Home Ownership Program

Enhanced Affordable Development Company, LLC, specializes in the development of affordable multifamily and senior housing. Through our unique home ownership program, we aim to "enhance" traditional affordable housing by developing high quality multifamily communities and adding a component that allows for tenants to become homeowners for affordable prices.

Working together with the State of California and various national lenders, EADC has designed a program that helps move one step closer to solving the affordable housing crisis in California. Our unique program offers tenants the opportunity to purchase their homes after the 15-year low income housing tax credit compliance period, with no money down, at a price not to exceed 80% of the fair market value at that time. This will generate a minimum 20% equity build-up for the home-buyer.

Per Consumer Federation of America, "home ownership is the main path to wealth for lower income and minority Americans." This program inspires lower income Americans, who would otherwise be lifetime renters, to embark upon the path to homeownership, which helps develop financial independence. We have also partnered with various national lenders to provide a guarantee that the mortgage payment the tenant will be responsible for upon conversion to homeownership will not exceed the rent they would be paying as a tenant.

Tenants will be required to attend training courses to help them develop homeownership responsibility and maintenance skills. These courses will be set up by a homeowners association funded by EADC. These steps are designed to develop a "price of ownership" mentality for the eventual homeowners which is beneficial both for the residents themselves and the neighboring community. Our program fulfills a community's immediate need for affordable "work force" housing along with its long term goal of providing for-sale affordable housing stock for its residents.