Sector Growth End of Year Update
The Sector Growth team has been busy this year! By the numbers, our conference and learning events reached more than 750 individuals. Our place-based TA team has worked alongside local housing practitioners, policy makers and community members in 20+ locations. We’ve also responded to more than 350 help desk requests. Some highlights from this year include working alongside:
- NeighborWorks Southern Colorado to be amongst the first in the nation to adopt the Model Deed Restriction for their upcoming 200+ unit development.
- City of Lakes CLT, PRG Inc., Houston CLT, Avenue CDC, Chicago Housing Trust, NHS of Chicago, Atlanta Land Trust, and Resources for Residents and Communities to launch a homeownership stabilization “test and learn” initiative. Eligible homeowners in Minneapolis, Houston, Atlanta, and Chicago seeking mortgage loan modifications are presented with the option to convert their homes to a shared equity home. If they choose this option, a shared equity program makes an affordability investment, allowing the homeowner an affordable monthly payment with their loan modification in exchange for agreeing to future resale restrictions and sharing future appreciation.
- City of Baltimore Affordable Housing Trust Fund to build out their Community Land Trust support program, which has awarded close to 10 million dollars that will produce over 130 units over the next 2 years.
- The FARRR Foundation in Lynchburg, VA as they created the Lighthouse Beloved Community Land Trust, which has access to over 100 acres of land for a master development that will provide over 500 units of homeownership and rental units in the next 3 years using new building techniques.
- Northwest CLT Coalition and the Washington State Department of Commerce to launch a fast-paced comprehensive training program for community land trusts.
BREAKING NEWS:
On December 1, 2022, Fannie Mae began offering lenders preferred pricing for all shared equity loans that meet the FHFA Duty to Serve requirements. The preferred pricing incentivizes lenders to originate more shared equity mortgages, resulting in more mortgage options for your program’s homebuyers.
Fannie Mae is sharing the list of self-certified shared equity programs with all of their lender partners to make it easier for them to find programs that have indicated that they may meet those requirements. So, if you are not yet on the list, now is the time! Take 10 minutes to add your program by completing the Fannie Mae Duty to Serve Shared Equity Homeownership Program Certification administered by Grounded Solutions Network.
