2023-11-09T14:04:36-05:00 2022-12-31 911566381 FINNEY NEILL & COMPANY PS 9757 GREENWOOD AVE N SEATTLE WA 98103 990 2022-01-01 943117253 HOMESIGHT HOME 2067604227 5117 RAINIER AVE S SEATTLE WA 98118 DARRYL SMITH EXECUTIVE DIRECTOR 2067604227 2023-11-07 true SMITH DARRYL 999009999 true JOSHUA J BREILING CPA P01286663 2062989811 2023-11-07 2022 2023-04-26 12:10:37Z DARRYL SMITH 5117 RAINIER AVE S SEATTLE WA 98118 9345317 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. 17 16 44 20 0 4828014 6201573 1964097 2463054 10778 20690 296341 6802889 8981658 860525 3445736 0 2844605 3216436 0 0 2317738 1322219 6022868 7984391 780021 997267 62181156 62310741 12341544 11473862 49839612 50836879 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 494456 1500 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 CONTINUES TO MANAGE THE REHAB AND REPLACEMENT OF MOBILE HOMES IN A LOW-INCOME SENIOR COMMUNITY IN PARTNERSHIP WITH THE HOUSING AUTHORITY OF SNOHOMISH COUNTY. HOMESIGHT IS 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 SCHEDULED FOR 2026. HOMESIGHT WILL 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. PROPERTY PURCHASES FOR THE REMAINING PSA WILL BE FINALIZED ONCE ALL CLOSING CONDITIONS ARE MET. HOMESIGHT IS DEVELOPING A LOW-INCOME LIMITED EQUITY HOUSING COOPERATIVE ON THE REMAINING PROPERTY. ?L?X? (U-LEX, PRONOUNCED "OH-LEW") @ OTHELLO SQUARE 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 2025. 4850145 2826069 2038678 HOMEBUYER SERVICES & LENDING: HOMESIGHT'S HOMEBUYER EDUCATION AND COUNSELING PROGRAMS SERVE NEARLY 350 HOUSEHOLDS ANNUALLY, INCLUDING NEW AND EXISTING CUSTOMERS. IN 2022 AND 2021, OF THESE CUSTOMERS, 64% AND 69% 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 2022 AND 2021, HOMESIGHT ORIGINATED OVER 18.5 MILLION AND 18 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. 1265541 619667 422875 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 2022: 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) SEACAP PILOT PROGRAM - SEACAP'S MISSION IS TO PROVIDE CAPITAL AND BUSINESS COACHING FOR COVID-19 SMALL BUSINESS RECOVERY, STABILIZATION, AND GROWTH TO LOW-INCOME IMMIGRANTS, REFUGEES, WOMEN, AND PEOPLE OF COLOR IN SOUTH SEATTLE WHOSE BUSINESSES ARE VULNERABLE TO DISPLACEMENT. THE PILOT PROGRAM WRAPPED UP IN DECEMBER 2022 AND WAS ABLE TO LEND TO TWO BIPOC WOMEN OWNED BUSINESSES THAT WERE OTHERWISE NOT BE ABLE TO RECEIVE A LOAN FROM TRADITIONAL LENDERS. THE PROGRAM AS A NEW LINE OF BUSINESS IS UNDER DEVELOPMENT. 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. 6610142 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 true true false false false true false false false false false false false false true true false false false true 348 0 44 true false false false false false false false false false false false false X 17 16 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 161328 0 18502 GAYLE SHEA FINANCE CONS 40.00 X 120450 0 371 SEKAI SENWOSRET RD DIRECTOR 40.00 X 109160 0 12557 SCOTT KIM DIRECTOR OF 40.00 X 107249 0 9923 JOE THOMAS HR AND OPS D 40.00 X 103922 0 15381 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 X X 0 0 0 ROB LANG SECRETARY (E 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 X 0 0 0 KATRINA FREEBURG BOARD MEMBER 1.00 0.50 X 0 0 0 NIKITA MATHIS BOARD MEMBER 1.00 X 0 0 0 MARY MEULLION BOARD MEMBER 1.00 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 0.50 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 AGNES VINING BOARD MEMBER 1.00 X 0 0 0 STEVE WILLIAMS BOARD MEMBER 1.00 0.50 X 0 0 0 602109 56734 5 false true false 5509850 691723 6201573 LOAN INTEREST INCOME 522292 1190498 1190498 LOAN & HOMEBUYER SVCS FEES 522292 556129 556129 FISCAL AGENT FEES 561000 422875 422875 RESCUE LOAN DISCOUNT 522292 288436 288436 OTHER PROGRAM REVENUE 531390 2804 2804 2312 2312 2463054 20690 20690 660000 363659 296341 296341 8981658 2759395 20690 597424 597424 2848312 2848312 170000 109408 60592 2464244 1608246 855998 24586 17952 6634 302241 224888 77353 255365 168737 86628 20444 7120 13324 47811 34404 13407 286173 223033 63140 88137 30094 58043 