There are three ways our homes are created:
Where the Housing Trust owns the property and rents it to a family, the Trust pays the tax and fees directly to the Town. Owners of Trust homes pay taxes based on the Town assessment of their home just like any other property owner. All homeowners qualify for mortgages the same way as everyone else, they go to the bank and get a mortgage. The local banks now have 20 years of experience giving home loans under this arrangement. New homes brought to the market consistently have resulted in more applicants than could be served, and the turnover (resale) rate is very low.
When the owner of a Trust home wants to sell they get to keep a portion of the equity, the balance of the equity goes to pay down the cost of the house to the next person.
The Litchfield Housing Trust has won federal and state awards for its work.