Shared Equity Program Provides Pathway to a New Home for Local NEK Family

RuralEdge’s Shared Equity Homeownership Program makes homebuying affordable for families with low to moderate incomes by offering down payment assistance grants of up to 35% of the cost of a home. Designed to increase buying capacity and for those who might not otherwise be able to afford a down payment, the program helps families purchase homes while ensuring those homes remain affordable for future generations.

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 share the appreciation with the next buyer. This means that as the property value increases, it becomes more affordable relative to market conditions.

Dixie Vestal (pictured) chose the Shared Equity Program as a stepping stone toward achieving her dream of homeownership. RuralEdge provided Dixie with a down payment grant of $78,250 that, combined with a first mortgage from Community National Bank, allowed her to purchase a farmhouse with attached two-car garage on three acres in Newark. The program not only made it possible for her to purchase a home she selected, but also allowed her family to remain in her children’s school district, which was a top priority. This marks the first home she has owned on her own, and closing day brought tears of joy. “I’m so proud of myself,” she shared, “and this wouldn’t have been possible without RuralEdge’s support and the Shared Equity Program.”

RuralEdge envisions a future where every NEK resident can experience that same sense of pride in homeownership.