The Adirondack Community Housing Trust is reselling this home at 8 Fawn St. in Saranac Lake.
Photo by Andy Flynn
Photo by Andy Flynn.
To be eligible, families must make up to 120 percent of an area’s median income. The Housing Trust finances a portion of the mortgage to purchase an affordable house in exchange for title to the land, retaining ownership of the land on which the homes are located. Homebuyers will get a deed to the house and any other improvements on the land, and they get a 99-year renewable ground lease giving them secure long-term control of the land.
A Housing Trust homeowner retains most of the rights of conventional homeowners; however, if they want to sell the home, it must be sold back to the Housing Trust or to another income-qualified family. Moreover, it must be sold for a price that is limited by a formula written into the lease.
For more information, contact Emily Kilburn at the Adirondack Community Housing Trust at 873-6888 or visit www.adkhousing.org.