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. Funding comes from LIHTC lease-purchase development model with CHN Housing Capital lending.

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.

CHN Housing Partners Lease Purchase Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. A homebuyer education course is required, through CHN HUD-certified housing counselors throughout the 15-year lease period. Residency requirement: CHN lease-purchase homes located in Northeast Ohio (primarily Cuyahoga County). Lease-purchase (not a cash DPA) — assistance is the below-market purchase opportunity after a 15-year lease.

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.

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.

CHN Housing Partners Lease Purchase Program serves homebuyers purchasing in Cleveland, Ohio. The program targets specific areas: Scattered-site developments across Cleveland/NE Ohio (Parkside, South Collinwood).

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. Funds are reserved through Households work with CHN housing counselors and lease an available CHN home. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.