A consultant has found more homeowners violating the terms of their contracts with ARCH, the Eastside's largest affordable housing program.
A new report from Oakland-based Street Level Advisors says up to 35 owners who bought their properties through the publicly-backed program have been renting their units, instead of living in them, as required by ARCH.
In addition, the consultant found that ARCH lost 43 properties – 6% of its ownership portfolio – to foreclosures over the years. Under the terms of ARCH’s contracts, a home loses its affordable status in a foreclosure and can be sold at an unrestricted price.
Click here for more information: https://www.king5.com/article/news/investigations/consultant-uncovers-more-eastside-homeowners-violating-affordable-housing-rules/281-d65beac0-261b-4443-a4c5-5f476b7775b9