• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Daily News Chicago

The Chicagoland's Top Daily News Source

DAILY NEWS CHICAGO
The Chicagoland's Top Daily News Source

  • Home
  • LOCAL NEWS
  • BUSINESS
  • POLITICS
  • REAL ESTATE
  • MEET THE TEAM

Home Partners of America launches the Choice Lease program for lower income residents

January 18, 2022 by Abbie Falpando-Knepp

Home Partners of America has launched Choice Lease: a first-of-its-kind program offering below-market rents to qualified applicants. The Chicago-based company, which was acquired by Blackstone Group in 2021, specializes in offering rent-to-own options to potential homeowners. And now, Choice Lease will expand those homeownership opportunities in historically underrepresented communities.

For nearly 10 years, Home Partners has organized rent-to-own plans for those who might otherwise lack the means to purchase a single-family home. Beginning with a prequalification form, Home Partners connects fitting applicants with agents who can help them find the right home. From there, Home Partners makes a cash offer on the home, then sets clients up with a lease and five years of guaranteed rent. From there, residents have time to decide on their purchase.

But the Choice Lease program furthers that mission by expanding housing accessibility, specifically, for low-to-moderate-income residents. Choice Lease is intended for households earning less than 80% of area median income. As such, applicants need an approximate median income of just $55,000 to participate in Choice Lease — far less than the national $93,200 median. Through Choice Lease, Home Partners will offer rental rates about 10% lower than the market rate, and eventually, a home price fairly below the market value.

“During a period in which constrained housing supply has made it extremely difficult to find a desirable home, our Choice Lease program is providing a critical service to many who would not otherwise be able to access the housing market,” Bill Young, the co-founder and CEO of Home Partners of America, said in a press release. “We are grateful that our partners at Blackstone have provided the support needed to implement this initiative, which addresses disparities in homeownership among historically under-represented communities as well as low- and moderate-income consumers.”

In the same press release, advisory board member Dr. Michael Stegman weighed in on the potential benefits of the emerging program. “In an environment of increasing home prices, Choice Lease will meaningfully expand access to affordable, high-quality homes and create a homeownership pipeline for working families and first-time homebuyers by providing below market rents and lower purchase right prices,” he said. Stegman is a former senior policy advisor for housing in the Obama White House at the National Economic Council.

>>>#ad: Don't Miss Today's BEST Amazon Deals!
Originally Appeared Here

Filed Under: REAL ESTATE

Primary Sidebar

More to See

Bail denied for 2 men charged in fatal downtown shooting

CHICAGO (AP) — Two men have been charged in a shooting that left two people dead and seven injured outside a fast-food restaurant just blocks from Chicago’s famed Magnificent Mile shopping … [Read More...] about Bail denied for 2 men charged in fatal downtown shooting

Dangerous DIY baby formula recipes go viral as parents get desperate

“Platforms still haven’t learned the lesson that their obsession with engagement is leading them to recommend wildly unsafe content,” said Laura Edelson, a computer scientist studying misinformation … [Read More...] about Dangerous DIY baby formula recipes go viral as parents get desperate

Gov. Pritzker Signs Bill Banning ‘Ghost Guns’ in Illinois – NBC Chicago

Gov. J.B. Pritzker on Wednesday signed into law legislation that bans so-called "ghost guns" across Illinois, making it the first Midwest state to do so. House Bill 4383 aims to crack down on "ghost … [Read More...] about Gov. Pritzker Signs Bill Banning ‘Ghost Guns’ in Illinois – NBC Chicago

Privacy Policy | Terms and Conditions | About/ Contact
As an Amazon Associate I earn from qualifying purchases.
Copyright © 2022 · Daily News Chicago . Log in