2024-11-13T15:37:32-05:00 2023-12-31 911566381 FINNEY NEILL & COMPANY PS 9757 GREENWOOD AVE N SEATTLE WA 98103 990 2023-01-01 943117253 HOMESIGHT HOME 2067604227 5117 RAINIER AVE S SEATTLE WA 98118 DARRYL SMITH EXECUTIVE DIRECTOR 2067604227 2024-11-12 true true JOSHUA J BREILING CPA P01286663 2062989811 2024-11-12 2023 2024-10-15 13:58:12Z DARRYL SMITH 5117 RAINIER AVE S SEATTLE WA 98118 7544080 false X HOMESIGHTWA.ORG X 1990 WA PROMOTING SOCIAL AND ECONOMIC EQUITY TO PRESERVE AND ENHANCE ECONOMICALLY AND CULTURALLY DIVERSE COMMUNITIES THROUGH AFFORDABLE HOMEOWNERSHIP, BUSINESS DEVELOPMENT, AND COMMUNITY ADVOCACY. 14 14 42 17 0 6201573 5231759 2463054 2075619 20690 89483 296341 147219 8981658 7544080 3445736 698015 0 3216436 3684709 0 203067 1322219 1632036 7984391 6014760 997267 1529320 62310741 66454602 11473862 14088403 50836879 52366199 X HOMESIGHT CREATES AFFORDABLE HOMEOWNERSHIP OPPORTUNITIES THROUGH ITS HOMEBUYER EDUCATION AND LENDING, AND REAL ESTATE DEVELOPMENT PROGRAMS. THESE PROGRAMS PRIMARILY SERVE LOW AND MODERATE INCOME, FIRST-TIME HOMEBUYERS IN SEATTLE, KING, PIERCE, AND SNOHOMISH COUNTIES. HOMESIGHT IS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION, CERTIFIED BY THE US DEPARTMENT OF TREASURY, AND IS A WASHINGTON STATE LICENSED CONSUMER LOAN COMPANY false false 552171 10500 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 REAL ESTATE DEVELOPMENT ALSO PROVIDES PROJECT MANAGEMENT SERVICES TO COMMUNITY NONPROFIT ORGANIZATIONS TO ASSIST IN COMMUNITY DEVELOPMENT AND NEIGHBORHOOD REVITALIZATION ACTIVITIES. HOMESIGHT WAS THE LEAD DEVELOPER AND PROJECT MANAGER FOR THE TRANSIT- ORIENTED DEVELOPMENT OF OTHELLO SQUARE (FORMERLY THE SOUTHEAST ECONOMIC OPPORTUNITY CENTER (SEOC)) IN SEATTLE. HOMESIGHT COMPLETED THE FEASIBILITY AND IMPLEMENTATION PLAN FOR THE PROJECT IN 2017. THE GOALS OF THIS 215M 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 SOUTHEAST 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 CHILDREN'S CLINIC, TINY TOTS OTHELLO SQUARE AND ORENDA APARTMENTS BUILDING BROKE GROUND IN NOVEMBER 2019 AND THE SALISH SEA ELEMENTARY SCHOOL BROKE GROUND IN JULY 2020. BOTH BUILDINGS ARE NOW OPEN AND OPERATING. IN 2021, HOMESIGHT ASSIGNED THE PSA FOR THE 3RD PROPERTY TO COMMUNITY ROOTS HOUSING, A LOCAL AFFORDABLE HOUSING DEVELOPER AND PROVIDER OF AFFORDABLE RENTAL UNITS. THEY WILL DEVELOP THIS PROPERTY AND OWN AND MANAGE THE AFFORDABLE RENTAL UNITS IT WILL CONTAIN. THE BUILDING WILL BE CALLED THE OPPORTUNITY CENTER @ OTHELLO SQUARE AND COMPLETION IS TENTATIVELY SCHEDULED FOR 2028. HOMESIGHT WILL PURCHASE AND BUILD OUT THE 1ST FLOOR AS COMMUNITY-SERVING COMMERCIAL SPACES THAT WILL BE SOLD TO LOCAL COMMUNITY SERVING ORGANIZATIONS. HOMESIGHT WILL RELOCATE ITS OFFICES TO THE OPPORTUNITY CENTER. THE PROPERTY PURCHASE FOR THE 4TH PSA WILL BE FINALIZED ONCE ALL CLOSING CONDITIONS ARE MET. HOMESIGHT IS DEVELOPING A LOW-INCOME LIMITED EQUITY HOUSING COOPERATIVE ON THE 4TH REMAINING PROPERTY CALLED ?L?X? (U-LEX, PRONOUNCED "OH-LEW") @ OTHELLO SQUARE. THE PROJECT IS APPLYING FOR FHA-INSURED CONSTRUCTION FINANCING AND HAS EQUITY FROM LOCAL, STATE AND FEDERAL SOURCES ALREADY SECURED. THIS PROJECT IS FULLY PERMITTED AND ENTITLED AND IS SCHEDULED FOR COMPLETION IN 2026. 