It is no surprise to anyone in the industry that we currently find ourselves in the midst of an affordable housing crisis. The MBA and its members are always working on new and creative solutions to make housing more attainable. Among the viable solutions, we feel that jurisdictions should adopt and implement fee simple townhouse codes.
Fee-simple is a home ownership style where homeowners own the lot on which the home sits and are subdivided multifamily units. This type of ownership makes it easier for buyers and builders alike to obtain financing from banks and acquire insurance for their home. Establishing fee simple townhouse codes ultinately makes it easier to build, buy, and sell these homes, comparative to condos. Furthermore, implementing these codes does not change the appearance of these homes nor does it change the underlying zoning or density requirements.
Several local jurisdictions in Washington have already taken action to allow fee simple ownership of unit lot subdivisions and we will work to expand their access in Pierce County.