Addison County Community Trust issued the following announcement.
The Addison County Community Trust offers a shared equity homeownership program for moderate-income households making up to 120% of Area Median Income (about $70,320 for a single individual). The program works in two ways:
Each year, we can offer several 20% down-payment grants toward homes on the market, up to $50,000. In exchange for receiving the grant, buyers agree to pass the grant along to future buyers (i.e. the grant stays with the home), along with a share of any appreciation in the home. This resale restriction agreement is recorded in the land records via a Housing Subsidy Covenant or Ground Lease.
- When a home already in our program comes up for sale, we facilitate the sale at a below-market price according to the shared equity agreement.
Currently, we are assisting a resale of a shared equity home in Bristol. Recently appraised for $300,000, the 5br/1.5ba two-story home will be sold through our program at a net purchase price of $195,000 to an income-qualified buyer. Interested buyers should submit an application to Michelle at ACCT. Her contact info along with our application can be found on our website at www.addisontrust.org/shared-equity-application-process. Qualified buyers will also have a pre-approval letter from a lender, and must contribute at least $1,500 of their own funds to the sale. More info about the home is available on our website as well, at www.addisontrust.org/resale-bulletin-board.
Original source can be found here.
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