Great news! The Champlain Housing Trust’s shared equity homeownership program was one of six selected by Allstate and Atlantic Media, publishers of Atlantic Monthly and the National Journal, recognized with a Renewal Award at an event in Des Moines, Iowa Tuesday. For the past year, Atlantic Media sought out “pragmatic problem solvers from among local government, nonprofit groups, small businesses and ordinary citizens,” and ultimately chose CHT as one of the six awardees. We are thrilled to be selected.
CHT’s homeownership program provides help in the form of down payment assistance to people priced out of the market. Homeowners get their own mortgage and in exchange for the initial subsidy, they agree to share a portion of the market appreciation of their home when they decide to sell. This sharing keeps the home affordable for another buyer, but also allows owners to build equity from the pay down of their mortgage and a piece of market appreciation. The original subsidy has primarily come from the Vermont Housing and Conservation Board. Studies have shown that two-thirds of owners go on to buy in the market, and are 10 times less likely to fall into foreclosure.
“We are very thankful that Atlantic Media and Allstate selected Champlain Housing Trust’s shared equity homeownership program for recognition with a Renewal Award,” said Brenda Torpy, chief executive officer of CHT. “Our program creates sustainable homeownership for low and moderate income families, leading to both security and opportunity for people who may have remained renters their whole lives. In this country, homeownership is still the primary way most folks build up assets. Our program has demonstrated success – often by breaking generational cycles of poverty – by giving people a shot at reaching the American Dream.”
There are almost 570 homes in CHT’s shared equity portfolio, the largest in the country. In February, CHT anticipates the 1,000th purchase of one of our homes.