Aerial view of waterfront buildings and cityscape with hills in the background.

How the Opportunity Housing Trust Works

Map of Carmel, California showing property listings with prices in red, landmarks, roads, and shoreline.

Screen capture from Zillow.com (August 7, 2024)

Monterey County is one of the most expensive places to live in the United States, and wages for critical members of our community and workforce have not kept up with the cost of housing.

The Opportunity Housing Trust creates housing opportunities for people who contribute to our communities and economy who would otherwise be overburdened by the cost of rent or homeownership.

  • The OHT acquires land through purchase, donation, or transfer from the government or private entities. OHT maintains permanent ownership of this land.

  • The OHT develops new affordable homes on the acquired land or rehabilitates existing structures. This can be done independently or in partnership with other organizations, such as nonprofit developers or housing agencies.

  • The OHT sets the sale prices or rent for the homes based on the income levels of the targeted community, ensuring affordability for low- to moderate-income households

  • For homeownership units, OHT sells the home to an income-qualified buyer but retains ownership of the land. The buyer enters into a long-term, renewable ground lease (typically 99 years) with OHT, which specifies the terms of the land use and resale restrictions

  • The OHT may offer financial assistance, such as down payment assistance or subsidies, to help income-qualified buyers purchase the home

  • When a homeowner decides to sell their OHT home, the resale price is restricted based on a formula that balances the homeowner's equity gain with maintaining affordability for future buyers. This ensures the home remains affordable in perpetuity

  • OHT provides ongoing support to its homeowners and renters, ensuring they have the resources to maintain their homes and succeed in homeownership or tenancy. This may include education, training, or assistance with home repairs and maintenance

  • As OHT maintains ownership of the land and enforces resale restrictions, it ensures that the homes remain affordable for future generations of buyers or renters, even as market prices rise in the surrounding area