The Newburgh Community Land Bank just announced on their blog a new initiative they are starting with the City. It is a rent-to-own program aimed at helping tenants who pay their rent, yet the City has taken over their residences because their landlords haven’t paid property taxes. The Land Bank explains the method as follows:
The idea is that the Land Bank will work with tenants, set aside a portion of the rent, assist with the upkeep of the home, and enroll the owner in home ownership counseling and savings assistance to enable them to purchase the properties they have responsibly rented for various periods of time. We are optimistic that this partnership will lead to quite a few Newburgh residents becoming homeowners. We expect that the details will be worked out in the next month and the first batch of tenants will enroll in the program during the Spring.
For tenants that are truly hard working and are responsible to pay their rent on time, this program will help them keep the homes that they have been maintaining. It will be interesting to see how this program spans out in the long run.
Photo by NR flickr pool user Jillian Elder, Victory Designs.