Community

Threshold Fund

Wednesday, June 13, 2018

In their April 25 and May 23 opinion pieces, Sarah Bond-Yancey of Habitat for Humanity of Whatcom County (Habitat) and Dean Fearing of Kulshan Community Land Trust (KulshanCLT) shared perspectives on Whatcom County’s dire affordable housing situation and ways their organizations are working to address it. They highlighted the many ways that family and community potential are stifled by the severe shortage of affordable housing in our communities: increased risk of health problems and job insecurity and, for children, poor academic performance and behavioral challenges, among many others.

In the nonprofit world, we throw around a lot of statistics. Data helps us identify and, to some extent, understand community challenges. And it can be meaningless without explanation and context. For example, housing affordability is often discussed in terms of Area Median Income (AMI): What is the AMI in Whatcom County? What percentage of AMI does an individual or a family need to earn in order to afford housing?

Whatcom County’s AMI for a four-person household is $54,650. In order to afford other basics like food and clothing, you should spend no more than 30 percent of your income on housing. If you earn the AMI, you could spend as much as $1,500 per month on rent or a mortgage.

KulshanCLT clients earn up to 80 percent of AMI. That means spending no more than $1,100 on housing. Habitat’s homeowners earn between 30 and 60 percent of AMI, allowing between $409 and $820 per month on housing, respectively. Average rent in Bellingham is approximately $1,200 per month. The vacancy rate in the rental market is less than 1 percent. The high cost of housing in Whatcom County puts intense pressure on the limited affordable housing that does exist.

To relieve that pressure, Habitat and KulshanCLT have been adding permanently affordable housing to the community for years, a few houses at a time. Both organizations have passionate, dedicated volunteers and an abundance of demand for their valuable services, particularly in the current housing market. What’s missing? It’s the money to go from few to many at a faster pace.

It takes more than information to successfully tackle complex issues like affordable housing. That’s where the creativity, resourcefulness and collaborative nature of local nonprofits come in. Habitat and KulshanCLT combine their unique expertise, resources and shared goals to put more families—more of our neighbors—into homes that will literally transform their lives. Thanks to their ingenuity and partnership, Whatcom County is launching a solution to a nationwide problem.

The Threshold Fund at the Whatcom Community Foundation is the brainchild of John Moon and Dean Fearing, the executive directors of Habitat and KulshanCLT. They brought the idea for the fund, a revolving loan guaranty fund, to the Whatcom Community Foundation. Their message: “We have an idea for a way to build more affordable housing for less money, and we want the Community Foundation to help make it happen.”

The Threshold Fund is designed to do three simple, powerful things:

• Exponentially accelerate the number of affordable homes Habitat and KulshanCLT can bring to market—from two to three per year, on average, to more than 50 over a few years.

* Reduce the cost of borrowing for construction loans for Habitat, KulshanCLT, and other affordable housing providers. That means more families in safe, stable homes and able to fulfill their potential.

* Create a reusable pool of funding so that more permanently affordable homes can be built in the future—called financial recycling.

Together, we are working to raise $5 million so the Threshold Fund can back multiple affordable housing projects at the same time. That will help us catch up with demand. It will ensure Whatcom County has permanently affordable homes for more of the people working hard to contribute to the local economy while they build lives for their families.

The Community Foundation has been making grants to nonprofit partners for more than 20 years. Those organizations put that money to work making life here better for everyone. Grant funding is important and valuable. Rethinking what we do and the way we do it is also important. Ideas like the Threshold Fund make it possible to put our financial assets to work in new ways. In this case, those assets will go to work over and over again. The Community Foundation is working toward a vision: Everyone who lives here thrives. Habitat and KulshanCLT are working with us to make that happen. You can help.

Learn more at whatcomcf.org/thresholdfund

Mauri Ingram is president of the Whatcom Community Foundation.

