Call Pat Kenney, Chief Operating Officer at (216) 774-2393 or email us using the form below.
LIHTC Lease Purchase
For those in the affordable housing industry, we offer sales services to selective clients who have lease purchase home ownership programs through the Low Income Housing Tax Credit (LIHTC). We have staff licensed as broker and real estate agents in the State of Ohio, and staff that holds CHAM, HCCP, CPO, COS and CPM credentials, and designations.
As the largest single-family affordable housing developer in the nation, we offer the following services:
Limited Partnership Unwind Services:
We have deep expertize in unwinding your housing project when it reaches the 15 year compliance period under the LIHTC including interaction with finance agencies, managing the release of restrictive covenants, income restrictions, work outs with first and second mortgage lenders and more.
Y-16 Sales & Homebuyer Preparation:
Our team can prepare your residence for home ownership when your housing project has completed its 15 year compliance period and is ready for purchase. This includes evaluation of resident purchase readiness, home buyer preparation, limited partnership disposition plan, accurate sales pricing, purchaser’s financing needs, mortgage loan underwriting criteria, loan terms and loan servicing models as well as collection servicing protocols. We also can work directly with residents, title companies, and lenders and enter to facilitate sales agreements and closing.
Since 1981, CHN has developed 2,189 single-family homes through its nationally renowned (LIHTC) Lease Purchase Program model, a 15-year pathway to home ownership. To date, CHN has sold over 1,135 of its homes to residents with an additional 80-100 residents taking title each year. Nearly 90% of residents choose to purchase their homes, and more importantly, 98% of those families are successful in their homes. (CHN tracks new buyers for 5 years after they purchase).
Because we receive significant interest in the program, we offer a lease-purchase how-to manual.