Population
Scope:
The CLT/SEH
map includes (1) nonprofits that are adopting or have adopted one or more shared
equity homeownership (SEH) models*, and (2) nonprofits, governments, or
other entities that identify or plan to identify as a community land trust
(CLT).
INCLUDED
|
EXCLUDED
|
Regardless
of the legal mechanism (i.e., ground lease, deed restriction or second
mortgage), nonprofits with/plan to have shared equity homes, such as:
- Housing trust
- Community Development Corporation
- NeighborWorks affiliate
- Habitat affiliate
- Nonprofit with a CLT program
|
Entities
that are not using a hybrid CLT model, and instead, are providing one or more
of the following:
- Limited-equity coop
- Zero-equity coop
- Resident-owned community
- Government-based deed-restricted program (e.g.,
inclusionary zoning)
- An affordable homeownership model, but not shared equity
model
|
Community
land trusts, including:
- Start-up CLTs
- Public agencies with a CLT program
- CLTs with residential portfolio (e.g., homeownership,
rental, coops, lease-to-purchase)
- CLTs with commercial portfolio (e.g., office, retail,
agriculture)
- Hybrid CLT models (e.g., limited equity coops or
resident-owned communities on CLT ground lease land, CLTs using deed
restrictions on condominiums)
|
* Shared equity homes are sold to
households for less than their market-rate value to make the home affordable.
In return, the household agrees to resell the home in the future below its then
market-rate value, so it remains affordable for the subsequent lower income
homebuyer. Every lower income owner of the home agrees to restrict the price
for which the home may be resold, so the home remains permanently affordable.
The homeowners of the shared equity homes build wealth from paying down their
mortgages and from the homes increasing in value—although they do not receive
all the appreciation. That way, the home can be sold at an affordable price
resale after resale. The map excludes “shared equity” or “shared appreciation”
programs that are not intended to keep properties permanently affordable beyond
30 years.