June.17.2013
Washington, D.C. senior structured finance associate David Ridenour, supervised by San Francisco senior real estate counsel Chris Chavez, are representing three buyers of affordable housing offered by the Northern California Land Trust (based in Berkeley).
NCLT revitalizes or develops properties (on its own or with local builders and funders) and then sells the home at below-market cost to residents who have been trained by NCLT for home ownership responsibilities. Unlike most other affordable housing developers, NCLT retains the rights to the land below the house and ensures that the home is resold at similar, below-market rates to the next homebuyer, guaranteeing low-cost housing in perpetuity.