How does the HomeBuyer Driven Program Work?

KulshanCLT helps first-time income-eligible homebuyers purchase single-family starter homes in neighborhoods of the homebuyer's choice. KulshanCLT lowers the initial purchase price for homebuyers using community investment funds to bridge the gap to make homes, offered on the conventional open market, affordable to eligible homebuyers. Homebuyers use their own downpayment - at least 1% of the purchase price, and qualify for a conventional 30-year fixed rate mortgage to ensure that monthly housing costs are affordable for your household. You shop for and locate a home that suits your family - using a real estate agent of your choice, if you want. At closing, you sign a 99-year renewable, inheritable ground lease that separates the ownership of the land from ownership of the dwelling and improvements. Terms of the ground lease outline your full rights and responsibilities to and for the land.  When or if you sell your home, you agree to do so at a price that is affordable to the next household of modest means – in accordance with the resale formula.

Buying a condominium

Purchasing a condominium is similar to buying a single family home in that the buyer provides a downpayment of one percent or more, and qualifies for a conventional 30-year fixed rate mortgage to ensure that monthly housing costs are affordable for your household. KulshanCLT lowers the initial purchase price for condominium buyers using community investment  funds to bridge the gap to make homes, offered on the conventional open market,  affordable to eligible condo buyers. Instead of a ground lease, an affordability covenant protects the long term affordability of the condominium. Terms of the affordability covenant outline your full rights and responsibilities to and for the property.  When or if you sell your condominium, you agree to do so at a price that is affordable to the next household of modest means – in accordance with the resale formula.

Owning a home or condominium in partnership with KulshanCLT also means that you have to occupy your home as your primary residence. Like any homeowner, you’re also responsible for maintaining and repairing and improving your home as needed. You’ll learn more about the agreement with KulshanCLT and the resale formula in this document as well as through conversations with KulshanCLT staff and/or current homeowners.