What is Permanently Affordable Housing?
The term “permanently affordable housing” means housing that is affordable to each buyer in the future, not just the first buyer. It is important to maintain affordable housing in all communities. In Delaware, house and land costs are rising much more rapidly than wages. Homeownership is out of reach for many working people. Diamond State is working to bridge the gap between wages and home prices. It takes significant public resources to create affordable housing, so it makes sense to ensure that the community’s investment is protected over the long term. Diamond State maintains permanent affordability through the land trust model of homeownership. Diamond State holds the land in “trust”, or community ownership. This permanently removes the cost of the land from all future transactions involving that property. The land is then leased through a renewable 99-year lease that provides them with the right to full use of the land.
Who Can Buy a Diamond State Home?
Anyone who is income-qualified, able to get a mortgage loan and wants to live in Delaware can purchase a Diamond State home. Diamond State staff will work with you to establish a homeownership plan. The plan is based on each individual’s income, credit history and saving ability. Check out the Do I Qualify? page for more details.
Where Are These Homes?
Diamond State is a statewide organization that partners with many community development organizations as well as private developers. Our homes available for sale are ever changing. Visit our Homes for Sale listings for the most recent inventory. Completing the steps to homeownership will ensure you are ready when the right home for you becomes available. Also, we may have opportunities through our buyer initiated homeownership program.
Benefits of Owning Your Own Home
People who live in Diamond State homes have full rights to the use of the land and receive the traditional benefits of homeownership, including:
- Stability of housing costs
- The opportunity to build up equity
- A legacy that you can pass on to your family and future generations
- Lower affordable monthly mortgage payment – no private mortgage insurance