2277926 1708268 HOMEBUYER SERVICES & LENDING: HOMESIGHT'S HOMEBUYER EDUCATION AND COUNSELING PROGRAMS SERVE NEARLY 350 HOUSEHOLDS ANNUALLY, INCLUDING NEW AND EXISTING CUSTOMERS. IN 2023 AND 2022, OF THESE CUSTOMERS, 85% AND 64% 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-ON-ONE 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 THE GROWING GAP BETWEEN FAMILY INCOMES AND HOME PRICES. IT OFFERS PURCHASE 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 FHA OR PRIVATE MORTGAGE INSURANCE FOR ITS CUSTOMERS THEREBY INCREASING THE BUYING POWER OF LOW- AND MODERATE-INCOME FIRST-TIME HOMEBUYERS. -- HOMESIGHT IS A "CORRESPONDENT" 1ST MORTGAGE LENDER TO THE WASHINGTON STATE HOUSING FINANCE COMMISSION, A LOCAL COMMUNITY BANK, AND A NEIGHBORWORKS AMERICA PARTNER. IN 2023 AND 2022, HOMESIGHT ORIGINATED OVER 16.7 MILLION AND 18.5 MILLION IN 1ST MORTGAGE LOANS WITH ITS CAPITAL PRIMARILY FOR SUBSEQUENT SALE TO THESE LENDERS. THROUGH THESE CHANNELS HOMESIGHT PROVIDES QUALITY, LOW-INTEREST 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 2020, HOMESIGHT WAS APPROVED BY THE US DEPARTMENT OF TREASURY - CDFI FUND TO EXPAND THE TARGET MARKET TO AFRICAN AMERICANS (AA) IN KING, PIERCE, AND SNOHOMISH COUNTIES. SINCE THIS ADDITION, HOMESIGHT HAS FOUGHT AGAINST REDLINING AND GENTRIFICATION OF AA'S IN THE SEATTLE AREA BY INTRODUCING LENDING PROGRAMS SUCH AS THE SAM SMITH HI NEIGHBOR HOMEOWNERSHIP FUND (SSHNHF) AND THE SOCIAL JUSTICE (SJ) DPA PROGRAM. THE SSHNHF HELPS AA'S BETWEEN 80-120% AREA MEDIAN INCOME, PURCHASE HOMES ACROSS WASHINGTON STATE BY OFFERING DOWN PAYMENT ASSISTANCE UP TO 20,000 AT 3% DEFERRED FOR 30 YEARS. HOMESIGHT HAS PARTNERED WITH WINDERMERE, US BANK, AND NAREB TO PIONEER THIS INNOVATIVE PROGRAM. AS HOUSING PRICES CONTINUE TO SKYROCKET AND INTEREST RATES CREEP UP, HOMESIGHT HAS MADE IT A MISSION TO SUPPORT BIPOC COMMUNITIES. HOMESIGHT IS SUPPORTING BIPOC FIRST TIME HOME BUYERS BY OFFERING THE SOCIAL JUSTICE DPA PROGRAM. THE PROGRAM INCLUDES 10,000 DEFERRED DOWN PAYMENT ASSISTANCE AT 0% FOR 30 YEARS. THE 3 MILLION SJ DPA FUND WILL HELP 300 BIPOC FAMILIES PURCHASE HOMES IN WASHINGTON STATE. IN 2021, HOMESIGHT LAUNCHED A COUPLE OF DIFFERENT MORTGAGE LOANS PROGRAMS TO FURTHER SUPPORT BIPOC COMMUNITIES. HOMESIGHT NOW OFFERS A VISTA (ITIN) LOAN PROGRAM AND A SHARIA COMPLIANT LOAN PROGRAM. THE VISTA LOAN IS AIMED AT HELPING THOSE WITHOUT TRADITIONAL SOCIAL SECURITY NUMBERS PURCHASE HOMES. THE VISTA LOAN PROGRAM ONLY REQUIRES A 5% DOWN PAYMENT BY THE BORROWER. THIS IS MUCH FRIENDLIER THAN THE OTHER ITIN PROGRAMS AROUND WHICH REQUIRE 10-30% DOWN. HOMESIGHT WAS ALSO APPROVED BY THE WASHINGTON STATE HOUSING FINANCE COMMISSION TO FUND AND SELL SHARIA COMPLIANT FIRST MORTGAGES. THERE IS A LARGE ISLAMIC POPULATION IN SEATTLE THAT NEED SUPPORT IN PURCHASING FIRST HOMES. HOMESIGHT WAS EXCLUSIVELY APPROVED BY THE WSHFC TO OFFER THESE LOANS. HOMESIGHT PARTNERED WITH IJARA CDC TO OFFER THIS INNOVATIVE, INTEREST FREE AND SHARIA COMPLIANT LOANS. TOGETHER WITH OUR PARTNERS WE HOPE TO MAKE A DIFFERENCE FOR FIRST-TIME HOMEBUYERS IN THIS EVER-CHALLENGING HOUSING MARKET IN WASHINGTON STATE. 