The scenario Graham says will lead to more home ownership is that people who otherwise couldn't afford to own a home will be able to do so by the rental income generated by a carriage house. That's why these duplexes were built here decades ago. People built a house far better than they could afford and lived in one side and rented the other apartment. That combined money made it affordable. We have to say, 'You can do this.
People can manage one or two housing units if they live there.
We'll have to educate people on how to be landlords. And most homeowners in Phillips know somebody that is looking for a place to rent. More rental units lead to cheaper rents, and people charge less in rent to friends and relatives. Although Ventura Village has some public money, the bulk of construction costs for carriage houses will be paid by homeowners. Fannie Mae, through TCF, has already signed on to provide affordable loans for the program.