|Endorsed by the Reform Party, Ron Brown Democratic Club, Isaiah Project,
AFRAM SEIU 250, AFRAM SEIU 535, AFRAM SEIU 616, AFRAM SEIU 790, AFRAM SEIU
1000, AFRAM SEIU 434-B, CAHEED, ASNA, OMI NEIGHBORS
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HOT makes HomeOwnership an Affordable Choice for San Franciscans!
Spread Property Ownership!
Tenants should be able to Buy their own Unit
HomeOwnership for Tenants Proposal (HOT)
HOT is a practical proposal, using win-win solutions & existing, readily
available Federal loan programs to enable HomeOwnership for San Francisco
HomeOwnership is the principal goal for 70% of SF tenants. (FNMA research)
San Francisco has a home ownership rate 34%. The U.S. average is 68%.
- HOT makes it legal for each tenant to buy and own the apartment they
already live in
- When 25% of tenants want to buy, and the owner agrees, the building is
- Tenants choosing not to buy can continue to rent, with protections from OMI
and Ellis eviction, and Costa-Hawkins rent increases.
- HOT results in ZERO EVICTIONS. No-one gets hurt. Thousands benefit.
- HOT is completely voluntary. Prices would be individually negotiated
between owner and tenant.
- Existing, readily-available FHA-FNMA-CRA zero and low downpayment loan
programs will be used; co-signers can help qualify for the loans. Lenders are
ready -- see website loan info links
- Ownership Security at an affordable after-tax cost â€“often less than monthly
- Tenants who become owners get tax deductions, so Uncle Sam helps pay the
- Long-term tenants will get a chance to buy at below-market prices.
- The City will collect an estimated $ 946 million over 7 years in
incremental tax revenues to subsidise low-income families, elderly and
- 49,032 (est.) elderly / disabled tenants will get supplemental rent /
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