Chrys Bean
Jun 8, 2026
When housing emergencies struck Homes First in 2025, they didn't just damage properties, the financial reserves that keep nearly 300 low-income families safely housed in Thurston and Mason Counties were depleted. The ensuing challenges tested everything we've built over 35 years. But, thanks to you, we're still here and still fighting.
What Happened in 2025
Last year, three back-to-back housing disasters hit our portfolio in quick succession: a fire, a flood, and structural damage from a fallen tree. Four of our units became uninhabitable, generating no rental income for much of the year while our repair costs mounted. Then an unexpected insurance bill hit:
Our annual insurance costs more than doubled — from $65,000 to $135,000. Worse, our deductible per incident skyrocketed from $5,000 to $25,000, a 500% increase that fundamentally changed our financial exposure. That means that every burst pipe, roof failure, or emergency repair now requires us to have $25,000 on hand before our insurance will cover a single dollar. And that isn't money we will get back.
These weren't isolated setbacks. They arrived together, alongside rising costs for utilities, materials, staffing, and compliance, and they drained our reserves completely.
"These converging pressures have completely depleted our cash reserves, threatening everything we've built together over the last 35 years." — Chrys Bean, Development Manager
The Hidden Stakes: More Than a Safety Net
Something that few people outside the nonprofit housing sector know: financial reserves aren't just protection against emergencies, they're a key that unlocks public funding.
Homes First currently has access to over $4 million in public contract funds from state and county sources. But these contracts work on a reimbursement model: Homes First spends our own money on projects, then, after proving the work was done, wait 30 to 90 days (sometimes longer) to be repaid. Without reserves to spend on the initial costs of work, that awarded money sit out of reach. Every month we operate without reserves is another month we can't access dollars that could directly help the families we serve.
How the Community Responded
The response from our supporters (people like you!) has been extraordinary. Through our Heroes for Housing event and the ongoing Rise & Rebuild campaign, you've helped us raise nearly $210,000 — enough to keep every family housed through the crisis. Of the nearly 300 people depending on us, only five lost their homes due to these emergencies. Five too many, but it a small loss compared to what could have happened. This is a testament to what this community can accomplish when it shows up.
Eight community groups (totaling 92 volunteers) and 17 individuals donated more than 401 hours of their time to Homes First in 2025. They helped fill gaps for our small staff with routine yard work, cleaning and moveout maintenance for homes in preparation for new tenants, and filing and organization around the office so our staff time could be spent completing compliance requirements, meeting application deadlines and managing larger projects.
That generosity — of both time and resources — made a world of difference to us.
What We're Building Toward
Recovery isn't just about getting back to zero. Our goal is to build $500,000 in reserve funding so that we can:
Cover increased insurance deductibles when emergencies arise
Bridge the funding gap to access over $4 million in available public contracts
Respond immediately to housing crises without choosing which needs to prioritize
Build genuine long-term stability for the families and communities we serve
This is about more than survival. It's about building a foundation strong enough to carry the weight of our community's needs — not just today, but for decades to come.
How You Can Help
If you're able to give, please consider a contribution to our Rise & Rebuild campaign at homesfirst.org/riserebuild. If you know a foundation, government agency, or institutional partner who understands the value of organizational stability, we'd love an introduction. And if you can advocate for policies that provide reserve funding to housing nonprofits, your voice matters too.
Together, we've already proven we can keep families housed in the hardest times. Now, let's build something stronger.