DIVERSITY HAS A HOME HERE
Community Homes of Patagonia, Inc., also known by the acronym CHOP, is Patagonia’s community housing trust, and is an open-membership nonprofit organization. The mission is to support the diversity and vibrancy of the town of Patagonia and its vicinity, providing quality, affordable, homeownership opportunities to local people with modest incomes. CHOP members support the idea that diversity creates a strong community. The organization is working to create housing options that currently do not exist for working residents with low to moderate incomes.
CHOP’s organizational structure and affordable homeownership program are based on the Institute for Community Economics’ Community Land Trust Model. Two key components are “shared ownership” and “shared equity.” To achieve shared ownership, CHOP acquires the lot/land, and retains ownership, then leases the land to a CHOP qualified homeowner. The land lease is for 99 years, and is both renewable and inheritable. The homeowner then acquires their mortgage for the home. The homeowner owns the home and improvements. To achieve shared equity, a CHOP homeowner who wishes to sell their home, agrees to implement the lease’s “Resale Formula” which provides the seller with a “fair” return, and retains the home’s affordability for future income-qualified homeowners.
If you have ever considered owning a home in the Patagonia area, but discovered you were unable to finance one, please contact us to see if CHOP’s homeownership program will make a difference. Board Meetings are held on the third Wednesday of each month at 6 P M. in the Patagonia Town Council Chambers.
CHOP is an independent, 501c.3 nonprofit community housing trust. Donations are tax-deductible to the extent allowed by law. Please contact us for information on giving, membership, and volunteer opportunities.
Community Homes of Patagonia,
P.O. Box 1063, Patagonia, AZ 85624