1365578 698015 356851 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 OVER 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 CITY'S MOST RACIALLY AND ETHNICALLY DIVERSE COMMUNITY. HOMESIGHT ESTABLISHED THREE COMMUNITY DEVELOPMENT ACTIVITIES IN 2023: 1) ESSENTIAL SOUTHEAST SEATTLE COOPERATIVE (ESES). AT THE START OF THE COVID- 19 PANDEMIC, THIS PROGRAM WAS DEVELOPED TO PROVIDE AN ONLINE DIRECTORY OF SMALL, INDEPENDENTLY OWNED BUSINESSES LOCATED IN SOUTHEAST SEATTLE THAT WERE OPEN FOR BUSINESS AND DEEMED ESSENTIAL BY WASHINGTON STATE. AS THE PANDEMIC PROGRESSED AND THE NEED BECAME APPARENT, ESES WAS TRANSFORMED INTO AN ONLINE MARKETPLACE REPRESENTING OVER 2,000 BUSINESSES AND SERVING MORE THAN 30,000 CONSUMERS. IN ADDITION TO THE ONLINE MARKETPLACE ESES COLLECTIVE DESIGNED AND IMPLEMENTED A DIGITAL ACCESS AND EDUCATION PROGRAM TO COACH SMALL BIPOC OWNED BUSINESSES TO BE MORE COMPETITIVE IN THE DIGITAL MARKETPLACE; 2) NONPROFIT DELIVERY APP - POST COVID 19 PANDEMIC HAS INSTIGATED CONSUMER BEHAVIORAL CHANGE OF ON-DEMAND FOOD DELIVERY. EXISTING DELIVERY OPTIONS ARE FINANCIALLY UNSUSTAINABLE FOR BUSINESS OWNERS AND DRIVERS AND OFFER LOW ATTENTION TO UNIQUE BIPOC NEEDS. AN ALTERNATIVE DELIVERY OPTION WILL CAPTURE MARKET DEMANDS AND SERVE DESIRED NEEDS TO LOCAL ECOSYSTEM. A HYPER LOCAL DELIVERY APP WITH REDUCED COMMISSION, HIGHER DRIVER PAYOUT AND CURATED RESOURCES IS THE SOLUTION WE ARE SEEKING. 3) READY TO WORK (RTW) - RTW IS A PARTNERSHIP WITH COMMUNITY-BASED ORGANIZATIONS AND AN ADULT BASIC EDUCATION COMMUNITY-BASED PROVIDING ESL COURSES AND JOB TRAINING AND PLACEMENT IN SOUTHEAST SEATTLE. THE RTW PARTNERSHIP, IS NOW MERGING WITH TWO OTHER BASIC EDUCATION PROGRAMS IN NORTH AND WEST SEATTLE, WHERE HOMESIGHT WILL CONTINUE TO SERVE AS THE LEAD AGENCY PROVIDING ADMINISTRATIVE SUPPORT. THE PARTNERS ARE ADDING NEW PATHWAYS TO THE PROGRAM SUCH AS THE CHILDCARE COBORT THROUGH THE IMAGINE INSTITUTE. IT HAS PROVEN SUCCESSFUL WITH 100% GRADUATION RATE AND 85% EMPLOYMENT. 4195675 true true false false false false false false true false true false true true true true false true false false false false false false false false false true false true false false false true false false false false false false false false true true false false false true 315 0 42 true false false false false false false false false false false false false X 14 14 false false false false false false false true true false false true true true true true true true true false WA X TAMMIE ANDERS 2067604227 5117 RAINIER AVE S SEATTLE WA 98118 DARRYL SMITH EXECUTIVE DI 40.00 