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)
“To see ourselves as others see us can be eye-opening. To see others as sharing a nature with ourselves is the merest decency. But it is from the far more difficult achievement of seeing ourselves amongst others, as a local example of the forms human life has locally taken, a case among cases, a world among worlds, that the largeness of mind, without which objectivity is self- congratulation and tolerance a sham, comes.”
—Clifford Geertz (b. 1926)