NEIGHBORWORKS
community land trust
sharing equity
The housing market in Salt Lake County has created an historic affordability crisis, and only truly innovative approaches to this type of challenge can make a real difference. We think that shared equity homeownership is one desirable solution.
Shared equity programs in housing help prospective home buyers to overcome two of the biggest obstacles in buying a home; Saving for a down payment, and high prices of homes.
The concept is relatively simple; you apply for a mortgage for the cost of the home, and only lease the land underneath it. This creates huge savings for the buyer and ensures that price of that home remains affordable permanently. If you sell the home, you still get the equity you have invested, and a percentage of the increased appraisal value.
In Winter 2021, NeighborWorks Salt Lake established the NeighborWorks Community Land Trust to create, preserve, and steward permanently affordable homeownership and to provide education, community service, and support for cooperative development throughout the community.
We currently have an estimated 15-30 homes that will become a part of this shared equity program beginning in Summer 2022.