X 190546 0 21503 TAMMIE ANDERS DIRECTOR OF 40.00 X 137079 0 14298 JOE THOMAS HR DIRECTOR 40.00 X 132361 0 15903 SEKAI SENWOSRET RD DIRECTOR 40.00 X 129754 0 15119 PAMELA MAYO ACCT CONSULT 40.00 X 121554 0 800 SCOTT KIM DIRECTOR OF 40.00 X 118927 0 11675 TERRY MILLER PRESIDENT 2.00 0.50 X X 0 0 0 FRANCINE JOHNSON VICE PRESIDE 2.00 X X 0 0 0 TALYA MILLER SECRETARY 2.00 0.50 X X 0 0 0 HERMAN TAM TREASURER 1.00 0.50 X X 0 0 0 CRISTINA ALVAREZ RUIZ BOARD MEMBER 1.00 X 0 0 0 RHONDA SMITH-BANCHERO BOARD MEMBER 1.00 0.50 X 0 0 0 NICOLE BASCOMB-GREEN BOARD MEMBER 1.00 0.50 X 0 0 0 REBECCA BRYANT BOARD MEMBER 1.00 0.50 X 0 0 0 JUAN COTTO BOARD MEMBER 1.00 0.50 X 0 0 0 KATRINA FREEBURG BOARD MEMBER 1.00 0.50 X 0 0 0 NIKITA MATHIS BOARD MEMBER 1.00 0.50 X 0 0 0 NADINE MORGAN BOARD MEMBER 1.00 0.50 X 0 0 0 JONATHAN PEREZ BOARD MEMBER 1.00 X 0 0 0 ANNA PORKALOB BOARD MEMBER 1.00 X 0 0 0 MICKEY ROSS BOARD MEMBER 1.00 0.50 X 0 0 0 JAY SUENO BOARD MEMBER 1.00 X 0 0 0 STEVE WILLIAMS BOARD MEMBER 1.00 0.50 X 0 0 0 830221 79298 6 false true false JING DAI 331 N 71ST SEATTLE WA 98103 CONSULTING 125000 INDIGO ENTERPRISES LLC 26828 MAPLE VLY HWY 308 MAPLE VALLEY WA 98038 CONTRACTING 102712 2 4285713 946046 5231759 LOAN INTEREST INCOME 522292 1239732 1239732 LOAN & HOMEBUYER SVCS FEES 522292 450431 450431 FISCAL AGENT FEES 561000 356851 356851 RECOVERY OF BAD DEBT 531390 18105 18105 DEVELOPER FEES 522292 10500 10500 2075619 89483 89483 REFUNDS & REIMBURSEMENTS 522292 89321 89321 DEVELOPMENT CONSULTING 522292 45413 45413 MISCELLANEOUS INCOME 999999 12485 12485 147219 7544080 2075619 236702 698015 698015 200000 159231 40769 2793619 1651832 978304 163483 33816 22435 10560 821 369649 245033 104314 20302 287625 178623 93292 15710 92269 80698 11571 53587 38539 15048 387787 363331 23815 641 36919 9991 26281 647 137187 103005 33565 617 210558 160088 50470 17504 9936 7568 30683 15911 14772 132162 130484 1461 217 21806 16742 5064 15141 10972 4169 BAD DEBT EXPENSE 168553 168553 LENDING COSTS 132697 132697 PROGRAM COSTS 67947 66620 915 412 STAFF TRAINING 58999 36029 22970 68237 65463 2557 217 6014760 4195675 1616018 203067 6230342 3703478 7041891 11411160 511942 328177 128403 458495 104974 104974 23305 28015 984594 723434 282966 261160 74600 37400 34620431 37038750 13291887 13082993 62310741 66454602 487814 393567 5098916 7631588 63355 64855 5590167 5711005 233610 287388 11473862 14088403 X 27033019 26870370 23803860 25495829 50836879 52366199 62310741 66454602 1529320 X false true X true true true X 4047161 8658041 4828014 6201573 5231759 28966548 4047161 8658041 4828014 6201573 5231759 28966548 1096711 27869837 64464 19172 10778 20690 89483 204587 146219 146219 29317354 13195066 0.95060 0.95360 X PART II, LINE 10 OTHER NON-INVESTMENT EXEMPT INCOME 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true X 105000 105000 583460 439180 144280 296134 284254 11880 261160 HOMEBUYER LOANS RECEIVABLE 37038750 C 37038750 PROJECT CONSTRUCTION COSTS 6668835 LOAN INTEREST