Seeking Investors / Funding,
Our Rent to Own Affordable Housing Initiative.
Rent To Own Initiative is a program that allows selected working low income families to become home owners.
Through this program we will build highly efficient single family, 1 or 2 story houses. (depending on size of family)
Investors Information:
Your Reason to Invest;
Through this program we will build 1,2 or 3 bedroom single family housing from containers to provide the opportunity of home ownership for select low income working families
These houses will be highly efficient, equipped with a heat pump for heating and cooling. Tenants will enrol into equalized monthly payments for electricity and property tax.
We are looking for investments for a 5 year term, interest only.
As this is a purchase, rather than a lease, tenant is responsible for any repairs and wear and tear on building and appliances, thus reflecting the commitment of tenant and providing a worry free term for investor*.
We enter into a provisional purchase contract with the tenant, where the tenant will pay rent close to local market rents for the period of 5 years (60 months).
After the 60 months the “rental” contract will transform into a purchase of the property, at the price specified at the beginning of the rental contract.
During the rental period a 5 – to 15% part of the rent payments (depending on property price and tenants income) will be set aside to save for a 5% or more down payment, to have tenant qualify for the home purchase through a conventional bank mortgage.
If tenant defaults in the 60 month period, a fair amount (amount saved minus admin fees, damages and wear) will be returned to the tenant. The refund will be punitive to tenant (depending on exact circumstances) to avoid abuse of the project. Such home will be re-entered into program after repars and issues have been addressed, and purchase price is adjusted to current market values
*In compliance, and allowed by local law.
