Lease Purchase: A New Path to Homeownership
Location: Harvard Graduate School of Design | Gund Hall, Room 109
William Young, CEO, Home Partners of America
Home Partners of America's innovative “Lease with a Right to Purchase Program” tries to provide much needed help to individuals and families that currently are shut out of key housing markets. Under the program, individuals work with local Realtors®, find a home for sale in one of the company’s approved locations (generally suburban communities around the country that have good school systems). If the firm is able to buy the home, individuals can lease it for at least one year and, depending on the state, for another two to four years as well. During this time, they also have the right to purchase the home at a predetermined price. In this talk, Young, the former head of Goldman Sachs’ European mortgage department, will describe how this process works and why he believes this approach provides a responsible alternative to subprime mortgage credit that still creates a sustainable path to homeownership.
