To make house ownership affordable again in Madera County, the California Affordable Housing Agency is joining forces with Cascadia Equity Leasing to come up with an innovative transitional homeownership program.
This initiative, called the Trio Own Option lease program, will open up nearly 50 homes for lease with an option to buy. These single-family homes will be acquired by CalAHA through the $7,100,000 taxable municipal housing revenue bonds, a press release stated.
“The economic downturn and housing crisis have left many in our communities without a path to homeownership,” Ed Mayer, President and Chair of the CalAHA said in a statement. “Through the Trio Own Option lease program, many will find access to homeownership available once again.”
The houses, which will be marketed to workforce families, will be bought by Cascadia and CalAHA in association with the Housing Authority of the City of Madera. The purchase will be based on specific criteria such as size, condition, affordability and geography.
These houses will not have an up-front purchase down payment, the press release stated.
“The implementation of this program in Madera will help stabilize community neighborhoods from continued high rental turnover, revive stagnant sales, and help support property values from further erosion," Mayer said. "The program increases liquidity in distressed single-family home markets, because it provides a third financing option in addition to traditional leasing or outright purchase."