Kevin Anderson BWH DC 2011

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Kevin Anderson BWH DC 2011

  1. 1.
  2. 2. About City First Homes<br />
  3. 3. 2006 DC Workforce Housing Act <br />Portfolio of Permanently Affordable Homes<br />Shared Appreciation Model<br />Support buyers up to 120% AMI<br />Subsidize UNIT, not the buyer<br />
  4. 4. Choice<br />Build wealth<br />Steppingstone<br />Community<br />
  5. 5. How City First Homes works…<br />
  6. 6. Down Payment Assistance Loan$75,000 fixed3.79% fixed40 year term<br />Down Payment Assistance Loan$75,000 fixed3.79% fixed40 year term<br />Interest-only payments years 1-7<br />2% cash required for purchase<br />
  7. 7. If you and when you choose to sell, you keep:<br /><ul><li> 100% of principal paid on mortgages
  8. 8. 100% of value of improvements
  9. 9. 25% of appreciation (75% stays with unit)
  10. 10. Little or no selling/closing costs</li></li></ul><li>SUCCESSES<br />33 Units Sold since July 2010<br />Significant Project Investment<br />Proof of Concept in Urban Environment<br />
  11. 11. CHALLENGES<br />Introducing Shared Appreciation as 3RD sector of Housing (Traditional Homeownership; Shared Appreciation; Renting)<br />Leveraging grant funding<br />Scale<br />
  12. 12. 6 Key Benefits<br />Lower monthly costs<br />Reduced upfront costs - only 2% of home price<br />Qualify for “more home”<br />Reduce or eliminate PMI fees<br />Save on closing costs at sale <br />Build wealth<br />Equity<br />25% appreciation<br />Tax Benefits<br />

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