Credits to Own (CROWN) Policy

After the initial 15-year compliance period, properties that received points in the application under the CROWN (Credits to Own) program shall allow existing, qualifying tenants to exercise a right of First Refusal (“ROFR”) as noted in IRC Section 42(i)(7).

CROWN tenants should be informed of the goal of eventual tenant homeownership upon leasing a CROWN unit. Each household should execute a Participation Agreement at move-in. While tenants are renters, ongoing homeownership, budgeting, and general maintenance classes should be provided at least two (2) times per year, or as additionally specified in the Participation Agreement. In addition, the portion of rent escrowed for each tenant to assist with eventual homeownership, as allowed under this program, should be maintained in a separate account and tracked accordingly. Owners must submit the Annual CROWN Household Participation Report each year.

Year 10

End of Year 15

Purchase Price

Replacement Reserve

Warranty Deeds

Homes Not Sold to Tenants