Strategies for Hot and Cold Markets
December 10th, 2009 – Washington, DC
Community land trusts, limited equity cooperatives, deed-restricted, owner-occupied houses and condominiums, are among the affordable homeownership models in which the rights, responsibilities, risks, and rewards of homeownership are shared between the individuals who own and occupy this housing and an organizational entity that stands behind the home long after it is sold. These models ensure that homes remain affordable to persons of modest means on a long-term basis by restricting the amount of equity that homeowners may remove from their homes on resale. At the same time, by placing these resale-restricted homes within a protective system of services and supports, shared equity homeownership can lessen the burdens and reduce the risks of homeownership. Affordability is preserved when markets are hot. Foreclosures are prevented when markets are cold. In this one day introductory course, participants will review the most common models for preserving affordable homeownership, weighing the pros and cons of each model as a vehicle for promoting individual security, prosperity, and mobility, while addressing various community concerns like retaining public subsidies and preserving the affordability of publicly assisted, privately owned homes. Participants will examine the organizational and operational options for developing a shared equity homeownership program and for bringing such a program to scale.
This workshop is offered as part of the NeighborWorks Training Institute.