The State College Community Land Trust purchases homes, makes necessary repairs then sells them to income qualified and mortgage ready home buyers. The buyer purchases the house but not the land underneath. The land underneath is owned by the Land Trust and is leased to the homeowner, so the purchase of the house is affordable. If the homeowner sells the house, they must sell it to another income qualified household; this will preserve affordable homes for future generations.
The Temporary Housing Foundation, Inc. purchases homes, makes necessary repairs and sells them to income qualified and mortgage ready home buyers. The homes are sold to the buyer at the same purchase price that Temporary Housing Foundation paid before the repairs. Gap financing subsidy and closing cost assistance may be available. The buyer must provide 3% of their own funds for down payment. This means families can purchase more of a house with a lower monthly payment, therefore making it affordable.
Home Ownership Programs