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Pay It Forward Ownership – Towns at Skyland Terrace

ALL homes SOLD; Register for additional opportunities – Click Here

  • For Sale
  • Pay it Forward Ownership
  • Skyland Terrace SE, Washington, DC 20020
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$450,000
3 Bedrooms
2.5 Bathrooms

Property Information

  • Pay It Forward Single-Family Homeownership
  • Habitat for Humanity of DC and Northern Virginia developed these eight new construction for-sale homes.
  • All are part of the Douglass CLT. That means that the land will belong to Douglass CLT, and the home will belong to the homeowner. This allows the home to cost less and remain affordable forever, while the homeowner can still gain equity from the sale of the home and have access to ongoing assistance from Douglass CLT!
  • Property Information
    • Spacious 3-bed, 2.5-bath homes with 1545 sq ft
    • Energy-efficient appliances, windows, and insulation for lower utility costs
    • Elegant maple cabinets, stunning granite countertops, and upgraded ceramic finishes in the bathrooms
    • Includes washer and dryer
    • Low-maintenance brick and hardi-board exteriors ensure durability
  • Price: $450,000
  • Requirements include:
    • Must have a willingness to Pay It Forward
    • Minimum family size of three
    • Income must be between 30%- 60% of Median family income (MFI)
  • Contact: ALL INQUIRIES ABOUT THE PURCHASE OF A HOME AT SKYLAND TERRACE MUST GO THROUGH HABITAT’S AGENT. PLEASE VISIT https://www.habitatdcnova.org/what-we-do/towns-of-skyland-terrace/
  • Douglass CLT Affiliated Property

 

FAQs

A home that will always be able to be affordable to families at or below 80% of the median family income because it is part of the Douglass Community Land Trust!

The previous owners paid it forward by selling their home at a much-reduced price and leaving several hundred thousand dollars in equity to stay with the home forever. This equity left in the home will be safeguarded by Douglass CLT, which has added even more subsidy to it so that a family at or below 80% MFI will always be able to afford it.

Subsidy initially invested in CLT properties is retained over time, serving generations of homeowners and occupants without requiring increasing subsidies at each successive sale to keep them affordable.

Douglass CLT will keep ownership of the land and sell only the building to the new buyer, issuing a 99-year land lease to the homeowner. That lease contains a resale agreement that says that if/ when they sell their home, the owner will sell at a price affordable to a family at or below 80% MFI.

Yes! First and most importantly, the home purchase should work so that you aren’t paying more too much for housing every month and you are able to save as you see fit.

Second, a Douglass CLT household’s wealth building is no different than other homeowners in that you can build equity by 1)paying down your mortgage loan; 2)getting a tax deduction for the mortgage interest; and 3)benefiting from market appreciation. The difference is that Douglass CLT Pay It Forward homeowners share with the next owner a portion of the increase in home value due to market appreciation. Additionally, owners can get credit for pre-approved physical improvements when they sell. Investment in real estate is never without risk, as no one can predict what will happen in the market, but Douglass CLT also includes safeguards against the worst outcomes if your family hits a rough patch.

Our Resale Formula allows for growth in equity without allowing home price to balloon, making the home affordable for the next purchaser – Paying It Forward!

Douglass Community Land Trust, planting the roots of affordability, security, and prosperity for current and future generations.
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Contact Info

1231 Marion Barry Avenue SE, Washington, DC 20020

Phone: 1-202-567-7738