Program Overview

Our Mission

The Commons Foundation mission is to support sustaining the town of Little Compton by increasing access to home ownership for qualified families and seniors in the Little Compton community.

Who Is This Program For?

The Commons Foundation Home ownership program is for qualified individuals and families who have a connection (school, family or work) to Little Compton and need access to resources to make homeownership in Little Compton a reality. The Commons Foundation relies on the Little Compton Attainable Housing Ordinance to identify suitable houses and select applicants whose income and other characteristics qualify them for the program.

In this program The Commons Foundation ensures selling price of the home will not exceed the level established by the Little Compton Attainable housing ordinance.

Kinds of Initiatives That Qualify

Projects that increase the attainable housing supply in Little Compton qualify. This is a wide-range of possibilities that include:

• The Commons Foundation owned home
• The Commons Foundation and a developer or property owner establish a partnership and/or loan agreement to create new homes, consistent with the Little Compton Attainable Housing Ordinance

Process

• Pre-Application: Determines if you meet initial qualifications for the home ownership program.
• Application: Once we review the Pre-Applications, we will reach out to those who meet the initial qualifications and request additional information to prepare a complete application. If you need help, we are available to walk with you through the rest of the process so you will fully understand what you need to complete your application. *At this stage, you can expect more detailed information requirements – construction documents, credit check, proof of income, etc.
• Approval: The request is assessed and approved by The Commons Foundation. We will work with you to identify the property and on the final loan agreement.

The Agreement - Restrictions and Attainable Conditions

The agreement must align with our mission to support "Attainable Housing" as defined by Little Compton definition of attainable housing. As such, the agreement will include terms that help ensure the resulting project will remain in the “attainable housing” stock. While each agreement may have unique circumstances, some examples of terms you can expect:

• The home size and structure will remain consistent with the LC Attainable housing ordinance
• The Household income limitations will conform with the LC Housing Ordinance
• The resale price for the property will be limited to the purchase price or development cost of the property plus approved capital improvements multiplied by the increase in the Area Consumer Price Index from the time of purchase or development until the sale date in order to preserve its the "attainable" housing price for future owners who will meet the attainable income requirements of the Lc Attainable Housing Ordinance