Policy Example: Affordability Fund

  1. AFFORDABILITY FUND (10/1/95; policies & procedures 2/3/96-Finance Committee)
    1. Policy and Procedure for the Affordability Fund are set by the Finance Committee. Any decision of the Finance Committee may be appealed first to the Finance Committee and secondly to the General Meeting.
    2. SOURCE OF FUNDS:
      1. Any source determined by the community.
      2. Specifically: Development Fees
    3. USES OF FUNDS: LONG TERM AFFORDABILITY
      1. The primary purpose of this fund is to reduce the cost of homes to new buyers with financial need. This will be a perpetual fund, that is, new buyers benefitting from reduced costs will in turn reimburse the fund at the time of purchase, sale or other time.
      2. Procedure: Potential buyers will discuss their situation with representatives of the Finance Committee. The Finance Committee will determine the amount of loan/grant/deferred payment and its conditions.
    4. USES OF FUNDS: SHORT TERM AFFORDABILITY
      1. The secondary purpose of this fund is for short term loans to any community member facing financial crisis that affects their ability to stay in our community.
      2. Procedure: Community members will discuss their situation with representatives of the Finance Committee. The Finance Committee will determine the amount of loan and its conditions.

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