The California Affordable Housing Agency (CalAHA) is partnering with Cascadia Equity Leasing, LLC, a private financial services company, to offer 50 homes with a lease and purchase option in Nevada, Sutter and Colusa counties. The homes will be acquired for the program through an agency sponsored municipal bond issuance.
Cascadia and the Regional Housing Authority of Sutter and Nevada Counties (RHA), in cooperation with CalAHA, will locate the properties in Nevada, Sutter and Colusa counties and purchase the homes with the proceeds of the bond issue. The program is working with several major financial institutions, including Wells Fargo to provide inventory from their REO portfolios.
Cascadia will market the program to area homeowners largely through the website,thinktrio.com/california-preapply, and underwrite their ability to qualify. Since the home acquisition criteria include affordability and there is no up-front purchase down payment, the program broadly targets workforce families. With future homeowners in place, Cascadia and RHA will jointly manage the lease and property until it is purchased by the lessee or re-leased. This residential leasing program is based upon the market-proven automobile leasing model, and is designed to help facilitate the transition to homeownership.
“The ability of many families in our area to get into a home has been severely constrained by the economy and by more stringent mortgage qualification standards,” said Linda Nichols, Executive Director of the Regional Housing Authority of Sutter and Nevada Counties. “We believe this program gives more people a better chance at achieving homeownership. And that’s at the core of our mission.”
Interested individuals can go to the above website for more information and to submit a pre-application or call Gustavo Becerra at (530) 671-0220 ext. 113.