Can homes purchased through the Community Housing Program be rented?
During the Period of Affordability, a home purchased through the Community Housing Program cannot be rented and must be the homeowner’s primary residence. The intention of the Program is to help people become homeowners. After the Period of Affordability, a homeowner may decide to pay back the Affordable Housing Program the 25% difference between the home’s original purchase price and new market-rate appraised value (minimum payment of $5,000 required) and remain the owner of the property. Once the City has received this payment, the home is no longer part of the Affordable Housing Program and the owner may rent the property.
