The Adirondack Community Housing Trust began in 2007 when New York State awarded a $1 million grant to help reduce home prices for working individuals and families. To date, we’ve helped 24 homebuyers move into forever affordable homes throughout the North Country.
The Adirondack Community Housing Trust began in 2007 when New York State awarded a $1 million grant to help reduce home prices for working individuals and families. To date, we’ve helped 24 homebuyers move into forever affordable homes throughout the North Country.
ACHT homebuyers are income-qualified: They can earn no more than 120% of the median income in the county in which their home is located. Those income figures are determined by the U.S. Department of Housing and Urban Renewal (HUD).
ACHT relies on a shared-equity model in which buyers own their homes, but the Trust owns the land beneath. Homeowners will pay $300 a year to lease the land, as well as property taxes.
Homeowners can either sell their homes to ACHT or another income-qualified family. To ensure prices remain accessible, the sale price is limited by a pre-set formula. Homeowners who make ACHT-approved capital improvements to their homes can also recover those investments.
At the moment, there are no new ACHT homes in development. When an existing ACHT homeowner decides to sell their home, however, it becomes available to buyers who have submitted an approved application; completed HUD-certified housing counseling; and are able to obtain a mortgage.
The State of New York Mortgage Agency (SONYMA) has agreed to provide mortgages for ACHT-qualified buyers through local participating banks. (Contact us for a list.) In addition, U.S. Department of Agriculture regulations allow homebuyers to qualify for mortgages under certain programs.
Homeowners must use their homes as a primary residence. Owners must also obey any applicable zoning regulations or restrictions as established by their mortgage lender.
You will pay taxes both on your home and the land beneath. Because the resale value of these homes is limited, taxing authorities will assess your home at the restricted value, not the full-market value.
Homeowners can leave their homes to whomever they choose. Immediate family members do not need to be income-qualified, though they must use the home as their primary residence. Other recipients must be income-qualified or sell the home under the terms of the ground lease.
ACHT is an independent, not-for-profit corporation. Our board members come from several different communities in the Adirondacks and northern New York. Staff from Adirondack Roots, a non-profit organization based in Elizabethtown, fulfill the organization’s administrative functions.
Board of Directors
PO Box 157
103 Hand Avenue
Elizabethtown, NY 12932
Phone: 518-873-6888
Fax: 518-873-9102
ACHT@adirondackroots.org