Service Area: Washington, DC
Target Buyer: At or Below 80% of Area Median Income
Contact: Jim Steck, Housing Director [City First Homes] Affordability Model: Covenant and Recoverable Grant
Resale Formula: Appraisal based ~25% of the Market Appreciation
Mission: To tackle the District of Columbia’s critical and growing workforce housing challenge by efficiently creating well-stewarded ownership homes that are permanently affordable to generations of working families.
Backstory: City First Enterprises (CFE) develops and launches innovative community development solutions in the Washington, DC area, including City First Bank, a community development bank serving the DC region; City First Capital, a New Market Tax Credit program investing in community projects in the Mid-Atlantic region; and City First Homes (CFHomes), a shared equity homeownership (SEH) program in DC proper. Founded in 2007, CFHomes helps households to responsibly access wealth-building and tax benefits of homeownership sooner than otherwise possible. In mid-2013, CFHomes had nearly 70 occupied homes in its portfolio, with a strong pipeline of additional units expected in the coming year.
Plans: In the first year of the CHIP, CFHomes focused its work plan on standardizing their stewardship policy, improving their marketing and outreach to potential buyers and existing homeowners, and re-evaluating their re-sale formula.
For more information about CFE, CFH, and the other CHIP grantees work, check out our Peer Learning Report.
CLT Pricing Survey