Types of Ownership
Single Family Homes
Seen by many as the top rung of the housing ladder, but are often the most difficult for low-income people to reach. Because of the high housing costs in the LA Area, the impact of subsidies is limited. In addition to subsidizing the purchase price, BVCLT offers oversight and technical assistance to low-income homeowners to ensure their success as they undertake the responsibilities of ownership. Typically, people who purchase BVCLT single family homes are those with incomes between 65% and 100% of the area's median income.
Limited Equity Housing Cooperatives
Not individually owned by the residents. Residents own a share of the entire project, with the right to occupy their individual unit. Also known as "co-ops", each cooperative qualifies for a loan, based on the income of the "rents" within the property. One advantage of this arrangement is that people do not have to qualify for a loan to buy into an LEHC, which is one of the biggest stumbling blocks for many very low-income families. Down payments are also typically very low for LEHCs. With training and support from BVCLT, residents will own and manage the property, passing the cost savings on to themselves. Co-op owners will be able to build savings toward individual homeownership or local business development. Typically, people who will become members of BVCLT co-ops are those with incomes between 40% and 65% of the area's median income.
Owned by the individual purchaser, just like single family homes Equity accrues and tax breaks are available. Condo homeowners form a home owners association and share the expenses of managing and maintaining the entire property, making condominiums more affordable than single family homes. Through the home owners association, residents are able to create a strong sense of community for themselves and their families. Typically, people who purchase BVCLT condominiums are those with incomes between 60% and 80% of the area's median income.
A form of cooperative housing where cooperative owners independently occupy a room in a large home and share the living areas, common areas, kitchen and bathrooms. Residents build community through shared meals and household responsibilities. This model can be very effective for singles and/or couples , but is a less desirable option for families. Typically, people who purchase BVCLT shared homes are those with incomes between 25% and 50% of the area's median income.