Coalition led by Cleveland Housing Network rescues rent-to-own housing programs in Glenville

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Saw this news recently on Rent to Own in Ohio, allowing 90 families to buy their homes on a lease to own. Really good news for people in Cleveland…

The housing advocacy agency has led a rescue that included buying mortgages and paying back taxes and penalties to keep the houses out of foreclosure and in the programs, said Rob Curry, the agency’s executive director. The programs date to the 1990s, when investor-backed partnerships built and leased the houses to low-income families with provisions allowing the renters to buy at below-market prices after 15 years. Most of the money to build the houses came from large corporations wanting to invest in low-income housing in return for substantial federal tax credits.

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