Understanding the Proecess
Overcoming Barriers
Ensuring Long-Term Affordability
Ensuring Long-Term Affordability
High home prices and limited inventory can make owning a home seem out of reach. The Starter Home Project aims to change this by partnering with local lenders, communities, and stakeholders to make homeownership attainable for first-time buyers.
Ensuring Long-Term Affordability
Ensuring Long-Term Affordability
Ensuring Long-Term Affordability
Our goal is to keep homes affordable for generations. By implementing resale restrictions and setting land aside for affordable housing, we prevent gentrification and displacement, ensuring communities remain diverse and inclusive.
Homebuyer Details
Ensuring Long-Term Affordability
Homebuyer Details
As a homebuyer, you'll sign a legally-binding Deed Restriction that lasts 31 years, ensuring your home remains affordable for future residents. You agree to sell within a capped price, pay taxes and insurance, and live in the home, fostering a lasting community.
Secure Your Home & Build Equity
Benefits for First-Time Buyers
The Starter Home Project is designed to help get you started on the journey called Home Ownership. Because the home is sold at the cost to build, the price to purchase is often much less than most new homes entering the market. This opportunity is then passed on when a homeowner decides they need their next home. Through this model, homes are sold with the intention of continuing the affordability that was introduced at first sale.
Affordable Home Access
The concept is designed to help people access starter homes at starter home prices, rather than the price of housing in an inflated marketplace and creates homes that are as affordable to the first buyer as the next, without resubsidizingthe unit.
•The buyer purchases a mortgage.
•The resale value is recorded in legal documents
•Buyer agrees to share the affordability that’s been created with the next homebuyer.
•This Project is a 31-year affordability model
Flexible Payment Terms
We are working with a 31 year model. The buyer is always able to work with their own realtor/lender thoughout the process.
Grow Your Equity
A homebuyer using this model will still earn equity and agrees to share the affordability initially created for then next buyer. The maximum price is calculated based on what was paid plus an annual increase based on a specific resale formula
Preserving Neighborhood Value
Because this model is designed to support affordability, it wouldn't be used in a traditional appraisal situation if neighbors were to sell their homes.
Transferring Home Ownership
Great realtors are there to support their buyers, so they should be checking on deeds, among everything else, when they are advising clients. Either way, a deed restriction will be recorded at the county where the home resides, just like any other mortgage document.