Imo, it kinda defeats the purpose of home ownership (here in boulder). You can't build equity because whenever you sell it, you have to sell it for a county-determined low price to some other low-income guy. You also can't sell it within the first 5-10 years (depending on the home) without taking a huge tax cut.

I considered buying through the county's permanently affordable program, but decided against it. Home ownership is an investment as much as a place to stay, and affordable housing is a lousy investment. Basically the same as renting only it improves your credit score.