Home Partners of America, which is owned by Blackstone, has launched its Choice Lease program. Home Partners says that this new program is designed to help address the affordable housing crisis and mortgage access challenges often faced by low-to-moderate-income families and historically under-represented communities.
“Choice Lease is a unique, first-of-its-kind entirely private sector housing program not reliant upon government subsidies,” says Home Partners of America. The program offers qualified applicants below market rents and paths to homeownership unavailable before.
The Choice Lease program, says Home Partners of America, will expand expanding the accessibility of single-family housing for low-to-moderate-income residents who face multiple obstacles to homeownership, including lower credit scores and lack of savings. Choice Lease residents are expected to have median incomes of approximately $55,000, versus the median income for homebuyers in the U.S. of $93,2001. Home Partners intends to deploy at least $1 billion to acquire homes for eligible individuals and families over the next two years, supporting a broader population than ever before.
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Blackstone bought out Home Partners of America last June for $6 billion. Home Partners offers what it calls a unique, resident-led business model expanding housing access and choice, while providing a clear path to homeownership to individuals and families across the United States.
Home Partners has a portfolio of over 17,000 homes across the United States. By purchasing homes on behalf of residents, HPA boasts that the firm has helped thousands of home seekers live in a home they otherwise were “not yet ready to purchase, under terms that best fit their needs.”
At the time of the acquisition, Blackstone said that it would help the company expand access to high-quality housing for lower income households.
Bill Young, co-founder and CEO of Home Partners of America, said, “During a period in which constrained housing supply has made it extremely difficult to find a desirable home, our Choice Lease program is providing a critical service to many who would not otherwise be able to access the housing market. We are grateful that our partners at Blackstone have provided the support needed to implement this initiative, which addresses disparities in homeownership among historically under-represented communities as well as low- and moderate-income consumers. We have a unique opportunity to drive change that will help these groups access quality homes while providing a clear and transparent path to homeownership.”