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2021 Model Deed Restriction

This template deed-restricted covenant and security instrument (i.e. mortgage), referred to as the “Model Declaration”, can be used to develop the legal agreement between a shared equity homeownership program and a homeowner. We encourage anyone considering the use of the Model Documents to read the accompanying Commentary provided at the bottom of the page.

This Resource at a Glance

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  • Every shared equity homeownership program needs to put in place a legal agreement with each homeowner.
  • The most common legal agreements are deed restrictions or deed-restricted covenants (often used by government-run programs or for condominiums) or ground leases (often used by community land trusts).
  • The purpose of the Model Declaration is to enable the field to abide by best practices and to standardize programs so that shared equity homebuyers may access mortgages originated and sold to Fannie Mae or Freddie Mac (“conventional financing”).
  • This Model Declaration was developed in collaboration with Fannie Mae and Freddie Mac.

The 2021 Model Declaration of Affordability Covenants with Refinance and Resale Restriction and Purchase Option is a template for legal agreements between shared equity homeownership programs and homeowners. The Model Declaration also includes a companion template Model Subordinate Mortgage. Users of the Model Declaration must thoroughly review the accompanying Commentary.

Grounded Solutions Network can provide technical assistance to programs in adopting the Model Declaration. To inquire about technical assistance, or to request a Word document version of the Model Declaration, please email [email protected] .


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