Single family lease purchase
"Buying this home felt like Christmas in November. My mortgage with taxes and insurance is less than what I paid for rent. I like being in my own home. I love sitting on my own porch and having a big yard. Best of all my kids are proud. We are happy to know that if anyone in our family falls on hard times, they have a place to live. With me.” - Shirley, a New Homeowner
Lona Council joins a Q&A session with Yulonda Byrd, Cinnaire VP, Innovation, to describe the thrill of becoming a homeowner through Cinnaire's Lease to Purchase program.
Advancing Communities Through Homeownership
Cinnaire launched a single-family lease purchase program to help low-income families in Detroit achieve and sustain homeownership.
This Advancing Communities Through Homeownership program incorporates five steps to homeownership that have helped hundreds of families purchase their own homes. Cinnaire is applying this program in Detroit for 188 families living in single family homes developed through the Low-Income Housing Tax Credit (LIHTC) program to help them achieve affordable homeownership over the next 8 years.
How it Works
Scattered Site Lease Purchase Program
Integrated Solutions for Success
The goal of the Single-Family Lease Purchase pilot program is to help 188 low-income families achieve affordable home ownership over the next eight years. The pilot program includes homes in these Detroit neighborhoods:
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- Eastside Detroit Homes
- Pinigree Park Homes
- University Grove Homes
- Homes at Houston Whittier
- Home Ownership & Sales Team
- Home purchase workshops connect residents to personal financial coaches to walk them through the steps to toward owning their home with an individualized plan.
- Alternative Mortgage Loan Program
- Opportunity Resource Fund developed an alternative mortgage loan program that addresses residents' needs and allows long-term sustainable homeownership and is offering this loan product in Michigan.
- Cash Savings Match Program
- A cash savings match program that helps residents to begin to save in Year One and provides a 3:1 match at conversion (sale).
- Down Payment Assistance
- A Down Payment Assistance (DPA) program that helps residents maintain a reasonable mortgage amount relative to their income.
- Post Purchase Services
- Buyer access to post purchase services, including: Energy conservation/repairs, financial counseling, employment services, income supports and utility assistance.
Tools for Success
Our Single Family Lease Purchase Program as an anti-poverty and economic security strategy
- Home Ownership Preparation
- Families work with housing counselors and take home-ownership classes to ensure they are prepared and mortgage-ready to become homeowners.
- Equivalency Principle
- The "equivalency-principle" maintains a family will succeed as a homeowner as long as the cost of homeownership (including insurance and taxes) does not exceed what they had previously paid in rent.
- Program Qualifications
- On-time rental payments
- Cash Savings
- Homebuyer Educational Courses
- 40% Debt-to-Income Ratio
Interested residents and buyers can contact:
- Audreyina Pittman at (313) 335-3228 or email apittman@chnpartners.org.
- Jessica Hinton at (313) 288-7002 or submit a request through Contact Us.
Celebrating 30 Years! 2023 marks Cinnaire's 30th Year transforming communities! It all started with Mark McDaniel at a card table with a phone and a rolodex in 1993. In 2023, we have six offices, 150 team members and we've generated more than $10 billion in community impact. Cinnaire is celebrating this monumental anniversary throughout the year with throwbacks on social media, celebrations with our team and partners, and days of dedicated community service across our organization.
Our Locations
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1118 South Washington
Lansing MI, 48910
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Indianapolis IN, 46204
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Wilmington, DE 19801
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Chicago, IL 60606
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Madison, WI 53703
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Grand Rapids, MI 49503
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2111 Woodward Avenue, Suite 600
Detroit, MI 48201
Milwaukee
231 E. Buffalo Street, Suite 302
Milwaukee, WI 53202
