NCBCI has been awarded $1 million to help community-based organizations implement its “shared equity homeownership” model in 11 metropolitan areas across the country. Traditional efforts to help residents of low income communities buy homes (like one time grants to assist with home purchases) often fail to maintain that benefit in the long term, because nothing insures that the homes purchased will remain affordable when they return to the market. “Shared equity homeownership”, on the contrary, uses a variety of strategies like community land trusts and limited equity cooperatives to help people towards homeownership and equity while at the same time ensuring that the homes in question remain affordable in the long term. By alleviating some of the speculative pressures common in the real estate market and by finding a middle ground between helping develop private and community wealth, “shared equity homeownership” is an effective long-term approach to the housing crisis.
Posted by
John Duda on 08/16/2011 at 06:15 AM
