By Dylan Hall, PartnerOwn Team Member
The Housing Partnership Network released a white paper in March about opportunities for reform in the housing market. In the report, they cite the need for new models for “Homebuyer Readiness and Sustainable Ownership.” They cite the damage to credit scores and the tightening of lending standards in response to the most recent economic downturn as reasons why.
One need they address are “Hybrid Tenure Products to Bridge Between Owning and Renting.”
“Policy efforts should focus on the challenge of creating new pathways to homeownership for young families and low-income households in this new market environment. One particularly important consideration is the embrace of hybrid housing tenure models that help families move between renting and owning their homes. Hybrid tenure products include lease purchase, shared equity, shared appreciation, community land trusts and earned homeownership approaches. Many communities and providers around the country have experimented successfully with these models but we have so far failed to make these interventions widely available.”