Shared Equity definition

Shared Equity means Affordable Housing Units made available as units for sale to Qualifying Purchasers where an RSL or the Council as the local Housing Authority or the Affordable Housing Proprietor retains a minority financial share in the units under the terms of a shared equity agreement and the terms "Shared Equity Affordable Housing" and "Shared Equity Affordable Housing Units" shall be construed accordingly;

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Shared Equity means Intermediate Housing where the purchaser acquires an Affordable Housing Unit in part with a conventional mortgage (usually up to 75% of the Dwelling’s Market Value including deposit) from a lender offering mortgages for residential property purchase together with an equity loan provided by the Registered Provider or Owner as applicable for the balance of the Market Value in accordance with a detailed scheme to be agreed with the Council prior to commencement of construction of any Affordable Housing Unit intended for sale on such terms;

Shared Equity means a type of Intermediate Housing scheme provided by a Registered Provider where the purchaser buys a freehold or long leasehold interest in an Affordable Housing Unit at no more than 80% of Local Market Values with the remaining share held by the Registered Provider subject to a legal charge to protect the discounted share, if required by the Registered Provider, and with no rent or interest charge payable by the occupier on the remaining share owned by the Registered Provider or with such variation as may be approved by the Council.

Examples of Shared Equity in a sentence

• Although the Incentive is interest free, because the Homeowner will have to pay more (or less) than the Incentive back to the Program Administrator if the Original Home Value increases (or decreases), the APR calculations below are meant to illustrate how much it will cost a Homeowner to agree to the terms of the Incentive and the Shared Equity Mortgage, expressed as an annual rate.

• The Homeowner must repay the Incentive in full plus the Shared Equity Amount on the date that is no later than 25 years from the Date of Advance.

• If the Shared Equity Mortgage is granted by the Homeowner less than 2 business days after the date of this Agreement, the Homeowner agrees to receive the cost of borrowing disclosure set out in this Agreement at the time this Agreement is entered.

• The Program Administrator may exercise all of its recourses provided by law, this Agreement or the Shared Equity Mortgage in order to recover the outstanding amounts owed to it by the Homeowner.

• Any periodic statements and other documents or notices relating to this Agreement and the Shared Equity Mortgage to the Homeowners will be delivered to the Homeowners at the address of the Property or by any means that the Program Administrator may, at its discretion, use.

• If the Homeowner fails to comply with the terms of this Agreement or the Shared Equity Mortgage, the Homeowner will pay all costs and expenses that the Program Administrator may incur to (a) recover any unpaid amount, and (b) exercise its rights and recourses under the Shared Equity Mortgage.

• The Partner shall lease the Replacement Social Rented Homes and the Replacement Shared Equity Homes to the Council with full title guarantee on the terms of Clauses 19, 21 and this Clause 57.

• The person signing this Agreement as spouse or common-law partner, if applicable, is the spouse or common-law partner of the Homeowner and provides his/her consent to this Agreement and to the Shared Equity Mortgage of the Property if the Property is their matrimonial home or homestead, as applicable.

• Certain customary costs and expenses incurred relating to your Shared Equity Mortgage by the Program Administrator to administer, monitor and enforce the Shared Equity Mortgage will be payable by the Home Buyer, subject to applicable law.

• Continue to promote shared equity products to support affordable housing outcomes HomeStart Finance to introduce and administer a new shared equity product – Shared Equity Option.

More Definitions of Shared Equity

Shared Equity means an Intermediate Affordable Housing product that has a minimum 20% discount to open market value;

Shared Equity means those Affordable Housing units where a share of the value of the interest is available for purchase on a leasehold basis and this share can be increased during the term of the leasehold interest whilst the Registered Provider owns the remaining share of the value of the interest on which rent can be charged;

Shared Equity. A means of helping people into home ownership. The buyer purchases a share of their home, with the remaining share being held by another party, usually a housing association. The other party will redeem their share when the home is sold. SHLAA: Strategic Housing Land Availability Assessment. SHMA: Strategic Housing Market Assessment SME: Small-Medium-Enterprises Social rented housing: Decent homes provided to rent at below market cost for households in need by Local Authorities or Registered Social Landlords (RSLs). Supporting People: Supporting People is a partnership programme that was set up in April 2003 to fund, commission and monitor the quality of existing housing-related support services for vulnerable adults now absorbed into Adult Care Services. Sustainable communities: Places where people want to live and work, now and in the future. They meet the diverse need of existing and future residents, are sensitive to the environment, and contribute to a high quality of life. They are safe, inclusive, well planned, built and run, and offer equality of opportunity and good services for all. Under-occupation: An under-occupied dwelling is one which exceeds the bedroom standard by two or more bedrooms. .

Shared Equity in affordable housing means a sharing of appreciation and equity between a seller and the community accomplished through contracts. Shared equity models seek to balance the individual household’s interest in building

Shared Equity means the transfer of a proportion of the freehold interest in the Affordable Housing Unit any such sale to be a proportion of not more than 80% of the freehold valuation of the Affordable Housing Unit from time to time such that the Property is owned jointly by the Owner and one or more of the occupiers.