A CROWN project owner selects residents who qualify under the CROWN program guidelines, which emphasize the long-term commitment aspect of CROWN. CROWN units must be targeted at households at or below 60% of area median income.
How the Program Works
The leasing phase of the program is for a period of 15 years, which is the project owner's tax credit compliance period. Leases are for one-year renewable terms and require tenants to assume most of the property maintenance responsibility just as a homeowner would. The property manager retains control and responsibility of major maintenance concerns during the project's 15-year compliance period.
During the leasing phase, tenants are provided supportive services and education to work toward homeownership.
At the beginning of the leasing phase, residents sign a letter of understanding describing their opportunity to purchase the home upon expiration of the 15-year compliance/rental period.