|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
Email us on:
HomeOwnership for Tenants
(HOT): TENANT PROTECTIONS:
- Each tenant who chooses not to buy shall be entitled to continue leasing their unit
under existing rent control protections, with a lease addendum prohibiting an owner-move-in eviction.
- A tenant can buy their unit even after final recordation of the subdivision map,
as long as they can agree to a price with the owner.
- HOT is completely voluntary. Prices are individually negotiated between owner and tenant.
- Tenants may also agree with their landlord to buy a different available unit at any time
- All tenants in subdivided buildings will receive a lifetime lease.
- The HOT plan can save the tenant significant money every month due to the homeownership tax deductions.
This money can be put towards other expenses, or towards savings.
- Using programs identified by HOT makes it possible for thousands to qualify for a homeownership loan.
It enables many more tenants to realize the "American Dream" of home-ownership,
gives them a significant stake in the welfare of the City and their community, security for the future
and a nest egg that they can tap in emergencies.
- If it is desired to make ownership still more affordable, loan-qualifying ratios can be relaxed.
This plan should be tremendously popular with tenants.
- An education program for financial literacy should be a first step for tenants embarking on the path
The City, in association with mortgage lenders, already has programs of this
kind which can be expanded to cover HOT applicants.
For any other information please contact us on firstname.lastname@example.org