rent range $300-$450.

SCCHC Rental PropertiesSCCHC Rental Properties620 – 12th Street

A single family, 3 bedroom home rented to a family, and potentially a land trust model property. Approximate rent range: $525.

1018 Lincolnway

Purchased August 2007. This six-plex of one bedroom rental units was purchased with grant assistance from the IA Dept of Economic Development. The County is a partner with SCCHC in placing their special needs clients in these units. 

SCCHC Rental PropertiesSCCHC Rental Properties

Before

Board member, Dale Vander Schaaf and friends, did a beautiful job. All six apartments are being updated.

SCCHC is renovating the 1018 L-SCCHC is renovating the 1018 L-way 6-plexway 6-plex

After

If you are interested in volunteering with Dale, please call the SCCHC, 292-3676.

History of the SCCHCHistory of the SCCHCThe The Merger of SCHI and Merger of SCHI and

SCCLTSCCLT Story County Housing, Inc. – established Story County Housing, Inc. – established

19681968 Homes – Purchased, renovated, weatherized Homes – Purchased, renovated, weatherized

themthem Apartments - Affordable rentalApartments - Affordable rental Emergency Grant Program – kept families Emergency Grant Program – kept families

housedhoused Mobile Home Program – 2 families went on to Mobile Home Program – 2 families went on to

Habitat homesHabitat homes Developer – Constructed a 3-plex apartment Developer – Constructed a 3-plex apartment

bldg.bldg.

Story County Community Land Story County Community Land TrustTrust

Those who helped form the Those who helped form the SCCLTSCCLT Vic Moss, Director of the ERPVic Moss, Director of the ERP Dale Vander Schaaf, who brought Dale Vander Schaaf, who brought

Habitat for Humanity to Story CountyHabitat for Humanity to Story County The City of AmesThe City of Ames

Vanessa Baker-Latimer, the city housing Vanessa Baker-Latimer, the city housing coordinatorcoordinator

John Klaus, City Attorney.John Klaus, City Attorney. First Annual Meeting – April 30, 1998First Annual Meeting – April 30, 1998

Why Merge?Why Merge? The SCCLT had a paid directorThe SCCLT had a paid director

To move forward, we needed someone with To move forward, we needed someone with community development expertisecommunity development expertise

With all volunteers, we could not take advantage With all volunteers, we could not take advantage of available grants, loans, other opportunitiesof available grants, loans, other opportunities

Home Ownership and Rentals work well Home Ownership and Rentals work well togethertogether Our rental properties could pay for some of our Our rental properties could pay for some of our

administrative costsadministrative costs Those with debts could rent at affordable rates Those with debts could rent at affordable rates

from us, repair their debt and move into home from us, repair their debt and move into home ownershipownership

What a director means for What a director means for the SCCHCthe SCCHC

A $217,300 grant which allowed us to nearly A $217,300 grant which allowed us to nearly double our rental housing units and serve a double our rental housing units and serve a special needs population.special needs population.

Another grant application for a 4-plex has been Another grant application for a 4-plex has been submitted with an award decision in Mar., submitted with an award decision in Mar., 2009.2009.

A $60,000 grant which will allow two families A $60,000 grant which will allow two families to purchase a home through our buyer-initiated to purchase a home through our buyer-initiated program.program.

An ability to work with financial institutions - An ability to work with financial institutions - Rich Webb worked with the Iowa Dept. of Rich Webb worked with the Iowa Dept. of Economic Development for 8 years !!Economic Development for 8 years !!

Ted Huiatt, President Dale Vander Schaaf,

Vice President Trish Stauble,

Secretary (pending), Treasurer Earl Hammond Roger Ossian Brad Hurd

Rick Borkowski Carl Bern Angie Shirk Chris Cook Kim Venteicher Dick Tondra

Rich Webb, Exec Director

The SCCHC Board and The SCCHC Board and StaffStaff

 

The SCCHC is a community non-profit, membership supported, developer and manager of affordable housing serving Story County.

Reasons Board Members are Reasons Board Members are InvolvedInvolved

A stock of permanently, affordable housingA stock of permanently, affordable housing The land trust model preserves your gifts in the The land trust model preserves your gifts in the

property, so many families can value from it.property, so many families can value from it. As fiscally responsible people we want your gift As fiscally responsible people we want your gift

to create permanently affordable housing.to create permanently affordable housing. Middle Class families need affordable housingMiddle Class families need affordable housing

Mortgage payments should not exceed 30% of a Mortgage payments should not exceed 30% of a family’s income…family’s income…

Families need to pay for rising costs in health Families need to pay for rising costs in health care, college, and transportationcare, college, and transportation

Special Needs populationsSpecial Needs populations We work with the county to house mentally ill…We work with the county to house mentally ill… We work with Mainstream Living to house We work with Mainstream Living to house

mentally challenged individuals.mentally challenged individuals.

How you can helpHow you can help Talk with your local, state and federal representatives Talk with your local, state and federal representatives

about policies that will bring about affordable about policies that will bring about affordable housing. Recent Housing Trust Fund legislation will housing. Recent Housing Trust Fund legislation will increase funding. See our Summer 2008 newsletter.increase funding. See our Summer 2008 newsletter.

More than 1/3 of our housing stock in Story County is More than 1/3 of our housing stock in Story County is 50 years or older – if 1,300 square foot homes in the 50 years or older – if 1,300 square foot homes in the $125,000 cost range could be built, young families $125,000 cost range could be built, young families with children could live in Ames and send their kids to with children could live in Ames and send their kids to Ames’ schools – a win-win situation !Ames’ schools – a win-win situation !

Talk with friends who may not be on our mailing list Talk with friends who may not be on our mailing list and ask them if they would like to receive our and ask them if they would like to receive our newsletter or become a new member. Send their newsletter or become a new member. Send their names to our director or Trish Stauble.names to our director or Trish Stauble.

Get involved with the Get involved with the SCCHCSCCHC

We hope you will become a member of our We hope you will become a member of our organization ! Membership fees support our organization ! Membership fees support our operation !operation !

Website: Website: www.storyhousing.orgCall Rich Webb, our director, at 292-Call Rich Webb, our director, at 292-3676 or email him at 3676 or email him at rwebb@storyhousing.org . .

With your support, we can bring more With your support, we can bring more affordable housing to families in Story affordable housing to families in Story County!County!

STORY COUNTY COMMUNITY HOUSING CORPORATION a community land trust 130 S. Sheldon #307, Ames, IA 50014 • (515) 292-3676 • www.storyhousing.org