Past Columns
Saying Goodbye

December 11, 2019

Cold and Alone

December 4, 2019

Big Money Politics

November 13, 2019

A Win for the Birds

July 24, 2019

Road to ‘Nowhere’

June 26, 2019

Game Changes

April 24, 2019

Salish Sea Science

January 23, 2019

Cherry Point Amendments

January 16, 2019

Invest in the Future

September 26, 2018

A Desperate Call

August 29, 2018

Criminalizing Protest

July 18, 2018

Imprisoned Splendour

May 9, 2018

Pathways to Homeownership

April 25, 2018

Yes on I-1631

April 11, 2018

Divide-and-Conquer

October 11, 2017

Schools and Planning for Growth

September 27, 2017

Events
Today
Holiday Pet Food Drive

10:00am|Whatcom County

Deck the Old City Hall

12:00pm|Whatcom Museum's Old City Hall

Giving Tree

9:00am|Village Books

Holiday Festival of the Arts

10:00am

Holiday Favorites

12:00pm|Whatcom Museum's Old City Hall

The Naughty List Market and Cabaret

2:00pm|Broadway Hall

Miracle Pop-Up Holiday Cocktail Bar

4:00pm|Swim Club

Songs of Peace with Kulshan Youth Choir

5:30pm|First Congregational Church

Bellwether Premiere Wine Social

5:30pm|Lighthouse Grill

Holiday Party

6:00pm|Camber Coffee

DSA Movie Night

6:00pm|Academic West

Winter Pop-Up with Taylor Shellfish

6:00pm|Aslan Depot

Peaceful Poetry Reading

6:30pm|Village Books

Shrek the Musical

7:00pm|Burlington-Edison High School

Balkan Folk Dancers

7:00pm|Fairhaven Library

Storm Music Extravaganza

7:00pm|Mount Baker Theatre

Treasure Island

7:00pm|Sehome High School Theater

Peace, Love, and Ukuleles

7:00pm|Bellingham Unitarian Fellowship

Avalanche Awareness

7:00pm|Backcountry Essentials

History Holiday

7:30pm|Whatcom Museum's Old City Hall

Good, Bad, Ugly

7:30pm|Upfront Theatre

Crazy for You

7:30pm|Bellingham Theatre Guild

Number the Stars

7:30pm|Anacortes Community Theatre

A Christmas Carol

7:30pm|Sylvia Center for the Arts

Tomorrow
Holiday Pet Food Drive

10:00am|Whatcom County

Deck the Old City Hall

12:00pm|Whatcom Museum's Old City Hall

Giving Tree

9:00am|Village Books

Holiday Festival of the Arts

10:00am

The Naughty List Market and Cabaret

2:00pm|Broadway Hall

Miracle Pop-Up Holiday Cocktail Bar

4:00pm|Swim Club

Treasure Island

7:00pm|Sehome High School Theater

Shrek the Musical

7:00pm|Burlington-Edison High School

Crazy for You

7:30pm|Bellingham Theatre Guild

A Christmas Carol

7:30pm|Sylvia Center for the Arts

Number the Stars

7:30pm|Anacortes Community Theatre

Wild Things

9:30am|Connelly Creek Nature Area

Toys for Tots

10:00am

Pacific Arts Market

10:00am| Sunset Square

Holiday Tea

11:00am|Willowbrook Manor

Holiday Craft Bazaar

3:30pm|Lynden Library

Drayton Harbor Shellebration

4:00pm|G Street Plaza

Gingerbread House Making

4:30pm|Ferndale Library

Christmas on the Docks

5:00pm|Cap Sante Marina

Photos and Stories with James K. Papp

5:00pm|Gallery Pegasus

Wonderland Walk

5:00pm|Washington Park

Valley Made Holiday Market

5:00pm|Maplehurst Farm

Kids Night Out @ Western

6:00pm|Western Washington University

Lost Feast

7:00pm|Village Books

Honk! The Musical

7:00pm|Bellingham Arts Academy for Youth

