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.

Silver Reef House
Past Columns
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

Electronic Home Monitoring

September 13, 2017

Events
Today
Skagit Valley Tulip Festival

10:00am|Skagit Valley

Essence of Bellingham Photo Competition

10:00am|Whatcom County

Unstable by Design

7:30pm|Sylvia Center for the Arts

Silent Sky

7:30pm|Anacortes Community Theatre

Tulip Festival Street Fair

10:00am|Downtown Mount Vernon

Spring Book Sale

10:00am|Fire Station #1

Bellingham Beer Week

12:00pm|Throughout Bellingham

Genre Legends, Hot Dogs

7:30pm|Upfront Theatre

Buffett Beach Bash

7:30pm|Anacortes Port Transit Shed

The Coronation of Poppea

7:30pm|Performing Arts Center Mainstage

Tulip Pedal Bike Ride

7:30am|La Conner Elementary School

Pancake Breakfast

8:00am|Ferndale Senior Center

COB Earth Day Work Party

9:00am|Fairhaven Park

Fun with the Fuzz

9:00am|Bellingham Police Department

Bellingham Bay Bocce Tournament

9:30am|Bellingham Sportsplex

Wild Things

9:30am|Stimpson Family Nature Reserve

Bellingham Farmers Market

10:00am|Depot Market Square

Kiwanis Kids Egg Hunt

10:00am|Maiben Park

Cedar Dust Trail Ride and Party

10:00am|Boundary Bay Brewery

Plant Sale and Easter Events

10:00am|BelleWood Acres

Community Easter Egg Hunt

11:30am|Bellingham at Orchard

Obrigado Wines Tasting

2:00pm|Seifert & Jones Wine Merchants

Jesse Otero Art Talk

4:00pm|i.e. gallery

Splinter Ideas, Halibut on the Moon

4:00pm|Village Books

Artist Workshop

6:00pm|Bellingham Public Library

Skagit Valley College Drag Show

7:00pm|Lincoln Theatre

Problem Child and Ten Miles Wide

8:00pm|Mount Baker Theatre

Blue collar comedy in Edison

8:00pm

Salsa Night

9:00pm|Cafe Rumba

Trove Web
Tomorrow
Skagit Valley Tulip Festival

10:00am|Skagit Valley

Essence of Bellingham Photo Competition

10:00am|Whatcom County

Tulip Festival Street Fair

10:00am|Downtown Mount Vernon

Bellingham Beer Week

12:00pm|Throughout Bellingham

Plant Sale and Easter Events

10:00am|BelleWood Acres

Sedro-Woolley Community Breakfast

8:00am|American Legion Post #43

Rabbit Ride

8:30am|Fairhaven Bicycle

Wild Things

9:30am|Stimpson Family Nature Reserve

Egg Hunt and Easter Brunch

10:00am|Boundary Bay Brewery

Bellingham Handmade Market

11:00am|Goods Nursery and Produce

Langar in Lynden

11:00am| Guru Nanak Gursikh Gurdwara

Barkley Village Egg Hunts

11:00am|Barkley Village

Easter Brunch

11:00am|Ciao Thyme Commons

Nina Gerber and Chris Webster

2:00pm|Nancy's Farm

Trove Web Cascadia Weekly Subscribe Ad 1
Monday
Skagit Valley Tulip Festival

10:00am|Skagit Valley

Essence of Bellingham Photo Competition

10:00am|Whatcom County

Bellingham Beer Week

12:00pm|Throughout Bellingham

Wild Things

9:30am|Stimpson Family Nature Reserve

Earth Day Sustainable Food Fair

11:00am|Viking Union 565

Plant Diagnostic Clinics

4:30pm|Bellingham Public Library

Before the Flood

5:30pm|Pickford Film Center

Women's Backpacking Round Table Discussion

5:30pm|REI

Swing Dancing Classes

6:00pm|Presence Studio

Healthy Desserts

6:30pm|Community Food Co-op

Student Poetry & Art Showcase

6:30pm|Burlington Public Library

Poetrynight

7:00pm|Alternative Library

Salish Sea Early Music Festival

7:00pm|St. Paul's Episcopal Church

Wild & Scenic Film Festival

7:00pm|Mount Baker Theatre

Guffawingham

9:00pm|Firefly Lounge

see our complete calendar »

Neil Berg Trove Web Village Books Cascadia Weekly Subscribe Ad 1