RECEIVABLE 2813929 DUE FROM HSCD 2176567 LOANS AVAILABLE FOR SALE 1278200 RIGHT OF USE ASSETS 145462 13082993 LEASE LIABILITY 149072 INTEREST PAYABLE 123573 OTHER LIABILITIES 14743 287388 X 7544080 7544080 7544080 6014760 6014760 6014760 SCHEDULE D, PAGE 2, PART IV, LINE 2B HOMESIGHT ACTS AS FISCAL AGENT FOR SEVERAL LOCAL ORGANIZATIONS ON AN ONGOING BASIS. SCHEDULE D, PAGE 3, PART X HOMESIGHT ACCOUNTS FOR TAX POSITIONS IN ACCORDANCE WITH THE RECOGNITION AND INITIAL MEASUREMENT SECTIONS OF THE INCOME TAXES TOPIC OF THE FINANCIAL ACCOUNTING STANDARDS BOARD ACCOUNTING STANDARDS CODIFICATION. WITH FEW EXCEPTIONS, HOMESIGHT IS SUBJECT TO FEDERAL AND STATE INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR THE PRIOR THREE YEARS. MANAGEMENT HAS REVIEWED HOMESIGHT'S TAX POSITIONS AND DETERMINED THERE WERE NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2023 AND 2022. HOMESIGHT RECOGNIZES INCOME TAX RELATED INTEREST IN INTEREST EXPENSE AND PENALTIES IN OPERATING EXPENSES. DURING THE YEARS ENDED DECEMBER 31, 2023 AND 2022, HOMESIGHT RECOGNIZED NO INCOME TAX RELATED INTEREST. DURING THE YEARS ENDED DECEMBER 31, 2023 AND 2022, HOMESIGHT RECOGNIZED 0 AND 33,880 IN FILING PENALTIES FOR ERRORS ON FORM 1099 FILINGS, WHICH WERE ABATED IN 2024. true LITERACY SOURCE 3200 NE 135TH ST SEATTLE WA 98125 912101208 3 278930 READY TO WORK ASIAN COUNSELING & REFERRAL SERVICE 3639 MARTIN LUTHER KING JR WAY S SEATTLE WA 98144 910916176 3 190000 READY TO WORK SOMALI COMMUNITY SERVICES OF SEA 8810 RENTON AVE S SEATTLE WA 98118 911746056 3 49990 READY TO WORK NEIGHBORHOOD HOUSE 1225 S WELLER ST 510 SEATTLE WA 98144 910568305 3 65393 READY TO WORK FRONT AND CENTERED 1501 E MADISON STREET STE 250 SEATTLE WA 98122 843336800 90000 COMMUNITY DEV LEWIS MILLER LLC DBA COMFORT ZONE 707 S GRADY WAY STE 600 RENTON WA 980573227 8000 COMMUNITY DEV 4 2 SCHEDULE I, PAGE 1, PART I, LINE 2 ORGANIZATIONS ARE SELECTED BASED UPON ALIGNMENT OF GOALS AND MISSION WITH HOMESIGHT AND THE IMMEDIATE COMMUNITY AND/OR AS DICTATED IN SUBRECIPIENT GRANT AGREEMENTS. DEPENDING ON GRANT REQUIREMENTS, SUBSTANTIATION OF EXPENDIURES MAY BE REQUIRED. X X X X false false false false false false false false false DARRYL SMITH EXECUTIVE DIRECTOR 190546 6000 15503 212049 TAMMIE ANDERS DIRECTOR OF FINANCE 137079 2475 11823 151377 KATRINA FREEBURG BOARD MEMBER PRINICIPAL RESIDENCE MORTGAGE X 70000 70000 false true true KATRINA FREEBURG BOARD MEMBER PRINCIPAL RESIDENCE MORTGAGE X 25000 25000 false true true KATRINA FREEBURG BOARD MEMBER PRINCIPAL RESIDENCE MORTGAGE X 30000 9974 false true true 104974 FORM 990 - ORGANIZATION'S MISSION HOMESIGHT CREATES AFFORDABLE HOMEOWNERSHIP OPPORTUNITIES THROUGH ITS HOMEBUYER EDUCATION AND LENDING, AND REAL ESTATE DEVELOPMENT PROGRAMS. THESE PROGRAMS PRIMARILY SERVE LOW AND MODERATE INCOME, FIRST-TIME HOMEBUYERS IN SEATTLE, KING, PIERCE, AND SNOHOMISH COUNTIES. HOMESIGHT IS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION, CERTIFIED BY THE US DEPARTMENT OF