Shared Equity Homeowner Reminders

• Your Shared Equity home must be your primary residence. Occupancy is certified on an annual basis.
• The Annual Occupancy form is available here.
• You must notify Cornerstone if there are any legal changes to your home.
• When you are ready sell, you will share the appreciation with the program to keep the home affordable.

Homeowner Information

Below are topics that frequently come up regarding your Shared Equity home. For full details regarding the Shared Equity agreement click here for the Shared Equity Handbook

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Selling Your Cornerstone Shared Equity Home

• You must notify Cornerstone Staff of your intent to sell in writing.
• Download the “Intent To Sell” form.
• An independent appraisal will be conducted.
• The current value will be determined based on the appraisal and determine the “option” price of your home.

Refinancing Your Shared Equity Home

• You must notify Cornerstone Staff of your intent to refinance your Shared Equity home.
• Not all lenders will refinance a Shared Equity property. We can provide a referral list of lenders that have refinanced Shared Equity homes.
• Cornerstone will need to review your proposed loan and prepare documents for your closing.
• Home equity lines of credit are not allowed.

Capital Improvement Credits

• Capital Improvement Credits (CICs) are granted for work done to the home that increases the market value of the home and is above and beyond general maintenance.
• Prior to undertaking construction or modification of any capital improvement that the homeowner desires to receive a CIC and the cost of the improvement exceeds $10,000, the homeowner must notify Cornerstone. Notification is not required for projects less than $10,000, however the homeowner will need to provide documentary information on the improvement.

What IS a Capital Improvement?	What IS NOT a Capital Improvement?
-Replacing wall to wall carpet with hardwood floors	-Replacing wall to wall carpet with new carpet
-Adding a new garage to a home	-Replacing an existing garage door
-Finishing the basement	-A fresh coat of paint
-Completely remodeling a kitchen	-Replacing appliances
-Adding a fireplace	-Repairing/replacing an existing heating system
-Adding a bedroom or bathroom	-Replacing windows
-Putting on a deck	-Replacing wiring or plumbing

Who to Contact for Assistance

Need help with refinancing, home improvements, or selling? Our team is here to support you.

📞 Call us at 802-438-2303 or Contact Us

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