Equity sharing, also known as shared ownership or in the US as housing equity partnership (HEP), allows a person to purchase a share in their home even if they cannot afford a mortgage on the whole of the current value. It is generally used in affordable housing, providing a "third way" of land tenure between home ownership and renting.
There are various detailed methods to implement equity sharing, and it is implemented in over a hundred community land trusts in the United States. The remaining equity share may be held by the housebuilder, by a private investor or by a landlord such as a housing association. In some models the resident pays rent on that share.
Read more about Equity Sharing: Equity Sharing in The United States
Famous quotes containing the words equity and/or sharing:
“If equity and human natural reason were allowed there would be no law, there would be no lawyers.”
—Christina Stead (1902–1983)
“So close is the bond between man and woman that you can not raise one without lifting the other. The world can not move ahead without woman’s sharing in the movement, and to help give a right impetus to that movement is woman’s highest privilege.”
—Frances Ellen Watkins Harper (1825–1911)