Re: Affordable (Co)housing
From: Sharon Villines (sharonsharonvillines.com)
Date: Tue, 20 Apr 2021 04:36:39 -0700 (PDT)
> On Apr 19, 2021, at 9:06 PM, Diana Carroll <dianaecarroll [at] gmail.com> 
> wrote:

> They still get some cushion. They will get back all the equity they have
> built up, meaning their downpayment and the amount they have paid down the
> mortgage. If they started with 5% down (that's what our program requires)
> and lived there for several years, maybe they could leave with 15% or more
> back in cash.  That would help them have the 5% down for another similar
> property, or plenty for first/last/security if they go back to renting. So
> it isn't a total loss.

It sounds like they do get something.

How do they build equity? If they stay for many years do they eventually own 
the unit?

Sharon
----
Sharon Villines, Washington DC

"The forest was shrinking, but the trees kept voting for the Axe, for the Axe 
was clever and convinced the Trees that because his handle was made of wood, he 
was one of them." -- Turkish proverb

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