Darkness and Light

7:30pm|St. James Presbyterian Church

Narnia the Musical

7:30pm|Claire vg Thomas Theatre

Christmastime is Here with Skagit Symphony

7:30pm|McIntyre Hall

Tarnation and Holiday Games

7:30pm|Upfront Theatre

Saturday
Holiday Pet Food Drive

10:00am|Whatcom County

Deck the Old City Hall

12:00pm|Whatcom Museum's Old City Hall

Giving Tree

9:00am|Village Books

Holiday Festival of the Arts

10:00am

Miracle Pop-Up Holiday Cocktail Bar

4:00pm|Swim Club

Shrek the Musical

7:00pm|Burlington-Edison High School

Treasure Island

7:00pm|Sehome High School Theater

Number the Stars

7:30pm|Anacortes Community Theatre

A Christmas Carol

7:30pm|Sylvia Center for the Arts

Crazy for You

7:30pm|Bellingham Theatre Guild

Pacific Arts Market

10:00am| Sunset Square

Toys for Tots

10:00am

Holiday Tea

11:00am|Willowbrook Manor

Christmas on the Docks

5:00pm|Cap Sante Marina

Wonderland Walk

5:00pm|Washington Park

Valley Made Holiday Market

5:00pm|Maplehurst Farm

Honk! The Musical

7:00pm|Bellingham Arts Academy for Youth

Tarnation and Holiday Games

7:30pm|Upfront Theatre

Darkness and Light

7:30pm|St. James Presbyterian Church

Narnia the Musical

7:30pm|Claire vg Thomas Theatre

NSEA Work Party

9:00am

Breakfast with Santa

9:00am|Sedro-Woolley Community Center

Winter Faire

10:00am|Whatcom Hills Waldorf School

Winter Arts & Crafts Festival

10:00am|Pioneer Park Pavilion

Old-Fashioned Christmas Market

10:00am|Friday Harbor Brickworks

Bellingham Farmers Market

10:00am|Depot Market Square

Fairhaven Winterfest

10:00am|Historic Fairhaven

Sumas Book Club

10:00am|Sumas Library

Mastering Wisteria

10:30am|Full Bloom Farm

Award-Winning Book Club

10:30am|Lynden Library

Snow Geese of Skagit

10:30am|Christianson's Nursery

Your Life is a Story Writers Group

10:30am| South Whatcom Library

Saltadena Celebration

11:00am|Saltadena Bakery

Winter Wonderland Gift Gala

11:00am|Carnation Building

Holiday Craft Bazaars

11:30am

Holiday Maker's Market

12:00pm|Terramar Brewing and Distilling

Holiday Joy with Fidalgo Youth Symphony

1:00pm|McIntyre Hall

Holiday Tea and Crafts

1:00pm|North Fork Library

Festive Feasting Reception

1:00pm|Good Earth Pottery

Teen Art Fair

2:00pm|Blaine Library

Big Holiday reds tasting

2:00pm|eifert & Jones Wine Merchants

Shrinking the Worry Monster

2:00pm|Village Books

Birding for Kids

2:30pm

Bowman Bay Holiday

3:00pm|Bowman Bay

Noel Ensemble

3:00pm|Jansen Art Center

A Deep Dive Into Eve Deisher's Psyche

3:00pm|Museum of Northwest Art

One Meditation

4:00pm| Boulevard Park

The Nativity

6:30pm|Mount Baker Theatre

Early Railroads of Whatcom County

7:00pm|Village Books

Contra Dance

7:00pm|Fairhaven Library

Center Into Solstice

7:00pm|Cafe Blue

Holiday History Hi-Jinks

7:00pm|Downtown Bellingham

Winter Solstice Concert with SeaMuse

7:30pm|Firehouse Arts and Events Center

Cidertails with Alexine Langdon

7:30pm|housand Acre Cider House

Heralding Christmas with Skagit Valley Chorale

7:30pm|McIntyre Hall

The Kelley World Tour

7:30pm|Lummi Island Library

see our complete calendar »