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I would like to switch to fixed rate but am still unsure how to transition people to new capital improvement policy

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I would like to switch to fixed rate but am still unsure how to transition people to new capital improvement policy

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Now considering fixed rate, but must be ready to explain basis, and alignment with CLT goals

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Now considering fixed rate, but must be ready to explain basis, and alignment with CLT goals

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Fixed rate would be easier and more "Fair" to some of our homeowners, where appraisals have been odd on certain properties.
I would like to switch to fixed rate from appraisal based but I am confused about how to offer an alternative capital improvement policy
- Olivia at Madison Area CLT

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Fixed rate seems the most fair, easiest to explain. I need to spend some time figuring out what is the best fixed rate. I will also look at CPI since i know AMI already is kooky for our area

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Fixed rate seems the most fair, easiest to explain. I need to spend some time figuring out what is the best fixed rate. I will also look at CPI since i know AMI already is kooky for our area

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One of the biggest challenges with the AMI index based formula is communicating it with the residents (especially in other languages) and providing examples/projections to help illustrate it. What do you recommend doing to best communicate it?

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considering moving to fixed rate from appraisal based

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considering moving to fixed rate from appraisal based

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Coming to realize AMI is not the best index for using index based in our community, too many wealthy investors

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Coming to realize AMI is not the best index for using index based in our community, too many wealthy investors

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Hybrid models were mentioned, could these address shortfalls of other systems? I imagine complexity might be one barrier to using these

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Hybrid models were mentioned, could these address shortfalls of other systems? I imagine complexity might be one barrier to using these

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Can you add more about this idea of AMI not matching prevailing wages?

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Can you add more about this idea of AMI not matching prevailing wages?

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Should we establish a floor--ie. not go below certain amount?

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Median Income Index based seems better for our area since job wages are not keeping up with housing prices.

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Median Income Index based seems better for our area since job wages are not keeping up with housing prices.

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A CLT we work with determined the pricing based on the equity necessary to secure a mortgage from a partner lender. The formula increases the base through simple interest of 2.5% per year.

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A CLT we work with determined the pricing based on the equity necessary to secure a mortgage from a partner lender. The formula increases the base through simple interest of 2.5% per year.

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Had trouble finding these things

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Ashli Morris - Frederick County Affordable Housing Land Trust- Frederick, MD

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Ashli Morris - Frederick County Affordable Housing Land Trust- Frederick, MD

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the housing land trust is part of Habitat for Humanity of Frederick County, MD

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John Churchville Northwest CLT Corporation Philadelphia PA

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John Churchville Northwest CLT Corporation Philadelphia PA

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Habitat For Humanity, Portland OR

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Alexandria Housing Development Corp.
Alexandria, VA

1. Fixed rate 1.5%
2. Easiest to administer and explain to buyers. Also maintains affordability and appears to limit additional down payment subsidy required of City, etc. to future buyers.
3. More information on the community's/homeowner preference.

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Kristin Allin, Decatur Land Trust, Decatur GA

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Kristin Allin, Decatur Land Trust, Decatur GA

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Fixed, due to greater chance of maintaining affordability.
- 2% "feels right" but still not sure exactly what factors we should review before settling on this percent?
- Does this always used fixed rate (vs compounding)?
- What's the best way to account for renovations in this type of formula?
- I think using the appraisal or fixed rate price (lower of the two) accounts for a down market, right?

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if we change our resale formula, would it be appropriate to offer the option to resale at different rates to our existing homeowners? Different homes have had issues with the appraisal based formula

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Tenisha Gist - Northwest Arkansas (Fayetteville) - Partners for Better Housing

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Tenisha Gist - Northwest Arkansas (Fayetteville) - Partners for Better Housing

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Anna Kochersperger - State College Community Land Trust, State College, PA 

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Anna Kochersperger - State College Community Land Trust, State College, PA 

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I am back to thinking maybe a fixed rate formula, but perhaps we need to lower the percentage rate, but to balance that with a more generous capital improvement credit

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rob roake-neighborworks salt lake, SLC Utah. of course, depends on the index

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rob roake-neighborworks salt lake, SLC Utah. of course, depends on the index

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Akeria Brown
Arlington County, VA Govt
AMI Index

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Elsie Garfield-West Side CLT, Charlotte, N.C>

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Mia Carbajal, Richmond LAND, Richmond, CA

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Mia Carbajal, Richmond LAND, Richmond, CA

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Donna Schenck-Hamlin, Workforce Solar Housing Partnership, Manhattan KS

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Karen Nemsick - Supportive Housing Community Land Alliance

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Karen Nemsick - Supportive Housing Community Land Alliance

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Update:  still sticking with fixed rate.  Our objective is stable housing over wealth generation.

We have not launched yet, but I think we're looking at appraisal based.

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Jake Soper - City of Lakes Community Land Trust (CLCLT) - Minneapolis, MN

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Jake Soper - City of Lakes Community Land Trust (CLCLT) - Minneapolis, MN

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Fixed rate would be easier and more "Fair" to some of our homeowners, where appraisals have been odd on certain properties.
I would like to switch to fixed rate from appraisal based but I am confused about how to offer an alternative capital improvement policy

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We started out with Appraisal base when the CLT was set up with Michael Brown back in 2014.