122109 93554 28555 173542 123600 49942 21809 12683 9126 6331 2977 3354 135354 132014 3340 59018 54340 4678 13477 10022 3455 LENDING COSTS 114024 113624 400 COMMUNITY DEVELOPMENT 84014 84014 STAFF TRAINING 38333 14100 24233 BUSINESS TAXES & LICENSES 22281 21719 562 89362 77877 11485 7984391 6610142 1374249 0 7331410 6230342 7583668 7041891 582939 511942 122711 128403 104974 104974 20557 23305 984594 701628 327350 282966 82100 74600 32411280 34620431 13614167 13291887 62181156 62310741 756819 487814 5669611 5098916 71305 63355 5810193 5590167 33616 233610 12341544 11473862 X 26559153 27033019 23280459 23803860 49839612 50836879 62181156 62310741 997267 X false true X true true true X 6409793 4047161 8658041 4828014 6201573 30144582 6409793 4047161 8658041 4828014 6201573 30144582 1237129 28907453 55089 64464 19172 10778 20690 170193 30314775 14783113 0.95360 0.95610 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 420301 163159 296134 281327 14807 282966 HOMEBUYER LOANS RECEIVABLE 34620431 C 34620431 PROJECT CONSTRUCTION COSTS 6513758 LOAN INTEREST RECEIVABLE 2564190 LOANS AVAILABLE FOR SALE 2471679 DUE FROM HSCD 1593904 RIGHT OF USE ASSETS 148356 13291887 LEASE LIABILITY 151159 INTEREST PAYABLE 44389 OTHER LIABILITIES 38062 233610 X 8981658 8981658 8981658 7984391 7984391 7984391 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, 2022 AND 2021. HOMESIGHT RECOGNIZES INCOME TAX RELATED INTEREST IN INTEREST EXPENSE AND PENALTIES IN OPERATING EXPENSES. DURING THE YEARS ENDED DECEMBER 31, 2022 AND 2021, HOMESIGHT RECOGNIZED NO INCOME TAX RELATED INTEREST. DURING THE YEARS ENDED DECEMBER 31, 2022 AND 2021, HOMESIGHT RECOGNIZED 33,880 AND 0 IN FILING PENALTIES FOR ERRORS ON FORM 1099 FILINGS. true LITERARY SOURCE 3200 NE 135TH ST SEATTLE WA 98125 912101208 3 285144 READY TO WORK ASIAN COUNSELING & REFERRAL SERVICE 3639 MARTIN LUTHER KING JR WAY S SEATTLE WA 98144 910916176 3 196787 READY TO WORK SOMALI COMMUNITY SERVICES OF SEA 8810 RENTON AVE S SEATTLE WA 98118 911746056 3 42604 READY TO WORK NEIGHBORHOOD HOUSE 1225 S WELLER ST 510 SEATTLE WA 98144 910568305 3 72889 READY TO WORK 4 SCHOOL SUPPLIES 100 22243 FORECLOSURE ASSISTANCE 75 2826069 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 161328 4708 13794 179830 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 CONTINUES TO MANAGE THE REHAB AND REPLACEMENT OF MOBILE HOMES IN A LOW-INCOME SENIOR COMMUNITY IN PARTNERSHIP WITH THE HOUSING AUTHORITY OF SNOHOMISH COUNTY. HOMESIGHT IS 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 SCHEDULED FOR 2026. HOMESIGHT WILL 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. PROPERTY PURCHASES FOR THE REMAINING PSA WILL BE FINALIZED ONCE ALL CLOSING CONDITIONS ARE MET. HOMESIGHT IS DEVELOPING A LOW-INCOME LIMITED EQUITY HOUSING COOPERATIVE ON THE REMAINING PROPERTY. ?L?X? (U-LEX, PRONOUNCED "OH-LEW") @ OTHELLO SQUARE 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 2025. 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 2022 AND 2021, OF THESE CUSTOMERS, 64% AND 69% 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 2022 AND 2021, HOMESIGHT ORIGINATED OVER 18.5 MILLION AND 18 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 2022: 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) SEACAP PILOT PROGRAM - SEACAP'S MISSION IS TO PROVIDE CAPITAL AND BUSINESS COACHING FOR COVID-19 SMALL BUSINESS RECOVERY, STABILIZATION, AND GROWTH TO LOW-INCOME IMMIGRANTS, REFUGEES, WOMEN, AND PEOPLE OF COLOR IN SOUTH SEATTLE WHOSE BUSINESSES ARE VULNERABLE TO DISPLACEMENT. THE PILOT PROGRAM WRAPPED UP IN DECEMBER 2022 AND WAS ABLE TO LEND TO TWO BIPOC WOMEN OWNED BUSINESSES THAT WERE OTHERWISE NOT BE ABLE TO RECEIVE A LOAN FROM TRADITIONAL LENDERS. THE PROGRAM AS A NEW LINE OF BUSINESS IS UNDER DEVELOPMENT. 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. 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 HOMESIGHT COCO LLC 5117 RAINIER AVE S SEATTLE WA 98188 320583276 DEVELOPM'T WA 1775 5911910 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 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).