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Kevin Anderson BWH DC 2011
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Transcript of Kevin Anderson BWH DC 2011
About City First Homes
2006 DC Workforce Housing Act
Portfolio of Permanently Affordable Homes
Shared Appreciation Model
Support buyers up to 120% AMI
Subsidize UNIT, not the buyer
Choice
Build wealth
Steppingstone
Community
How City First Homes works…
Down Payment Assistance Loan
$75,000 fixed
3.79% fixed
40 year term
Down Payment Assistance Loan
$75,000 fixed
3.79% fixed
40 year term
Interest-only payments years 1-7
2% cash required for purchase
If you and when you choose to sell, you keep:
• 100% of principal paid on mortgages
• 100% of value of improvements
•25% of appreciation (75% stays with unit)
•Little or no selling/closing costs
SUCCESSES
• 33 Units Sold since July 2010
• Significant Project Investment
• Proof of Concept in Urban Environment
CHALLENGES
• Introducing Shared Appreciation as 3RD sector of Housing (Traditional Homeownership; Shared Appreciation; Renting)
• Leveraging grant funding
• Scale
1. Lower monthly costs2. Reduced upfront costs - only 2% of home price3. Qualify for “more home”4. Reduce or eliminate PMI fees5. Save on closing costs at sale 6. Build wealth
a. Equityb. 25% appreciationc. Tax Benefits
6 KEY BENEFITS