Building for lasting affordability

For developers, shared equity homeownership provides a way to ensure that affordable homes that are built today continue to serve as affordable housing for generations to come.  Developing affordable housing can be a challenging proposition and many projects take years of effort just to secure approvals and necessary subsidy funds.  Given the effort that goes into creating new affordable homes, shouldn’t we do everything we can to make sure that more than one family can benefit?  While most shared equity homeownership programs are created by local or state governments, for profit and nonprofit developers of affordable housing frequently play key roles in implementation.  It is important that developers understand affordability restrictions and be able to explain them to homebuyers and other partners.  Furthermore, because developers may ultimately be responsibility for selling shared equity homes, it is important that developers participate in the design of these programs.

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  • Urban Land: CLTs, Foreclosure Prevention and Neighborhood Stabilization
  • This article from the September issue of ULI’s Urban Land magazine provides an overview of the features of community land trusts and their applications under today’s current housing market conditions, particularly how CLTs can be used in the context of foreclosure prevention and neighborhood stabilization. CLTarticle_UL_Sept09

  • Preserving the Affordability of NSP Funded Foreclosed Properties
  • picture-51This report developed by Burlington Associates and the law firm of Goldfarb and Lipman for NCB Capital Impact outlines federal requirements for preserving affordability of NSP assisted homeownership units. The report describes specific legal and financial structures that jurisdictions might use to meet HUD requirements and preserve long term affordability.

  • Survey: Community land trusts lower risk of losing homes to foreclosure
  • Homeowners in community land trusts (CLTs) across the country are much less likely to lose their homes to foreclosure than owners of market-rate homes, according to survey results released by the National CLT Network and the Lincoln Institute of Land Policy. The new data show 2008 closing with a slight 0.52 percent foreclosure rate among […]

  • American Planning Association: Affordable Forever
  • planning0309This article from Planning Magazine profiles a number of community land trusts and describes how local planners are turning to CLTs as a means for preserving long term affordability of homeownership units.

  • Fannie Mae: Guidelines for Resale Restricted and CLT Properties
  • Fannie Mae has developed a thoughtful set of guidelines that allow lenders to originate mortgages for buyers of shared equity homes. The guidelines are designed to protect the lender's security interest in the property right to repayment while still allowing local affordable housing programs to protect affordability for the longest term possible. The guidelines allow for resale price restrictions that survive foreclosure by the mortgage holder.

  • WA Housing Finance Commission: CLTs Come of Age
  • picture-31The Washington Housing Finance Commission published this 8 page overview of Community Land Trusts in Washington and the growing role that they are playing in implementing the state's affordable housing goals. Kim Herman, Executive Director of the Commission and past president of the National Council of State Housing Agencies, writes ...

  • CalState Preserves Affordability of Faculty Housing
  • This excerpt form a report published by Homes for Working Families provides a profile of an innovative employer sponsored housing program which offers shared equity homeownership to university faculty. University Glen provides affordable for-sale housing to faculty and staff of California State University’s Channel Islands campus as well as market-rate rental housing. Priority is given to faculty and staff […]

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