Making Housing Affordable - Sycamore Equity - Glenn Bean and Ian Noyes

Glenn Bean and Ian Noyes of Sycamore Equity examine a shared-equity housing model designed to bridge the gap between what nonprofit and church staff can afford and local housing costs. Bean and Noyes explain how equity sharing agreements provide 10–30% of a home’s value at closing to reduce mortgage burdens, typically targeting 3–9% IRRs, with capital recycled upon sale or refinance to build a housing endowment-like reserve.

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Guests:

Glenn Bean: Co-founder, Sycamore Equity

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Ian Noyes: Co-founder, Sycamore Equity

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Deal Highlights:

They detail a Central Coast California transaction: a pastor family sought to buy a $1.2M home they had been renting, had saved $100k, qualified for a $600k mortgage, and filled a $500k gap through aggregated sources—about $200k in gifts from ~20 congregants to a designated church fund, about $200k from donor-advised funds, and $100k from a self-directed IRA—pooled into an LLC that invested in the shared-equity position. The church (annual budget ~$300k–$350k) raised $500k in about two months, which they say also strengthened congregational confidence and unity.

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