Brick by Brick
Brick by Brick is our homebuyer assistance program. The goal of this program is to create accessible pathways to homeownership for individuals and families in our community.
How Does it Work?
Step 1: Interested parties will need to go through the home-buyer program at Neighborhood Development Foundation to be helped in accessing federal and city financial assistance and to develop a financial profile that can achieve the highest pre-approval amount from financial institutions.
Step 2: Interested parties will meet with Neighborhood Coalition representatives to determine what amenities and home size is needed and desired within the bounds of what will be practically feasible for Neighborhood Coalition.
Step 3: Neighborhood Coalition will present the interested party with program pathway details. Depending on the size and type of the home needed and the amount of subsidy that will be required, there are 2 potential pathways.
Pathway 1 | Soft Second
Neighborhood Coalition will provide a soft second mortgage (or soft third depending on family’s access to federal/city assistance) to cover the remaining total amount which includes pre-construction costs, cost of construction and value of land. The home must be the family’s primary place of residence, the family must agree to live in the home for 5 years and there are further loan forgiveness benefits to staying past 5 years. Contact us for more details.
Pathway 2 | Land Trust
A land trust is a community-minded structure that ensures permanent affordability in a neighborhood, while still creating equity for the homeowner. The interested party would purchase the home excluding the cost of the land which keeps the price affordable. The land is treated as a common heritage, not as an individual possession, on behalf of the community for the present and future. The land is removed permanently from the market, never resold, to protect the community. The land is then leased to the homeowner by the Neighborhood Coalition. The title to the buildings are held by the individual homeowner and the homeowner has exclusive use of the land beneath their buildings. The home must be the family’s primary place of residence and the family must agree to live in the home for 5 years. Contact us for more details.