Executing the two parts of our mission
Part 1:
Affordable Housing
What: Increase the supply of affordable housing in Richland County.
How: Use federal HOME grants from the Department of Housing & Urban Development (HUD) to build new single-family rental units in Mansfield, Ohio for seniors and individuals with diasbilities. These properties will be built using the Universal Design Standards.
Status: Applying for HOME grants.
Part 2: Homeownership
What: Enable low-income households to build wealth through homeownership and financial literacy
How: Partner with a local nonprofit to secure grants to fund our Rent-to-own “IDA” Program. This is the social-impact based part of our mission.
Status: In progress.
Here’s how our Rent-to-own “IDA” Program works
-
Step 1
We buy and rehab a home and move the tenant in. We’re targeting low-income households, specifically those receiving Section 8 housing vouchers.
-
Step 2
Tenant agrees to open an Individual Development Account (IDA) and deposit $50/month into this account through an automatic withdrawal from their paycheck.
-
Step 3
Tenant agrees to complete a first-time homebuyer course, either online or in-person taught by a certified financial literacy counselor. This course will teach them the essentials of being a homeowner and good money habits.
Tenant also signs a savings agreement and agrees to the Terms & Conditions of the program that outlines expectations of both parties.
-
Step 4
We pair the tenant with a lender so that they know what they need to do to be ready to buy the home. We aim to use as many first-time homebuyer assistance programs as possible to reduce the downpayment and closing costs the tenant needs to pay.
-
Step 5
The tenant completes the program within 5 years and buys the home from us. Given that we want to make homeownership attainable for low-income households, we promise to provide a 3% seller concession when the tenant buys the home.
Click here to learn more about seller concessions.