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The Basics
This is a Lease Option Program. This means that if you have
met your obligations under your lease, at the end of the 15-year tax credit
period (20 years for certain homes designated as "Home Units")
you will have the option to purchase your home. You are not obligated
to buy your home, but hopefully, you have become a part of your neighborhood
and can't imagine living anywhere else.
If you have successfully completed three years of occupancy
in the home, you may be given an opportunity to sign an Option Agreement.
Successful completion of residency means that you have paid all rent and
other charges on time every month; you have maintained the home and fulfilled
your obligations as required in the Lease Agreement; and you have attended
home maintenance and credit counseling programs provided by CHP.
The purchase price you pay for the home will be determined
at the time you are given the right to exercise the option to purchase.
The formula for determining the purchase price is contained in the Option
Agreement. The formula contains a $1,000 per year credit for each
year you live in the home. So the longer you live there, the lower
your purchase price will be.
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