How It Works For Owners
The Better Futures Housing Trust Society actively seek mutually supportive relationships between those who own housing and those that cannot afford it. We work towards mutually beneficial transactions for all parties.
We are not asking for charity from property owners; Similarly we want something that doesn’t rely on new reforms, policies, funding government or sympathetic developers.
We recognize that payments to the property owners is a key way to share what they own and protect long-term income. Our model is another way for owners to receive payment AND protect the legacy of their land/house in perpetuity.
We know that this model won’t be right for everyone. But we also know there are homeowners who don’t need or want a large financial gain from their home, or want to protect a family or other legacy, but they can’t afford to simply give it away either.
Step 1
Interested homeowners work with Better Futures Housing Trust to determine if the model meets their needs and whether the transition is financially viable.
During this critical first step, both parties examine the financial details, long-term viability, and discuss any non-financial issues, such as determining if the homeowner wishes to remain in a portion of a house, or legacy naming.
Step 2
If it’s workable, Better Futures Housing Trust works with the owner to transition ownership of the home and/or land to the housing land trust.
During this phase, Better Futures Housing Trust will also begin creating the entity that will manage the property (such as a housing co-operative), and promoting the property to attract prospective tenant owners.
Step 3
Once the property is transferred, the physical alterations get underway, with the goal of getting tenant owners moved-in as quickly as possible.
The tenant-owners support the project through affordable down payments and monthly payments. The original homeowner receives regular payments, enabling them to feel secure and plan for their future.
Step 4
The remainder goes into a fund to make repairs, pay property taxes, and cover other costs. The job of the trust is to ensure the property will always be used for its intended purpose (eg affordable housing, communal farming) for people who need it.
Here Are Some Reasons to Consider BFHT
A homeowner wants to move out and downsize, but they don’t want their sturdy, well-built home to be torn down by a developer or future owner. Our land trust renovates and retrofits the house for new residents, and the homeowner moves on, receiving monthly payments to support them in retirement, with assurance that their home will be well taken care of in the years to come.
A landlord can no longer take care of repairs and rent collection, but they need some income. The tenant-owners want to keep living in their house and take care of it.
The property is transferred to the housing trust, making monthly payments to the former landlord.
A housing co-operative is formed which takes responsibility for caring for the home and generating the income. Tenant-Owners can make repairs and improvements, and sell their member share if they want to move out. The co-op regulates the resale value of co-op memberships, so that the home remains affordable to the future residents.
A homeowner wants to keep living in their house, but it’s too much space than what they need. By converting to a cooperative, multiple suites are created. And the homeowner becomes a member of the housing coop, remaining in their home, while other tenant-residents can move into other suites.