CHN Housing Partners Lease Purchase Program

What is CHN Housing Partners Lease Purchase Program?

CHN Housing Partners Lease Purchase Program is down payment assistance for homebuyers in Cleveland, Ohio, administered by CHN Housing Partners.

• CHN Housing Partners' flagship Lease Purchase Program is a 15-year path to homeownership for lower-income NE Ohio families. Households at/below 60% AMI lease a newly-built CHN home for 15 years while receiving HUD-certified counseling, then have the option to purchase below market value. More than 1,800 families have become homeowners since 1987.
• 15-year lease-to-own path.
• Below-market purchase price.
• HUD-certified counseling throughout.
• New-construction homes.
• Serves households at/below 60% AMI.
• This is a federal program, so it is available beyond a single state or city.
• Funding comes from LIHTC lease-purchase development model with CHN Housing Capital lending.

Do you have to pay it back?

CHN Housing Partners Lease Purchase Program is down payment assistance and is repaid under the terms set by CHN Housing Partners.

• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

CHN Housing Partners Lease Purchase Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

CHN Housing Partners Lease Purchase Program limits household income to 60% of the area median income, which varies by county and household size.

• Households at/below 60% AMI; homes rented at 60% AMI for first 15 years; dollar limits not published.
• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

CHN Housing Partners Lease Purchase Program caps the purchase price as follows: Resident purchases below market value at end of 15-year lease; price set per home.

• Eligible property types include Single Family.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

CHN Housing Partners Lease Purchase Program is a federal program, so it is not limited to Ohio.

• The program targets specific areas: Scattered-site developments across Cleveland/NE Ohio (Parkside, South Collinwood).

How do you apply?

Applications for CHN Housing Partners Lease Purchase Program go through CHN Housing Partners, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through CHN HUD-certified housing counselors throughout the 15-year lease period.

2. 2

   Contact CHN Housing Partners to reserve funds

   Funds are reserved through Households work with CHN housing counselors and lease an available CHN home, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.