SWAP Inc. Community Land Trust Affordable Homeownership (Build a Buyer)

SWAP Inc. Community Land Trust Affordable Homeownership (Build a Buyer) is a shared-appreciation loan for homebuyers in Providence, Rhode Island, administered by SWAP Inc. (Stop Wasting Abandoned Property) / SWAP CLT. SWAP, Inc. is a Providence nonprofit community development corporation (founded 1975) that develops and builds entry-level homes for sale to low- and moderate-income first-time buyers, with affordability preserved through its SWAP Community Land Trust. Its 'Build a Buyer' program consolidates SWAP's financial literacy and homebuyer-counseling services, pairing a HUD-approved 8-hour homebuyer education course with one-on-one credit/financial coaching (the Individual Workout Program) to move clients from renters to successful homeowners. SWAP is a HUD-approved housing counseling agency. Below-market entry-level homes for sale. Permanently affordable homeownership via SWAP CLT. HUD-approved 8-hour homebuyer education. One-on-one financial/credit coaching (Individual Workout Program). Landlord/tenant education for multi-family buyers. Funding comes from SWAP Inc. / SWAP CLT (nonprofit CDC), bank loans and limited government subsidy.

SWAP Inc. Community Land Trust Affordable Homeownership (Build a Buyer) is a shared-appreciation loan and is repaid under the terms set by SWAP Inc. (Stop Wasting Abandoned Property) / SWAP CLT. Repayment is triggered by For CLT homes, resale is governed by the SWAP CLT ground lease, which restricts the resale price to keep the home affordable for the next income-qualified buyer. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

SWAP Inc. Community Land Trust Affordable Homeownership (Build a Buyer) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. On credit, the program states: Not published; buyers receive credit counseling through SWAP's Individual Workout Program and must qualify for a mortgage. A homebuyer education course is required, through SWAP 4-week homebuyer education course (HUD-approved, 8 hours); SWAP Individual Workout (IWO) one-on-one credit/financial coaching; SWAP Landlord/Tenant 3-hour course for multi-family buyers. Register at (401) 272-0526. This is a nonprofit affordable-homeownership / Community Land Trust program plus HUD-approved homebuyer counseling, NOT a cash down payment assistance grant or loan. Completion of SWAP's homebuyer education is part of the path to purchase.

SWAP Inc. Community Land Trust Affordable Homeownership (Build a Buyer) sets its income limit as follows: Restricted to persons of low and moderate income (per SWAP's mission); specific income limits/AMI percentage are not published on the official site and vary by development and funding source. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

SWAP Inc. Community Land Trust Affordable Homeownership (Build a Buyer) caps the purchase price as follows: Entry-level / below-market homes; price reduced for CLT homes because the SWAP CLT retains the land. Specific prices not published online. Eligible property types include Single Family, Condo, and 2-4 Unit. New construction is eligible. Manufactured homes are not eligible.

SWAP Inc. Community Land Trust Affordable Homeownership (Build a Buyer) serves homebuyers purchasing in Providence, Rhode Island.

Applications for SWAP Inc. Community Land Trust Affordable Homeownership (Build a Buyer) go through SWAP Inc. (Stop Wasting Abandoned Property) / SWAP CLT, which publishes the current terms and the application steps on its own site. Funds are reserved through Contact SWAP at (401) 272-0526; intake system gathers a financial baseline for each prospective buyer. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.