Affordable Home Options

In addition to low-interest loan programs, down payment assistance, and other programs that can help you qualify for an affordable home in your area, you may also qualify for housing that is available to those with less wealth.  Following are different models of affordable housing opportunities for your review.

Affordable Housing Developments:

These are new or rehabilitated single family, condominium or town homes that are often developed by nonprofits to be affordable to lower to moderate-income buyers.

Community Land Trusts: The homebuyer, “leaseholder,” owns the home with the community land trust owning the land. If the homebuyer sells their home, the sales price is limited to ensure lower income homebuyer affordability while also providing equity gain for the seller. For most CLT programs, you must be under 80% of median income and have a low debt to income ratio.

Habitat for Humanity: Volunteer labor and donations of money and materials allow Habitat to build homes for low-income buyers. Homes are sold at no profit and financed with no-interest loans. The homeowners' mortgage payments are used to build more Habitat houses. Participants annual income must fall within 25-50% of the County median income.

Self Help Housing: Homebuyer works with a self-help housing agency to construct their home and others by investing program-specified hours of sweat equity. The agency provides instruction and direction. Loans are very low interest. For most self-help programs, you must be under 80% of median income and have a low debt to income ratio.