Re: Affordable (Co)housing
From: Sharon Villines (sharonsharonvillines.com)
Date: Tue, 20 Apr 2021 05:52:42 -0700 (PDT)
> On Apr 20, 2021, at 7:43 AM, Diana Carroll <dianaecarroll [at] gmail.com> 
> wrote:
> 
> “ How do they build equity? If they stay for many years do they eventually 
> own the unit?”
> 
> Yes. It’s regular ownership. They have a regular mortgage from a regular 
> bank. Every dollar they pay towards the principal builds their equity.  If 
> they get a 30 year mortgage, they will own the house outright in 30 years. 
> 
> The only thing different about their ownership from a standard unit is a 
> restriction on who they can sell to and how much the can sell for. (And the 
> former is negotiable—if they are unable to find a qualified buyer within a 
> certain time frame, they can sell to anyone.)

So it is similar to a rent to buy program with a restriction on buyers and 
selling price. Do you know how they set the selling price?

Sharon
----
Sharon Villines, Washington DC

"A committee is a cul-de-sac down which ideas are lured and then quietly 
strangled." Sir Barnett Cocks



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