TREASURY, AND IS A WASHINGTON STATE LICENSED CONSUMER LOAN COMPANY FORM 990, PAGE 2, PART III, LINE 4A 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 REAL ESTATE DEVELOPMENT ALSO PROVIDES PROJECT MANAGEMENT SERVICES TO COMMUNITY NONPROFIT ORGANIZATIONS TO ASSIST IN COMMUNITY DEVELOPMENT AND NEIGHBORHOOD REVITALIZATION ACTIVITIES. HOMESIGHT WAS THE LEAD DEVELOPER AND PROJECT MANAGER FOR THE TRANSIT- ORIENTED DEVELOPMENT OF OTHELLO SQUARE (FORMERLY THE SOUTHEAST ECONOMIC OPPORTUNITY CENTER (SEOC)) IN SEATTLE. HOMESIGHT COMPLETED THE FEASIBILITY AND IMPLEMENTATION PLAN FOR THE PROJECT IN 2017. THE GOALS OF THIS 215M 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 SOUTHEAST 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 CHILDREN'S CLINIC, TINY TOTS OTHELLO SQUARE AND ORENDA APARTMENTS BUILDING BROKE GROUND IN NOVEMBER 2019 AND THE SALISH SEA ELEMENTARY SCHOOL BROKE GROUND IN JULY 2020. BOTH BUILDINGS ARE NOW OPEN AND OPERATING. IN 2021, HOMESIGHT ASSIGNED THE PSA FOR THE 3RD PROPERTY TO COMMUNITY ROOTS HOUSING, A LOCAL AFFORDABLE HOUSING DEVELOPER AND PROVIDER OF AFFORDABLE RENTAL UNITS. THEY WILL DEVELOP THIS PROPERTY AND OWN AND MANAGE THE AFFORDABLE RENTAL UNITS IT WILL CONTAIN. THE BUILDING WILL BE CALLED THE OPPORTUNITY CENTER @ OTHELLO SQUARE AND COMPLETION IS TENTATIVELY SCHEDULED FOR 2028. HOMESIGHT WILL PURCHASE AND BUILD OUT THE 1ST FLOOR AS COMMUNITY-SERVING COMMERCIAL SPACES THAT WILL BE SOLD TO LOCAL COMMUNITY SERVING ORGANIZATIONS. HOMESIGHT WILL RELOCATE ITS OFFICES TO THE OPPORTUNITY CENTER. THE PROPERTY PURCHASE FOR THE 4TH PSA WILL BE FINALIZED ONCE ALL CLOSING CONDITIONS ARE MET. HOMESIGHT IS DEVELOPING A LOW-INCOME LIMITED EQUITY HOUSING COOPERATIVE ON THE 4TH REMAINING PROPERTY CALLED ?L?X? (U-LEX, PRONOUNCED "OH-LEW") @ OTHELLO SQUARE. THE PROJECT IS APPLYING FOR FHA-INSURED CONSTRUCTION FINANCING AND HAS EQUITY FROM LOCAL, STATE AND FEDERAL SOURCES ALREADY SECURED. THIS PROJECT IS FULLY PERMITTED AND ENTITLED AND IS SCHEDULED FOR COMPLETION IN 2026. FORM 990, PAGE 2, PART III, LINE 4B HOMEBUYER SERVICES & LENDING: HOMESIGHT'S HOMEBUYER EDUCATION AND COUNSELING PROGRAMS SERVE NEARLY 350 HOUSEHOLDS ANNUALLY, INCLUDING NEW AND EXISTING CUSTOMERS. IN 2023 AND 2022, OF THESE CUSTOMERS, 85% AND 64% 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-ON-ONE 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 THE GROWING GAP BETWEEN FAMILY INCOMES AND HOME PRICES. IT OFFERS PURCHASE 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 FHA OR PRIVATE MORTGAGE INSURANCE FOR ITS CUSTOMERS THEREBY INCREASING THE BUYING POWER OF LOW- AND MODERATE-INCOME FIRST-TIME HOMEBUYERS. -- HOMESIGHT IS A "CORRESPONDENT" 1ST MORTGAGE LENDER TO THE WASHINGTON STATE HOUSING FINANCE COMMISSION, A LOCAL COMMUNITY BANK, AND A NEIGHBORWORKS AMERICA PARTNER. IN 2023 AND 2022, HOMESIGHT ORIGINATED OVER 16.7 MILLION AND 18.5 MILLION IN 1ST MORTGAGE LOANS WITH ITS CAPITAL PRIMARILY FOR SUBSEQUENT SALE TO THESE LENDERS. THROUGH