Cohousing-L Mailing List: Median Investment

[Mary English (Mary.English]

     At Wasatch Commons, the community wanted diversity in income as well, so 5 
units are low income.  The CROWN (Credits to Ownership)program financed the 
units, with the large companies that put up the money getting a tax write off 
for their investment.  The families have to meet low income requirements, and 
move in on a rent to own basis, without a downpayment.  After 15 years in the 
unit, a part of the money they have paid is their downpayment, and they take 
out their own mortgage on the balance due and own the unit.  I believe it is a 
national program and some of the others in Wasatch Commons could give you a lot 
more info on it.  There is a lot of pain in the neck record keeping of course, 
but it gave people a chance to get in that otherwise could not afford it.  
     

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