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Program Description
Program Description
CROWN (Credits to Own) is a lease-to-own housing program developed to bring home ownership within reach of very low-income households while assisting local governments in revitalizing their neighborhoods. The objectives of the program are to:
  1. Construct housing that is decent, safe, and permanently affordable for low-income residents;
  2. Develop strong public/private partnerships to solve housing problems;
  3. Offer renters a real plan to own a home; and
  4. Restore unused, vacant, in-fill lots to become a neighborhood asset.
CROWN utilizes the Low-Income Housing Tax Credit program as one financing tool. Other sources of financing may be HOME funds, Affordable Housing Trust funds, Federal Home Loan Bank funds, local government grants and loans, and traditional development financing sources.
How the Program Works
How the Program Works
A CROWN project owner selects residents who qualify under the CROWN program guidelines, which emphasize the long-term commitment aspect of CROWN. CROWN units must be targeted at households at or below 60% of area median income.
 
The leasing phase of the program is for a period of 15 years, which is the project owner's tax credit compliance period. Leases are for one-year renewable terms and require tenants to assume most of the property maintenance responsibility just as a homeowner would. The property manager retains control and responsibility of major maintenance concerns during the project's 15-year compliance period.
 
During the leasing phase, tenants are provided supportive services and education to work toward homeownership.
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