What is home ownership preservation?
Why is home ownership preservation important?
As we know, a diverse mix of housing options contributes to a safe, strong, and economically viable community. Having enough ownership units so that renters can make the transition allows those already living in the area to purchase a home and remain in the community. It also opens up the possibility of new owners moving in from other areas. Initial affordability of owner occupied units allows families to become homeowners without spending an unreasonable amount of their income on housing. Typically a household should not spend more than 30 percent of their income on housing. It is important to allow households to have enough income to pay for the other expenses of life. In addition, it is important that some income is saved for unexpected situations such as loss of employment and medical issues.
What policies are useful when it comes to preserving the existing housing stock?
Related Case Studies
City of Richmond - Transformation Homes Program
Transformation Homes is a Richfield HRA loan program to encourage large-scale renovations with the goal of neighborhood preservation
Project S.H.I.N.E. Code Enforcement
Project S.H.I.N.E. stands for "Shoreview Inspections for Neighborhood Enhancement"...