What types of ownership situations are eligible?
• Fee simple (full ownership): Eligible. This includes single units, double units, mobile homes, town homes, and condominiums • Ownership of stick built or mobile home on leased land: Eligible. • Usufruct (life estate): This is a right to use and rights to the fruits of a property. This is determined on a case-by-case basis by the program. Usufruct owners can apply to the program. • LLC: Not eligible. • Contract for deed: Not eligible unless the homeowner converts their contract to full ownership prior to receiving funding assistance from program. • Rent to own: Not eligible unless the homeowner converts their contract to full ownership prior to receiving funding assistance from program. • Bond for deed: Not eligible unless the homeowner converts their contract to full ownership prior to receiving funding assistance from program. • Lease to own: Not eligible unless the homeowner converts their contract to full ownership prior to receiving funding assistance from program.
