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 our single-family lease purchase program along with CHN Housing Partners to help low-income families in Detroit achieve and sustain homeownership. The 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
- CHN Housing Capital, Community Financial Credit Union and Opportunity Resource Fund all have mortgage loan products that addresses residents' needs and allows long-term sustainable homeownership.
- 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
Cinnaire In Action
Dogwood Estates was developed during World War II to provide temporary housing for factory workers in Walkerton, IN, Forty years later, residents living in these plywood houses were plagued with issues: Ceilings were caving in. Floors pockmarked with holes. Uninsulated walls caused pipes to freeze.
Developers worked with the Town of Walkerton, Cinnaire, First Source Bank, the Federal Home Loan Bank, Neighborhood Development Association to tear down the existing 86 homes and develop 40 beautiful, affordable, lease-to-purchase homes. The project has provided an unprecedented impact on the small community, changing the lives of over 200 families.
Our Locations
Lansing
1118 South Washington
Lansing MI, 48910
Indianapolis
201 North Illinois Street
Suite 1530
Indianapolis IN, 46204
Wilmington
100 W. 10th Street, Suite 502
Wilmington, DE 19801
Chicago
225 West Washington
Suite 1350
Chicago, IL 60606
Madison
10 E. Doty Street, Suite 617
Madison, WI 53703
Grand Rapids
100 Cesar E. Chavez Ave.
Suite 202
Grand Rapids, MI 49503
Detroit
2111 Woodward Avenue, Suite 600
Detroit, MI 48201