tag:blogger.com,1999:blog-22305958.post1275148481679257822..comments2024-03-25T18:50:15.135-04:00Comments on DCmud - The Urban Real Estate Digest of Washington DC: New Condo Opens in PetworthKenhttp://www.blogger.com/profile/08295461340042242438noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-22305958.post-39971477434641817102010-08-07T18:08:25.090-04:002010-08-07T18:08:25.090-04:00It is definitely homeownership, and yes, shared eq...It is definitely homeownership, and yes, shared equity for appreciation. That's a trade-off that keeps it affordable: CityFirst keeps 75% of the appreciation, but the buyer keeps 25% (plus all the initial purchase price), and gets to buy with 2% down and a very low interest rate, with closing costs paid. The program allows people in who might not be able to purchase otherwise. If you rent for an additional year to save for the downpayment you lose 12 months of rent. So on balance it may not be good for everyone, but its very good for some.Kenhttps://www.blogger.com/profile/08295461340042242438noreply@blogger.comtag:blogger.com,1999:blog-22305958.post-2199228327896023822010-08-06T11:32:46.246-04:002010-08-06T11:32:46.246-04:00It would be a perfect strategic location for those...It would be a perfect strategic location for those who would want to live near commercial areas where everything are nearly available especially for those busy persons like me... Love your location...Angelinahttps://www.blogger.com/profile/07077204695145906335noreply@blogger.comtag:blogger.com,1999:blog-22305958.post-86198854752589911802010-08-05T15:29:29.651-04:002010-08-05T15:29:29.651-04:00Anonymous- Aug 3, 2010 7:46:00 PM
I don't dis...Anonymous- Aug 3, 2010 7:46:00 PM<br /><br />I don't disagree that the program itself, when compared to market rate units, is good. However, I do have an issue with this being pushed onto lower-income buyers who might not understand the implications as clearer as another buyer. Homeownership is one thing, this is something a little different. I do support this program though and hope that others who earn in the "workforce" housing range, 80-120% of the AMI, utilize it.DCAdvocatenoreply@blogger.comtag:blogger.com,1999:blog-22305958.post-85128294725858458652010-08-03T19:46:55.965-04:002010-08-03T19:46:55.965-04:00I know about the program and think it is a better ...I know about the program and think it is a better deal than indicated. The homeowner does not share all equity, just appreciation. For example, if a homebuyer purchases a $280K unit and it appreciates to $300K by the time they sell, they will keep all principal paid down and 25% of the amount it appreciated, $5K in this case. They share $15K to keep the home affordable to the next buyer. BUT, unlike regular market ownership, this affordable program does not require the seller pay typical 6% closing costs. On a $300K house, that expense is $18,000. So, a CFHomes home owner would be $3K better off than a market owner in this typical scenario. That does not include the monthly savings from the low rate financing - which can really add up.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22305958.post-33489943151679841662010-08-03T11:18:21.113-04:002010-08-03T11:18:21.113-04:00The City First Program that they are mentioning is...The City First Program that they are mentioning is a shared equity ownership arrangement in which the buyer will have to concede 75% of all future equity back to the "land trust" when reselling. It is affordable, but it's not really homeownership. I think people who understand this will appreciate the program more. Right now, it is very confusing to most buyers.DCAdvocatenoreply@blogger.comtag:blogger.com,1999:blog-22305958.post-12487982986100730732010-08-02T21:50:49.103-04:002010-08-02T21:50:49.103-04:00im giving a thumbs up on that faux stone wallim giving a thumbs up on that faux stone wallAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-22305958.post-49408246489730668432010-08-02T15:07:14.335-04:002010-08-02T15:07:14.335-04:00Having attended one of the City First Homes orient...Having attended one of the City First Homes orientation seminars at 1436 U Street NW, www.CFHomes.org, 202-745-4485, it's my understanding that the interest only period is for the first seven years and is there to further assist in making them affordable for people who have good credit but may not have a lot of money for a down payment.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22305958.post-91285970721075328792010-08-02T14:40:03.869-04:002010-08-02T14:40:03.869-04:00This project is also right across the street from ...This project is also right across the street from the Petworth Rec Center, a block from the Upshur Street restaurant and retail corridor, and the DC's newest outdoor farmers' market, the Petworth Community Market! What a GREAT location!Rob Mandlenoreply@blogger.comtag:blogger.com,1999:blog-22305958.post-57702473502288651022010-08-02T10:46:04.039-04:002010-08-02T10:46:04.039-04:00This is good news, but interest only loans? I tho...This is good news, but interest only loans? I thought we all learned a lession about that. How about something that just provides a half point off of a regular fixed rate, or offered a deferred portion of the principal???Anonymousnoreply@blogger.com