|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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Tenants as Home Owners?
A Pipe Dream or a New Reality for San Francisco?
10 am April 3, 2001
Followup or questions to Carol Ruth Silver
Coming to the November 2001 ballot is the HomeOwnership for Tenants (HOT) proposal, by the Affordable HomeOwnership Alliance, to enable tens of thousands of San Francisco apartment dwellers to become homeowners.
Upon enactment of HOT, and armed with FNMA's recently announced no-money-down loan programs for first time buyers, tenants will be able to get the owners of their building to subdivide, and sell them the apartments they live in.
Incremental transfer taxes and property taxes resulting from these transactions would fund rent and mortgage subsidies for the elderly and disabled, and numerous affordable-housing programs citywide.
Non-buying tenants would get lifetime protection from OMI and Ellis evictions, and from Costa-Hawkins rent increases.
To qualify, at least 25% of tenants in a building must participate. Said Carol Ruth Silver, Co-Chair of the Advisory Committee of the Affordable HomeOwnership Alliance, "This is a win-win situation. Tenants get to be homeowners, evictions are prevented, and everyone benefits. San Francisco citizens should be able to live the American dream of homeownership."
More details about the HOT proposal are available at http://www.affordable-homeownership.org
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