HOMESIGHT
Programs
Program 1 [2020]
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 IS THE LEAD DEVELOPER AND PROJECT MANAGER FOR THE TRANSIT- ORIENTED DEVELOPMENT OF OTHELLO SQUARE IN SEATTLE. HOMESIGHT COMPLETED THE FEASIBILITY AND IMPLEMENTATION PLAN FOR THE PROJECT IN 2017. THE GOALS OF THIS 215 MILLION PROJECT ARE TO PREVENT DISPLACEMENT OF THE HISTORIC RESIDENTS AND BUSINESSES IN THE OTHELLO NEIGHBORHOOD, TO CELEBRATE AND EMBRACE THE HERITAGE OF THE DIFFERENT CULTURES THAT COMPRISE THE SE SEATTLE COMMUNITY, AND TO PROVIDE TOOLS AND OPPORTUNITIES TO GUARANTEE THE LONG- TERM HEALTH AND SUCCESS OF THE ENTIRE COMMUNITY. 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. HOMESIGHT SIGNED ALL FOUR PURCHASE AND SALE AGREEMENTS (PSAS) ON THE PROPERTIES IN 2018 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. THE ODESSA BROWN CHILDRENS CLINIC AND ORENDA APARTMENTS BUILDING BROKE GROUND IN NOVEMBER 2019 AND THE SALISH ELEMENTARY SCHOOL BROKE GROUND SUBSEQUENT TO YEAR END. BOTH ARE EXPECTED TO BE OPERATIONAL BY FALL OF 2021. PROPERTY PURCHASES FOR REMAINING TWO PSAS WILL BE FINALIZED ONCE ALL CLOSING CONDITIONS ARE MET. HOMESIGHT IS THE DEVELOPER FOR THE LOW-INCOME HOUSING COOPERATIVE WHICH IS SEEKING CONSTRUCTION FINANCING WITH EQUITY FROM LOCAL, STATE AND FEDERAL SOURCE SECURED IN PLACE. THIS PROJECT IS FULLY PERMITTED AND ENTITLED. THE LAST OF THE FOUR BUILDINGS ON THE OTHELLO SQUARE CAMPUS IS THE OPPORTUNITY CENTER. THE ENTITLEMENT AND FUNDRAISING PROCESS IS MORE THAN 50% COMPLETE FOR THE OPPORTUNITY CENTER. COMPLETION OF THE OPPORTUNITY CENTER AT OTHELLO SQUARE IS SLATED FOR 2023.GeographiesNot indicatedDatesJan 1, 2020 – Dec 31, 2020Source990No causes providedNo populations provided–$683.7KProgram 2 [2020]
HOMEBUYER SERVICES & LENDING: HOMESIGHT'S HOMEBUYER EDUCATION AND COUNSELING PROGRAM SERVES NEARLY 1,000 HOUSEHOLDS ANNUALLY, INCLUDING NEW AND EXISTING CUSTOMERS. IN 2019 AND 2018, OF THESE CUSTOMERS, 69% AND 71%, 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 ITS REVOLVING LOAN FUND IN 1991 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 MINIMIZE OR ELIMINATE THE REQUIREMENT FOR PRIVATE MORTGAGE INSURANCE FOR ITS CUSTOMERS THEREBY INCREASING THE BUYING POWER OF LOW AND MODERATE INCOME FIRST-TIME HOMEBUYERS. HOMESIGHT'S FIRST- TIME HOMEBUYER EDUCATION AND LENDING PROGRAMS CREATED 209 AND 111 FIRST- TIME HOMEBUYERS IN THIS MARKET IN 2019 AND 2018, RESPECTIVELY. IN 2017 THE REVOLVING LOAN FUND EXPANDED STATE-WIDE WITH 15% OF LOANS NOW ORIGINATED OUTSIDE THE SEATTLE METRO AREA. -- HOMESIGHT IS A CORRESPONDENT 1ST MORTGAGE LENDER TO THE WASHINGTON STATE HOUSING FINANCE COMMISSION A LOCAL COMMUNITY BANK, AND A NEIGHBORWORKS AMERICA PARTNER. IN 2019 HOMESIGHT ORIGINATED 11.8 MILLION IN 1ST MORTGAGE 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 IN 2016. 