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AFFORDABILITY COVENANTS: THE POLICY AND PRACTICE OF KEEPING AFFORDABLE HOUSING AFFORDABLE
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Public agencies and private nonprofits increasingly utilize restrictive affordability covenants to ensure that affordable housing will stay affordable to future generations and maintain the long-term value and effectiveness of the public or private investment in affordable housing. The structure and effect of affordability covenants that accompany housing funded by a public agency or built by a local land trust or housing nonprofit varies.
The purpose of the CLE Conference is to introduce Vermont and New Hampshire lawyers, realtors, bankers and affordable housing advocates to the diverse models of affordability covenants and to provide the basic hands-on knowledge necessary to structure and navigate land transactions that involve affordability covenants.
Issues Include:
- Contractual Mechanisms (deed, ground lease, second mortgage, independent contract)
- Administration & Enforcement
- Resale Formula
- Eligibility
- Duration
- Subsidy
- Retention vs. Subsidy Recapture
The Conference will also present the ethical and professional responsibility issues that practitioners face when explaining to clients the implications of purchasing or selling housing or land encumbered by affordability covenants.
Schedule of Events:
8:30-9:00 Registration & Continental Breakfast
9:00-9:15 Welcome & Introduction – Professor L. Kinvin Wroth
9:15-10:45 Panel #1 – Affordability Covenant Models
- Mollie Stewart, James Libby and Ben Frost will present three different models of affordability covenants used by state agencies and land trusts and the policy basis for each model. Q&A included.
10:45-12:00 Panel #2 – Affordability Covenant Mechanics
- Bill Desautels, Bob Gensburg and Banker TBD will explore how affordability covenants function and the “mechanics” of affordability covenants that practicing lawyers, bankers and realtors should know. Q&A included.
12:00-12:45 Lunch (catered)
1:00-2:00 Panel #3 – Ethics & Professional Responsibility
- Mollie Stewart, Bob Gensburg and L. Kinvin Wroth will explore the ethical and professional responsibility issues present in land transactions that involve affordability covenants. Q&A included.
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