Steward the Public Investment to Ensure Long Term Benefit
Public investment in affordable homeownership should be actively and professionally managed for maximum community benefit over the long-term.
- Primary Steward: Each program should clearly identify a single public or nonprofit agency to serve as the “primary steward” of the public investment over the long-term. This agency should serve as the primary point of contact for homeowners (or co-ops) regarding any affordability requirements and should coordinate ongoing monitoring, support and enforcement.
- Ongoing Relationship with Owners: The primary steward should maintain an ongoing relationship with assisted homeowners (or co-ops) and should, at a minimum, contact each owner (or co-op) by mail annually to remind them of program requirements.
- Homeowner Support: Each program should provide some level of ongoing support to assisted homeowners to improve their odds for success in homeownership. The appropriate support will differ between programs but might include helping owners obtain financing and ensuring that owners have the resources for home maintenance.
- Scalable Revenue: Funding for adequate ongoing stewardship should be identified at the outset of every program. To the greatest extent practical, funding for ongoing stewardship should come from fees and other sources that will grow along with the program workload.