THESE CHANNELS HOMESIGHT PROVIDES QUALITY, LOW-INTEREST 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 2020, HOMESIGHT WAS APPROVED BY THE US DEPARTMENT OF TREASURY - CDFI FUND TO EXPAND THE TARGET MARKET TO AFRICAN AMERICANS (AA) IN KING, PIERCE, AND SNOHOMISH COUNTIES. SINCE THIS ADDITION, HOMESIGHT HAS FOUGHT AGAINST REDLINING AND GENTRIFICATION OF AA'S IN THE SEATTLE AREA BY INTRODUCING LENDING PROGRAMS SUCH AS THE SAM SMITH HI NEIGHBOR HOMEOWNERSHIP FUND (SSHNHF) AND THE SOCIAL JUSTICE (SJ) DPA PROGRAM. THE SSHNHF HELPS AA'S BETWEEN 80-120% AREA MEDIAN INCOME, PURCHASE HOMES ACROSS WASHINGTON STATE BY OFFERING DOWN PAYMENT ASSISTANCE UP TO 20,000 AT 3% DEFERRED FOR 30 YEARS. HOMESIGHT HAS PARTNERED WITH WINDERMERE, US BANK, AND NAREB TO PIONEER THIS INNOVATIVE PROGRAM. AS HOUSING PRICES CONTINUE TO SKYROCKET AND INTEREST RATES CREEP UP, HOMESIGHT HAS MADE IT A MISSION TO SUPPORT BIPOC COMMUNITIES. HOMESIGHT IS SUPPORTING BIPOC FIRST TIME HOME BUYERS BY OFFERING THE SOCIAL JUSTICE DPA PROGRAM. THE PROGRAM INCLUDES 10,000 DEFERRED DOWN PAYMENT ASSISTANCE AT 0% FOR 30 YEARS. THE 3 MILLION SJ DPA FUND WILL HELP 300 BIPOC FAMILIES PURCHASE HOMES IN WASHINGTON STATE. IN 2021, HOMESIGHT LAUNCHED A COUPLE OF DIFFERENT MORTGAGE LOANS PROGRAMS TO FURTHER SUPPORT BIPOC COMMUNITIES. HOMESIGHT NOW OFFERS A VISTA (ITIN) LOAN PROGRAM AND A SHARIA COMPLIANT LOAN PROGRAM. THE VISTA LOAN IS AIMED AT HELPING THOSE WITHOUT TRADITIONAL SOCIAL SECURITY NUMBERS PURCHASE HOMES. THE VISTA LOAN PROGRAM ONLY REQUIRES A 5% DOWN PAYMENT BY THE BORROWER. THIS IS MUCH FRIENDLIER THAN THE OTHER ITIN PROGRAMS AROUND WHICH REQUIRE 10-30% DOWN. HOMESIGHT WAS ALSO APPROVED BY THE WASHINGTON STATE HOUSING FINANCE COMMISSION TO FUND AND SELL SHARIA COMPLIANT FIRST MORTGAGES. THERE IS A LARGE ISLAMIC POPULATION IN SEATTLE THAT NEED SUPPORT IN PURCHASING FIRST HOMES. HOMESIGHT WAS EXCLUSIVELY APPROVED BY THE WSHFC TO OFFER THESE LOANS. HOMESIGHT PARTNERED WITH IJARA CDC TO OFFER THIS INNOVATIVE, INTEREST FREE AND SHARIA COMPLIANT LOANS. TOGETHER WITH OUR PARTNERS WE HOPE TO MAKE A DIFFERENCE FOR FIRST-TIME HOMEBUYERS IN THIS EVER-CHALLENGING HOUSING MARKET IN WASHINGTON STATE. FORM 990, PAGE 2, PART III, LINE 4C 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 OVER 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 CITY'S MOST RACIALLY AND ETHNICALLY DIVERSE COMMUNITY. HOMESIGHT ESTABLISHED THREE COMMUNITY DEVELOPMENT ACTIVITIES IN 2023: 1) ESSENTIAL SOUTHEAST SEATTLE COOPERATIVE (ESES). AT THE START OF THE COVID- 19 PANDEMIC, THIS PROGRAM WAS DEVELOPED TO PROVIDE AN ONLINE DIRECTORY OF SMALL, INDEPENDENTLY OWNED BUSINESSES LOCATED IN SOUTHEAST SEATTLE THAT WERE OPEN FOR BUSINESS AND DEEMED ESSENTIAL BY WASHINGTON STATE. AS THE PANDEMIC PROGRESSED AND THE NEED BECAME APPARENT, ESES WAS TRANSFORMED INTO AN ONLINE MARKETPLACE REPRESENTING OVER 2,000 BUSINESSES AND SERVING MORE THAN 30,000 CONSUMERS. IN ADDITION TO THE ONLINE MARKETPLACE ESES COLLECTIVE