New Year, New Opportunities: Lending & Legal Documents for Shared Equity Programs
Suggested Audience: SEH practitioners at CLTs, Habitats, municipalities and other nonprofits; mainly with existing programs, but could be of interest to start-ups too.
Join a conversation with Grounded Solutions Network staff to learn more about two new tools to help you implement your shared equity homeownership program more effectively and efficiently – the new 2021 Model Deed Restriction and the Duty to Serve Shared Equity Homeownership Certification for Fannie Mae opportunity. Over the past few years, Grounded Solutions has been working closely with Fannie Mae and Freddie Mac to identify opportunities to increase mortgage lending options for shared equity homeownership programs.
We will walk through the newly launched Duty to Serve Shared Equity Homeownership Certification for Fannie Mae, answering frequently asked questions and giving a tour of the online application form. The application is a short self-certification application to verify whether programs meet the Duty to Serve rule’s definition of shared equity homeownership, with the goal of identifying programs Fannie Mae can share with partner lenders, saving program staff time and giving buyers more mortgage options.
Staff will also review the recently completed 2021 Model Deed Restriction, a template deed-restricted covenant and security instrument developed in collaboration with Fannie Mae and Freddie Mac. It will help organizations adopt and revise their legal agreements to abide by best practices and standardize their programs so that shared equity buyers may access mortgages originated and sold to Fannie Mae or Freddie Mac.
If you were unable to join, feel free to take advantage of the resources below:
- General information on the Duty to Serve Rule: https://groundedsolutions.org/duty-serve
- Duty to Serve Shared Equity Homeownership Certification for Fannie Mae: https://groundedsolutions.org/dts-opportunity
- Contact [email protected] with any questions
- 2021 Model Deed Restriction: https://groundedsolutions.org/tools-for-success/resource-library/2021-model-deed-restriction
- Contact [email protected] with questions or to access the Word version of the resource
- Join or Renew Your Grounded Solutions Network Membership for 2022 Today! https://groundedsolutions.org/join-our-network/members
