Frequently Asked Questions
What is a Community Land Trust?
Community Land Trusts are membership-based community organizations whose missions include permanent stewardship of land for community benefit and any assets on the land. Our focus is on affordable housing for families of low- and moderate-income. We work to build affordable housing and work to maintain affordability over time, balancing the community’s need for a stock of permanently affordable housing with wealth creation opportunities for individual families, strengthening community and diversity in Yellow Springs. To learn more, visit our CLT Information page - http://yshome.weebly.com/clt-information.html
How can I learn more about the affordable rental program?
To learn more about the affordable rental program, contact Brittany Keller at brittany@yshome.org, or contact her in the office at (937)767-2790. She’d be happy to provide you with more information or add you to our interest/waiting list.
Do I qualify for the homeownership program?
Program eligibility is based on household size and income. Yellow Springs Home, Inc. works with families or individuals who earn up to 80% of Area Median Income. In some instances, we are able to serve households making less than 50% AMI and between 80% and 100% AMI. To see a current income chart, click here and scroll to the bottom of the page: http://yshome.weebly.com/home-buyer-coaching-program.html
Is there a waitlist for homes?
Yes. Initial applicants are added to Home, Inc.’s Preparing List. As clients work through the program, they are moved onto the Ready List once they become mortgage-ready. As homeownership opportunities arise, qualified clients who complete all required steps and are on the Ready List are given first priority.
My credit and/or finances need some work. Should I still sign up?
Yes! We have a homebuyer and financial coaching program that offers individualized support to strengthen finances, set goals, create a household budget, and work to become mortgage ready. We often work with clients who need to repair credit, save for down payment, reduce debt, and reach other financial goals to become mortgage-ready. To learn more, please visit: http://yshome.weebly.com/home-buyer-coaching-program.html
I have a house in mind already that's not part of the Community Land Trust program. Can you still help me purchase a home?
Yes. Our homebuyer coaching program works with clients who are over-income or pursuing opportunities outside of Home, Inc.'s portfolio. The program is designed to help clients determine an affordable mortgage amount, learn information about the financial requirements to obtain a mortgage, what to expect as they go through the homebuyer process, learn about different mortgage options, and how to be a successful homeowner. In addition, we are certified to offer low-interest mortgages in-house through a USDA Rural Development loan program for qualifying applicants. Please contact us for more program details.
Do homeowners pay property taxes to support the Village and local schools?
Yes. Yellow Springs Home, Inc. homeowners pay their fair share of property taxes. The current affordable housing portfolio generates more than $50,000 in annual property tax revenue and contributes to the economic health of the community.
Are homeowners allowed to sell their homes?
Yes. Home, Inc. will work with you to sell your home to a qualified household when you are ready to sell. Sellers are typically able to forego hiring a Realtor.
Will a homeowner be forced to sell their home if their income goes up?
No. Income eligibility is determined at the time of purchase.
What other area resources are out there?
Check out our "Homeowner Resources" page for a list of other area resources.
What is a Community Land Trust?
Community Land Trusts are membership-based community organizations whose missions include permanent stewardship of land for community benefit and any assets on the land. Our focus is on affordable housing for families of low- and moderate-income. We work to build affordable housing and work to maintain affordability over time, balancing the community’s need for a stock of permanently affordable housing with wealth creation opportunities for individual families, strengthening community and diversity in Yellow Springs. To learn more, visit our CLT Information page - http://yshome.weebly.com/clt-information.html
How can I learn more about the affordable rental program?
To learn more about the affordable rental program, contact Brittany Keller at brittany@yshome.org, or contact her in the office at (937)767-2790. She’d be happy to provide you with more information or add you to our interest/waiting list.
Do I qualify for the homeownership program?
Program eligibility is based on household size and income. Yellow Springs Home, Inc. works with families or individuals who earn up to 80% of Area Median Income. In some instances, we are able to serve households making less than 50% AMI and between 80% and 100% AMI. To see a current income chart, click here and scroll to the bottom of the page: http://yshome.weebly.com/home-buyer-coaching-program.html
Is there a waitlist for homes?
Yes. Initial applicants are added to Home, Inc.’s Preparing List. As clients work through the program, they are moved onto the Ready List once they become mortgage-ready. As homeownership opportunities arise, qualified clients who complete all required steps and are on the Ready List are given first priority.
My credit and/or finances need some work. Should I still sign up?
Yes! We have a homebuyer and financial coaching program that offers individualized support to strengthen finances, set goals, create a household budget, and work to become mortgage ready. We often work with clients who need to repair credit, save for down payment, reduce debt, and reach other financial goals to become mortgage-ready. To learn more, please visit: http://yshome.weebly.com/home-buyer-coaching-program.html
I have a house in mind already that's not part of the Community Land Trust program. Can you still help me purchase a home?
Yes. Our homebuyer coaching program works with clients who are over-income or pursuing opportunities outside of Home, Inc.'s portfolio. The program is designed to help clients determine an affordable mortgage amount, learn information about the financial requirements to obtain a mortgage, what to expect as they go through the homebuyer process, learn about different mortgage options, and how to be a successful homeowner. In addition, we are certified to offer low-interest mortgages in-house through a USDA Rural Development loan program for qualifying applicants. Please contact us for more program details.
Do homeowners pay property taxes to support the Village and local schools?
Yes. Yellow Springs Home, Inc. homeowners pay their fair share of property taxes. The current affordable housing portfolio generates more than $50,000 in annual property tax revenue and contributes to the economic health of the community.
Are homeowners allowed to sell their homes?
Yes. Home, Inc. will work with you to sell your home to a qualified household when you are ready to sell. Sellers are typically able to forego hiring a Realtor.
Will a homeowner be forced to sell their home if their income goes up?
No. Income eligibility is determined at the time of purchase.
What other area resources are out there?
Check out our "Homeowner Resources" page for a list of other area resources.