LivingADK Launches InDeed Housing Legacy Program
Housing in the Western Central Adirondacks has been the most pressing topic facing community health in the last decade. The health of local economies, access to healthcare and social services, school populations and services like Emergency Medical Response and fire department response all depend on the availability of adequate housing to support families and workforce. As a multi-layered issue with many factors, it is no wonder that local towns have started to explore interventions to help strike a balance in the housing ecosystem by creating multiple solutions.
In an effort to find creative solutions, LivingADK has announced the launch of the InDeed Housing Legacy Program. The basic concept of the program is simple and proven, to help incentivize existing and future homeowners to sell their owner-occupied house to other owner-occupied individuals or families.
How does this incentive happen? LivingADK will pay an agreed upon compensation fee to current homeowners to place a voluntary encumbrance on their deed, restricting the use of the property to that as a home occupied only as a primary residence. This restriction then stays on the home forever, ensuring that in future generations, every time that home is sold, it legally needs to be sold to a year-round resident.
Why this program? LivingADK is not against seasonal homeownership or short-term rental investment properties. However, we do recognize that there is a housing ecosystem, and that a portion of our ecosystem must be preserved for middle income families living in the community year-round. This program allows a homeowner to make the choice to keep their family home as a future family home for generations to come.
What if you don't own a home yet, but are looking? The program is also designed to aid potential future homebuyers. LivingADK recognizes that the single biggest barrier to home ownership is a down payment. That is why this program is also open to people looking for homes. Future homebuyers are eligible for cash money to use towards a down payment. This is not a loan, this is compensation. Those funds are given in exchange that the home that they purchase will have the voluntary encumbrance applied. We want to help the homebuyer to obtain the local, middle-income home that they are seeking and become a part of the community.
Who can apply? The answer is anyone. LivingADK does not guarantee that all applications will be accepted, but if you are a homeowner that may be selling their middle-income home in the next few years, we encourage you to apply. If you are a home purchase seeker in need of down payment assistance, we encourage you to apply. Right now, only folks within the area served by the Webb school district can apply for compensation. However, folks outside of that service can still reach out to use to help them apply the encumbrance to their property.
Can this program solve all of our housing needs as a region? No. Can this program help you preserve your family home for years to come as a family, year-round residence? Absolutely.
What will be your "housing legacy"?
CLICK HERE TO APPLY If you would still like more information, email info@livingadk.org or call 315.369.3353. As well, if you are an organization that wants to setup this program in your community, or start a fund to compensate homeowners, please do not hesitate to contact LivingADK. This program has impact and potential parkwide.
