KulshanCLT Receives $30,000 from the Wells Fargo Foundation

BELLINGHAM, Wash. – August 29, 2024 – Kulshan Community Land Trust is proud to announce that it has received a grant for $30,000 from the Wells Fargo Foundation for its innovative Homeownership Opportunity Program (HOOP).

HOOP is the core of KulshanCLT's mission. With this program, we educate, counsel, and empower first-time low- to moderate-income (LMI) homebuyers.

“The stability that comes from years-long relationships with committed funders really makes this work possible. We appreciate Wells Fargo and their support,” said Grants & Communications Coordinator Molly McKinney-Holcomb.

Our HOOP program director and our HUD-certified housing counselor work closely together to walk with each family through the homebuying process, an undertaking that encompasses everything from shopping for mortgage products to applying for government subsidies.

This support is key to the financial success of each homebuyer; community land trusts nationwide have significantly lower foreclosure and delinquency rates than the open housing market. HOOP also brings new properties into the trust and oversees property resales.

During the time frame of this grant we expect HOOP to handle approximately 10 sales: five new sales (homes being added to the trust) and at least five resales (new homebuyers purchasing homes that are already in the trust).

This will move an expected 28 people from our waitlist into their own homes and free up space in the cramped rental market of Whatcom County.