Cohousing-L Mailing List: affordability covenants

[gkvontob (gkvontob]

Kennebec Valley CoHousing I & II (rural Maine cooperatives--"I" =  16 FmHA
homes, and "II" = 8 market rate homes) are working to establish a
conservation easement with the Kennebec Land Trust and affordable housing
covenants with the Maine Homestead Land Trust Alliance (MHLTA). 

The conservation easement I'm familiar with.  But the concept of foregoing
speculative gain for both "affordable, subsidized" homes and for "market
rate" homes is a concept I admire but want to know more about.  Anyone out
there involved in such a covenant?  We want to keep "$ value" in the
community and make homes as accessible to future generations as to the
original founders.  It means that homes are as "secure" as savings
accounts--in that they don't fluctuate with the market other than the
fluctuation of nominal interest.  Shareholders agree to sell their homes
for the equity invested plus an agreed upon cost-of-living increase.  MHLTA
agrees to be the arbiter and enforcer of the affordability covenant.  How
has it worked for you?