FORT WAYNE, Ind,. (WOWO): City officials say more homes have become available in Renaissance Pointe.
The neighborhood allows at-risk home buyers to purchase a residence and build their credit.
Currently, four, three-bedroom, 1,200 square-foot homes are being offered.
Under the terms of the lease, residents work with the home developer to improve their credit to work into traditional mortgages and ultimately in position to buy the home.
Here's the full press release from Fort Wayne Community Development:
Fort Wayne Mayor Tom Henry announced today that four new homes are now for sale in the Renaissance Pointe neighborhood. Biggs Development recently put the three-bedroom, 1,200 square foot ranches on the market at a price of $72,500. The City provided the land to Biggs and will match a new homeowner’s down payment of $1,000 with another $1,000.
“The City of Fort Wayne continues to invest in Renaissance Pointe and in all our neighborhoods,” said Mayor Henry. “Thanks in part to a great partnership with Biggs Development, more residents have an opportunity to own a new home at an affordable cost.”
Biggs Development, which also developed 66 lease-purchase homes in Renaissance Pointe that were completed in 2012, launched this new line of homes in response to growing demand for short-term lease-purchase and immediate for-sale new homes in the area. Buyers of the new homes could be a resident currently leasing a home or someone new to the neighborhood. Anyone interested in learning more about buying one of the new homes should call Biggs/Ideal Homes at 260-724-9131 or email CustomService@Ideal-Builders.com.
Developer Kevan Biggs says his properties create a “home ownership incubator” for families who want to live in the Renaissance Pointe community, but whose credit condition or other circumstances make home ownership difficult. Once a resident leases a home, they work with Biggs Development and its partners to construct or repair their credit status, in order to help them qualify for a traditional mortgage. From there, they can purchase one of the new homes.
The City has invested several million dollars in Renaissance Pointe over the last few years. The City has acquired and prepared hundreds of vacant lots for future housing development and made more than 25 grants to current Renaissance Pointe homeowners to help them improve their properties. Plans are now underway for a new trail, an urban farm in former Fire Station #9 and extensive renovations to the Villages of Hanna (formerly Eden Green).
