Emily Higgin's letter to the editor published by the Burlington Free Press yesterday caught our eye.
Emily is the Director of Homeownership for Champlain Housing Trust. Here's what she had to say:
I read with interest the article in the June 5 paper about the housing market ("Vermont's housing market stuck in a holding pattern"). There is a lot of wariness about homeownership these days, but I wanted to share some good news for those still hoping to purchase a home of their own.
The Champlain Housing Trust and other nonprofits across the state have shared-equity homes for sale that buyers can afford. CHT has more homes sold or under contract this year than it did in all of 2010. CHT provides down-payment grants to income-eligible homebuyers, who in turn agree to share a portion of the market appreciation with the next owner when they sell.
The risk of home ownership is mitigated by pre-purchase education and counseling, and by solid products offered by Vermont's community financial institutions, lender and mortgage brokers. In a recent study of shared-equity homes purchased through housing trusts, owners were six times less likely to be in foreclosure than the rest of the market, and 30 times less likely than those who took out subprime loans.
Vermont has been a leader on promoting this sustainable model of homeownership. While homeownership is not for everyone, CHT has a very sound and safe option for those who do want to buy a home but are priced out of the market.
The article Emily mentions quoted VHFA Policy & Planning Manager Maura Collins.