Affordable housing preservation market.

CFR · 2024-01-01 · US · Title 12

(a) (b) (c) (1) (2) (3) (4) (5) (6) (7) (8) (9) (d) (1) (2) (3) (4) (A) Resale restriction programs administered by community land trusts, other nonprofit organizations, or state or local governments or instrumentalities; or (B) Shared appreciation loan programs administered by community land trusts, other nonprofit organizations, or state or local governments or instrumentalities that may or may not partner with a for-profit institution to invest in, originate, sell, or service shared appreciation loans. (ii) A program in paragraph (d)(4)(i) must: (A) Provide homeownership opportunities to very low-, low-, or moderate-income households; (B) Utilize a ground lease, deed restriction, subordinate loan, or similar legal mechanism that includes provisions stating that the program will keep the home affordable for subsequent very low-, low-, or moderate-income families, the affordability term is at least 30 years after recordation, a resale formula applies that limits the homeowner's proceeds upon resale, and the program administrator or its assignee has a preemptive option to purchase the homeownership unit from the homeowner at resale; and (C) Support homebuyers and homeowners to promote sustainable homeownership, including reviewing and pre-approving refinances and home equity lines of credit. (5) (6) (7) (e)

official document · source cfr-2024 · id 12:§ 1282.34