This pilot program incorporates CHN’s successful strategy that has helped more than 1,300 low-income families achieve and sustain homeownership. Cinnaire and CHN are applying this successful model 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.
The benefits of homeownership are indisputable – Healthier families. Better educational outcomes. More secure communities. Generational wealth created. Since it first launched in Cleveland, this program has provided the opportunity for more than 1,300 low-income rental families to purchase their own homes. And, with the tools and training the program provides, more than 99% of them have stayed in their home for at least 5 years.
This is an awesome program and opportunity for first time homebuyers to purchase a new home at an affordable price with a team of mentors to help you through the process. There is tremendous value in owning your own home. My mortgage, insurance and taxes combined are significantly less than I paid in rent each month. I’m thankful to Cinnaire and CHN Housing Partners for introducing me to this program, providing the opportunity to own my home and to leave a legacy for my children and grandchildren.
The first resident to purchase a home through the lease purchase program