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Who is a first-time homebuyer?
A first time homebuyer is defined as someone who meets one of the following criteria:
1. Has never purchased a house before
2. Has not held an interest in any residential property for the previous three (3) years
3. Is a displaced homemaker
What is considered affordable housing?
Affordable housing is where the total housing costs are affordable to those living in that housing unit. This is commonly defined as a housing cost that does not exceed 30-35% of a household's gross income.
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Is CHT a part of County government?
No. CHT’s creation was supported by the Board of County Commission and we work in close partnership with them (and the other local governments) in accomplishing their housing goals. CHT is a private 501 (c) 3 not-for-profit corporation.
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What is a land-trust?
A land trust is an entity, typically a private non-profit corporation, created to acquire and hold land for the benefit of a community and its residents. The land ownership is retained by the trust which keeps housing affordable for future residents and captures the value of public investment for long-term community benefit. Click here for more info on Land Trusts.
How does a land-trust work?
The land trust owns the land and sells the housing unit to the buyer. This greatly reduces the initial housing cost to the potential buyer. In exchange for purchasing at a reduced cost, the buyer agrees to limit the amount of profit they make on the house when they sell it in order to insure that the property remains affordable for the next person. The land lease and equity sharing provisions are detailed in a 99-year renewable ground lease. Click here for more info on Land Trusts.
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Why is permanent affordability so important?
Permanent affordability is important because it keeps homes available for working individuals and families who are consistently priced out of the housing market. Permanent affordability positively affects future generations by investing in and preserving affordable housing today.
What do I need to/How can I apply for your programs?
This all depends upon the program guidelines for the program you are considering. Some programs have income limitations; others are open to anyone. If you can’t find the answer on our website, please call our office at 941-379-5252.
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What can I do to improve my credit?
For starters, it is important to pay off collections, charge offs, tax liens and judgments. Ridding your credit report of accounts that are in bad standing is the best first step. After this, be sure and make your payments on time. Avoid any and all late payments—one 30 day late payment can bring your credit score down by 30 points.
Do you have income limitations?
CHT will conduct a homebuyer readiness assessment with anyone regardless of income. Some of our low interest loan programs and our affordable units do have income restrictions. Our program counselor will let you know what programs you qualify for after the homebuyer readiness assessment is completed.
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Does CHT have properties for sale?
Please click here for a list of the available properties.
How much savings do I need to buy a house?
CHT has special financing that enables you to purchase with only $500. To learn more about this click here.
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