Cohousing-L Mailing List: Affordability- long term

[Rod Lambert (rod]

In the 2nd neighborhood here we were able to get grants from the federal
gov't of ~18k to help first time buyers afford our units. The trouble with
that idea is that it tends to be just a one time thing as the owners can
cash in on the total increase in value when they sell.

This may have been suggested before:
Why not link affordability to median income in the county (or other
definition of area).
Suppose one "buys down" a unit so that someone earning 80% (or other %) can
afford it. Would it not be possible to require that unit to remain at 80%
each time it changes hands? That would still allow the owner to acquire
some increase in value.

It would require the other members of a group to pay a little more
initially for their units but they can participate fully in market value
increases. They could also buy down more units over time if they institute
a fund derived by some sort of real estate fee on sale of units. Or they
could entice a local entity, interested in creating long term
affordability, to participate.

Rod Lambert
EcoVillage at Ithaca NY.
Where we are starting up a "mentoring" unit to help other communities along
the path.