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. THE MAJORITY OF THESE LOANS WILL BE FORGIVEN BY THE END OF 2020. SIMILARLY, HOMESIGHT ORIGINATES FORGIVABLE LOANS FUNDED BY THE FEDERAL HOME LOAN BANK OF DES MOINES. THESE LOANS OF 5,000 TO 7,500 ARE FORGIVEN OVER A 5-YEAR PERIOD. ALL FORGIVABLE LOANS ARE DISCOUNTED AT TIME OF ORIGINATION AND ARE NOT REFLECTED IN LOAN CHARGE OFFS. -- WITH A GRANT FROM THE ATTORNEY GENERALS OFFICE IN 2013, HOMESIGHT LAUNCHED A RESCUE LOAN PROGRAM, DESIGNED TO PREVENT FORECLOSURE TO AT RISK HOMEOWNERS. SINCE ITS INCEPTION, HOMESIGHT HAS ORIGINATED 287 FORECLOSURE PREVENTION RESCUE LOANS STATEWIDE VALUED AT OVER 6 MILLION. THESE ARE DEFERRED LOANS WITH AN INTEREST RATE BETWEEN 0-2% DEPENDING ON INCOME. ONLY 11 OF THESE FAMILIES LOST THEIR HOME TO A NEW FORECLOSURE (A 3.8% RATE) AND A SIGNIFICANT AMOUNT OF THESE FUNDS HAVE BEEN REPAID AND RE-LOANED BY HOMESIGHT. HOMESIGHT BEGAN ADMINISTERING A SIMILAR RESCUE LOAN PROGRAM FOR THE CITY OF SEATTLE IN 2019 AND WILL BE ADDING KING AND PIERCE COUNTY IN 2020.GeographiesNot indicatedDatesJan 1, 2020 – Dec 31, 2020Source990No causes providedNo populations provided–$2.2MProgram 3 [2020]
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 30 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 ESTABLISHED FOUR COMMUNITY DEVELOPMENT ACTIVITIES: 1) OTHELLO SQUARE COMMUNITY WORK 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 EFFORT WITH MORE THAN 30 COMMUNITY BASED PARTNERS, FUNDED COLLABORATIVELY BY THE SEATTLE FOUNDATION AND THE KING COUNTY BEST STARTS FOR KIDS LEVY PROGRAM, TO IDENTIFY POLICY AND SYSTEMS SOLUTIONS TO IMPROVE HEALTH, HOUSING, AND ECONOMIC OPPORTUNITY, AND COMMUNITY CONNECTIONS IN SOUTHEAST SEATTLE; 3) OTHELLO FARM STAND/BEET BOX A UNIQUE PLACEMAKING PROJECT PROMOTES ENVIRONMENTAL AND NUTRITIONAL EDUCATION THROUGH SUPPORT OF LOCAL FARMERS AND MAKERS, 4) READY TO WORK (RTW) A PARTNERSHIP WITH COMMUNITY BASED ORGANIZATION PARTNERS AND AN ADULT BASIC EDUCATION LEARNING CENTER PROVIDING ELL COURSES AND JOB TRAINING AND PLACEMENT IN SOUTHEAST SEATTLE, IS NOW MERGING OUR PROGRAM WITH TWO OTHER PROGRAMS IN NORTH AND WEST SEATTLE, WHERE HOMESIGHT WILL CONTINUE TO SERVE AS THE LEAD AGENCY PROVIDING ADMINISTRATIVE SUPPORT.GeographiesNot indicatedDatesJan 1, 2020 – Dec 31, 2020Source990No causes providedNo populations provided–$1.6M
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