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              Affordable Homeownership: An Evaluation of Shared Equity Programs
      Back
                Cornerstone Homeownership Innovation Partnership (CHIP) identifies and supports a set of leading nonprofit stewards of long-term affordable homeownership units, and helps build the evidence base around shared equity. Shared equity is a homeownership model that allows income-eligible families to purchase homes at below-market prices. In return for the subsidized purchase price, the owner’s potential capital gains from home resale are restricted.This evaluation of nine shared equity programs in Texas, California, Vermont, New York, Tennessee, Utah, Washington, and Florida looked at the types of households the program enables to buy homes, as well as financial and neighborhood outcomes.The study found that, within the study's sample:96% of applicants were not currently homeowners and made on average 51% of their area's median incomeOf applicants bought a home with shared equity (20% bought without, and 44% did not buy a home at all)Shared equity purchasers had smaller mortgages than other applicant purchasers as well as similar non-applicant purchasers, and had lower monthly payments on all credit accounts; andNo other differences were observed in non-mortgage and neighborhood outcomes.

      Full report
      

      Full Report
            FR_CHIP Final Report_2017.pdf
                  RB_CHIP Final Report Evaluation_2017.pdf
        Further information
    



      Program/Intervention
                        Cornerstone Homeownership Innovation Partnership (CHIP)
  

      Implementing Organization
                        Capital Impact Partners, Grounded Solutions Network, 9 CHIP sites
  

      Intermediary(s)
                        Capital Impact Partners
  

      AmeriCorps Program(s)
            Social Innovation Fund
  

      Outcome Category
            Housing
  

      Study Type(s)
            Impact
  

      Study Design(s)
            Quasi-Experimental (QED)
  

      Level of Evidence
            Preliminary
  

      Researcher/Evaluator
                        Urban Institute
  

      Published Year
                        2017 Back to main content Sign up to hear about our latest news, events, and opportunities.
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