DESIGNED AND IMPLEMENTED A DIGITAL ACCESS AND EDUCATION PROGRAM TO COACH SMALL BIPOC OWNED BUSINESSES TO BE MORE COMPETITIVE IN THE DIGITAL MARKETPLACE; 2) NONPROFIT DELIVERY APP - POST COVID 19 PANDEMIC HAS INSTIGATED CONSUMER BEHAVIORAL CHANGE OF ON-DEMAND FOOD DELIVERY. EXISTING DELIVERY OPTIONS ARE FINANCIALLY UNSUSTAINABLE FOR BUSINESS OWNERS AND DRIVERS AND OFFER LOW ATTENTION TO UNIQUE BIPOC NEEDS. AN ALTERNATIVE DELIVERY OPTION WILL CAPTURE MARKET DEMANDS AND SERVE DESIRED NEEDS TO LOCAL ECOSYSTEM. A HYPER LOCAL DELIVERY APP WITH REDUCED COMMISSION, HIGHER DRIVER PAYOUT AND CURATED RESOURCES IS THE SOLUTION WE ARE SEEKING. 3) READY TO WORK (RTW) - RTW IS A PARTNERSHIP WITH COMMUNITY-BASED ORGANIZATIONS AND AN ADULT BASIC EDUCATION COMMUNITY-BASED PROVIDING ESL COURSES AND JOB TRAINING AND PLACEMENT IN SOUTHEAST SEATTLE. THE RTW PARTNERSHIP, IS NOW MERGING WITH TWO OTHER BASIC EDUCATION PROGRAMS IN NORTH AND WEST SEATTLE, WHERE HOMESIGHT WILL CONTINUE TO SERVE AS THE LEAD AGENCY PROVIDING ADMINISTRATIVE SUPPORT. THE PARTNERS ARE ADDING NEW PATHWAYS TO THE PROGRAM SUCH AS THE CHILDCARE COBORT THROUGH THE IMAGINE INSTITUTE. IT HAS PROVEN SUCCESSFUL WITH 100% GRADUATION RATE AND 85% EMPLOYMENT. FORM 990, PAGE 6, PART VI, LINE 11B THE DRAFT FORM 990 IS PROVIDED TO ALL MEMBERS OF THE EXECUTIVE BOARD FOR REVIEW PRIOR TO FILING. IF TIMING ALLOWS, QUESTIONS MAY BE RAISED AT A BOARD MEETING PRIOR TO FILING; IF NOT, THE CFO IS AVAILABLE TO ANSWER ANY AND ALL QUESTIONS. FORM 990, PAGE 6, PART VI, LINE 12C THE BOARD AND EMPLOYEES COMPLETE A CONFLICTS OF INTEREST STATEMENT ANNUALLY. FORM 990, PAGE 6, PART VI, LINE 15A THE BOARD PERIODICALLY REVIEWS THE TOP OFFICIAL'S COMPENSATION USING SURVEY DATA TO MAKE MODIFICATIONS AS NECESSARY. FORM 990, PAGE 6, PART VI, LINE 15B THE MANAGEMENT TEAM PERIODICALLY REVIEWS THE TOP OFFICIAL'S COMPENSATION USING SURVEY DATA TO MAKE MODIFICATIONS AS NECESSARY, AND BUDGETED SALARIES ARE SUBJECT TO BOARD APPROVAL. FORM 990, PAGE 6, PART VI, LINE 19 THE FINANCIAL STATEMENTS ARE INCLUDED IN HOMESIGHT'S ANNUAL REPORT THAT IS AVAILABLE TO THE PUBLIC. OTHER GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST. 809 HIAWATHA PLACE LLC 5117 RAINIER AVE S SEATTLE WA 98188 205328278 DEVELOPM'T WA 41058 HOMESIGHT COCO LLC 5117 RAINIER AVE S SEATTLE WA 98188 320583276 DEVELOPM'T WA 6085078 HOMESIGHT HOMESIGHT COMMUNITY DEVELOPMENT 5117 RAINIER AVE S SEATTLE WA 98118 824218470 CMTY DEV WA 501C3 7 HOMESIGHT false LW II HOMESIGHT LLC 5117 RAINIER AVE S SEATTLE WA 98118 464823390 LOW INCM WA N/A true false false false false false false false false false false false false false false false false false false false SCHEDULE R SCHEDULE R, PART II, LINE 1: THE ORGANIZATION SHARES THE SAME MAJORITY OF BOARD OF DIRECTORS AS HOMESIGHT COMMUNITY DEVELOPMENT. SCHEDULE R, PART IV, LINE 1: LW II HOMESIGHT LLC ELECTED TO BE TREATED AS A CORPORATION AND IS 100% OWNED BY HOMESIGHT COMMUNITY DEVELOPMENT (SCHED R, PART II, LINE 1).