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Beyond funding and related staffing challenges, we have experienced some delays in planned board meetings attaining a quorum with illness/personal business for a few officers of the Trust. In July, our University of Chicago TA Provider helped advance research for vital governance discussion, including how we might grow board and balance representation between Affordable Housing Owners, Affordable Housing Advocated, including tenant representation. This will be carried over into August/September meetings, which is (appropriately) our organizational time of year for annual evaluation/planning.

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As one of the key benefits of participation in the new Dovie Thurman Affordable Housing Trust is the possibility of lower taxes, a big step forward was taken with the successful organization and completion of the Social Cost Tax Appeals Session. Not only were affordable housing owners in attendance, who are a primary market for Dovie Trust outreach/membership, but legislative officials and tax officials from the Assessor’s Office and Board of Review. With assessments in the City likely going up 30-50% during the course of the next year, affordable housing providers will be scrambling to pay bills and preserve affordable housing. This timing and sense of urgency was so important. You can see a short video on this (released In August at Voice’s youtube page: https://www.youtube.com/watch?v=bLgKFuQUm8Y&t=2s

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We have been delayed in our planned Education, Outreach & Marketing efforts by a couple sets of obstacles. First, we were anticipating that a managing director hired for the community land trust at the beginning of the fourth quarter of our contract year would be key to finalizing outreach plans for members and putting them in motion. These were anticipated for north lakefront market and south/west sides. However, the planned outreach was not only to affordable housing advocates and owners, but also public and agency officials who can learn more about the community land trust concept, especially relative to the unique targeting of benefits to low income people (0-60% AMI) and lease housing residents in particular. Second, significant delays have taken place with our lender Community Investment Corporation (CIC), which has been very slow to consider our critical “Covenants of Affordability” that join together the member-owners of the trust. In July, CIC offered only qualified support of these and related subordination agreements. This has made us consider a new challenge/opportunity if we want to identify an alternate Community Development Financial Institution (CDFI) to be the lead lender, but also entity that could assist with marketing, education and outreach. Voice, as fiscal agent for the Trust, has asked the COLT Federation for assistance in marketing and promotion, and new resources are in the offing. Voice did, however, advance the outreach efforts significantly via the organizing for the tax appeal training session, referenced in this report, where Voice could plug tax appeal benefits for non-profits generally, and for affordable housing that are “service-enriched and permanently affordable”, as in a community land trust.

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We continue to seek funding to bridge receivables from the City grant receivable, other grant/fee receivables, replacement funding for anticipated TACIT Program support (deferred for another year), and provide a revenue stream for start-up “implementation phase” support relative to recruitment and hiring of a managing director for the trust.

In lieu of hiring dedicated staff to the Trust, the organization was able to hire an Americorps VISTA team member who will fill Owner Services Specialist role with the Voice Owner’s Network, the largest project for which is the Dovie Thurman Affordable Housing Trust. Although this does not cure funding or staffing challenges, our new staffer, Marshal Goldsmith, brings lived experience in homelessness, and MBA and housing community service credentials that will help expedite completion of Dovie Thurman Affodable Housing Trust Workplan.