Crown (Credits to Own) is a lease-to-own housing program developed to bring home ownership within reach of very low-income households while assisting local governments in revitalizing their neighborhoods. The objectives of the program are to:
- Construct housing that is decent, safe, and permanently affordable for low-income residents;
- Develop strong public/private partnerships to solve housing problems;
- Offer renters a real plan to own a home; and
- Restore unused, vacant, in-fill lots to become a neighborhood asset.
CROWN utilizes the Low-Income Housing Tax Credit program as one financing tool. Other sources of financing may be HOME funds, Affordable Housing Trust funds, Federal Home Loan Bank funds, local government grants and loans, and traditional development financing sources.
Tax Credit/Multifamily Development