HOME OF YOUR OWN FAQ
Who can live in the Apartments and Villas at Loveland?
Anyone with an intellectual or developmental disability or who is 65+ and lives at 65% or less of Annual Median Income for Sarasota County can rent an Apartment. Anyone with an intellectual or developmental disability or is in need of workforce housing, and meets the requirement of 65% or less of Annual Median Income for Sarasota County, may own a Villa. Both options are located on the newly acquired 7.5 acres adjacent to 157 South Havana Road, off East Venice Avenue in sunny, historic Venice, Florida.
Why is investing in the Home of Your Own Campaign important?
Besides the satisfaction of helping low-income seniors and individuals with disabilities to become independent within a community of peers who support one another, your investment in the Home of Your Own Campaign ensures that generations of families are safe in the knowledge that their loved ones are close to area hospitals, receive in-home care, and have access to The Clinic at Loveland Center.
What are some of the amenities and benefits of having a Home of Your Own?
Glad you asked! The Clinic at Loveland Center is a fully equipped therapy clinic staffed with professional, certified occupational and physical therapists, and speech-language pathologists. The Clinic is located in the building closest to the Apartments and Villas on the Loveland Campus. Dining facilities, recreation opportunities, a clubhouse, accessibility to shopping, restaurants, doctors, and wellness centers, as well as walking trails, green spaces, and a lake round out the features of our inclusive community. Additionally, Loveland’s new Performing Art Center and Fine Art Gallery provide cultural opportunities right on campus.
How may I purchase a Villa at the Loveland Village?
Please contact Loveland Center’s intake coordinator, Krystal Heater, at firstname.lastname@example.org to be added to the interest list for a Home of Your Own Villa. Loveland Center is building this community in response to a need we’ve seen from the individuals that we serve. Current Loveland Center participants, staff, families of participants, and residents of the Nancy Detert Apartments at Loveland Village will be prioritized for the Villas.
What are the steps if I’m selected to purchase a Villa at the Loveland Village?
Loveland Center is working to develop a process and will walk you through the application, answer questions about donating sweat equity from friends and family, and share best practices for completing the sale and moving into your new home. The low, fixed 30-year mortgage is guaranteed by Loveland, who hold the second mortgage on the two- and three-bedroom duplexes.
Are there still Villas available?
There are 38 Villas, but interest is already growing. Even if the interest list exceeds the 38 spots, we recommend you sign up as quickly as possible as needs may change.
Will the Villas be accessible?
Yes. If you are selected to purchase a Villa, Loveland Center will work with you to customize your home to fit your accessibility needs.
What is the definition of “affordable”?
Our definition of affordability is that each resident will have no more than 43% total debt-to-income ratio, and no more than 30% of the income as their mortgage payment. Our goal is to keep the monthly payment for a Villa to about $500 and under $1,000 for an apartment.
What would my mortgage interest be?
Zero percent for 30 years.
Are there hidden costs?
When we build and sell a home to a resident, we price the home considerably lower than the appraised value to keep it affordable. Besides the low, fixed 30-year mortgage amount, the other portion of the monthly payments will include taxes, insurance, HOA fees, and other variable costs held in escrow. These costs may change yearly but Loveland will continue to invest in keeping all Home Of Your Own Villas affordable.
May I rent out a room in my Villa?
Yes! If it is a Loveland Villa for individuals with I/DD, then it is your home and you may rent a room to friends, family, caregivers, or other roommates as you choose. By renting rooms to others, you can capitalize on your investment and add to your financial security well into the next decades. Simply submit a sublet application to Loveland for approval and you will begin to build wealth almost immediately from the time you move in. All residents, including roommates, must pass a background check.
How may I rent an Apartment?
The Loveland Center in beautiful Venice will begin taking applications in Spring 2024 for our 84 one- and two-bedroom Apartments. Loveland plans to build three 3-story Apartment Complexes adjacent to the Villas and the Loveland Campus.
What happens when a Villa owner defaults on her mortgage?
A late fee will be charged after the 15th of the month. Loveland will work with Villa owners to try and rectify the situation before moving into foreclosure proceedings.
Can I sell my house?
If you decide to sell or refinance your home, you will be required to pay off the first and second mortgages at the time of closing of the sale or refinance. Loveland have the right of first refusal on all properties. If the homeowners decide to sell, we first see if we can buy the property at Fair Market Value with the aim of re-selling the home to another individual with IDD or a partner family. If we elect not to purchase the property, the owners may sell their home on the open market and a shared appreciation would apply. The schedule of appreciation will not exceed 5% per year. If it is lower than Fair Market Value, then Loveland will adjust to the lower appreciation percentage.