EAST CHARLESTON – Allie Wood began planning for a new home more than a year ago. At the time, she was living in a Hardwick rental property with property management assumed by RuralEdge. As part of RuralEdge’s offerings, staff informed tenants about additional resources available to them, including homebuyer education and counseling through the homeownership center.
After attending homebuyer education classes and individual financial counseling sessions, Wood was armed with the tools to be an informed buyer. After touring ten homes throughout the Northeast Kingdom and having one deal fall through, Wood found a house in East Charleston.
“I really liked the school district, and it even came with a play structure for my children,” she said. A fenced-in yard for her dog and a spacious kitchen helped seal the deal.
Unlike traditional down payment assistance that benefits only one family, RuralEdge’s Shared Equity Program, funded through the Vermont Housing and Conservation Board, offers a one-time investment that stays with the home permanently, ensuring it remains affordable for future income-eligible buyers. In return, the homeowner agrees to limit the profit they earn if the home’s value increases and shares the appreciation with the next buyer. This means that as the property value increases, it becomes more affordable relative to market conditions. RuralEdge builds permanently affordable homes by leveraging federal and private investments in addition to state funds.
