Homeownership Program
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Under this program, low- to moderate-income families rent homes with an option to purchase the property at the end of five years. During the option period, participants are given assistance with developing maintenance skills and an opportunity to demonstrate that they have the interest, stability and income to be homeowners. The program participants pay 30 percent of his/her adjusted income as rent, with 25 percent of the rent payment received by the Housing Authority credited towards the purchase price. Renters make arrangements with local lending institutions for the eventual purchase of the properties. The proceeds from the sale of the properties are returned to the City of Eau Claire Community Development Block Grant Program to purchase and rehabilitate additional properties. At present, thirteen families are renting with an option to purchase at the end of the five-year period. |
