Legacy Shared Appreciation Program
Information for Homeowners
CFH developed the Legacy Shared Appreciation Program to counteract the neighborhood displacement as DC home prices climbed and prospective purchasers found it challenging to afford properties. With an initial investment from the DC government, CFH developed a down payment assistance program: Each borrower was given a 0% interest loan (recoverable grant) as a second trust mortgage for down payment assistance, and CFH maintained the property’s affordability by sharing in the equity appreciation of the property with the borrower. These funds were recycled back into the property at the time of sale to benefit the property’s new buyer. City First Homes also furthered its goal of promoting home ownership by supporting the operating boards of several Limited Equity Cooperatives with their self-management and governance. The Legacy Shared Appreciation program only worked with properties in CFH’s portfolio, which, at its height, contained 214 properties under stewardship and 53 active loans provided to borrowers for the purchase of their property.
As the market evolved, CFH looked for new ways to serve prospective homeowners, emphasizing minority borrowers in DC. With Homes by CFE, we are shifting more of the power to the borrower, enabling program participants to choose the home that best fits their family’s needs and size instead of affordability being tied to a specific property.
Homes by CFE is the next step in CFH’s journey to serve our community better. Through homeownership, we are helping to deepen and strengthen communities, providing benefits that families can feel for generations. Shared appreciation from our legacy program borrowers will be recycled into Homes by CFE as CFH grows its portfolio of homeowners. With this new program, CFH is deepening our commitment to affordable housing by helping more families purchase homes, building wealth for the next generation.
For our legacy shared appreciation program homeowners, if at the time you sell your property, there is a borrower who might benefit from assistance from the new program, please refer that borrower to us to determine if the Homes by CFE program is a fit.
CFH remains committed to all our homeowners. If you have any questions regarding your loan, please reach out to us at info@cfhomes.org so that we may assist you.
Information & Forms
January 2021 Program Changes Notice
Find a copy of the letter mailed to homeowners regarding changes to the program.
Program Changes Notice
Program Changes FAQ
Frequently Asked Questions regarding program changes and implementation.
Program Changes FAQ
Intent to Sell Form
Notify City First Homes staff of the sale of your property. This will help us to make sure the sale of your property goes smoothly.
View Form
Capital Improvement Form
Use this form to notify City First Homes of any planned or completed improvements to your property. You can attach reciepts and the describe the improvements made to your property. This information will be stored in the borrower's file.
View Form
Refinance Request Form
This form will help City First Homes Staff prepare the necessary forms needed for your refinance and make sure the borrower has the information necessary to start and complete the process with the new lender.
View Form
Loss Mitigation Policy
City First Homes is there for our borrowers every step of the way through their homeownership journey. If you have concerns or believe your loan may go into default or that there may not be sufficient funds to repay your CFH Note please review the CFH Loss Mitigation Policy and reach out to us to discuss your specific situation.
Loss Mitigation Policy
