Cleveland Housing Network’s Lease Purchase Program Families Celebrate Becoming First-Time Homeowners with President Clinton

CLEVELAND, August 3, 2006 - Former President Bill Clinton, Congresswoman Stephanie Tubbs Jones, former Congressman Louis Stokes, Mayor Frank Jackson will attend the Cleveland Housing Network (CHN) to acknowledge its Lease Purchase Program. The event begins at 11 a.m. on Sunday, Aug. 6, at the Myers University Club.

CHN's nationally modeled Lease Purchase Program was pioneered with Enterprise, a nationwide organization that works to build affordable homes and fuel community revitalization. With public and private investment, CHN is assisting nearly 2,300 low-income families as they move up and out of poverty through employment and homeownership.

“The Lease Purchase Program has grown into a sophisticated homeownership tool that is now benefiting low-income families across America,” said Rob Curry, CHN executive director. “The program has generated over $180 million in direct capital investment in Cleveland's neighborhoods and is the first program of its kind to link the Low Income Housing Tax Credit with a lease to purchase option.”

For Gloria Cowsette, CHN Lease Purchase resident and now homeowner, the program gave her the tools for success and she is looking forward to the private celebration. “Without the lease purchase program, I would definitely not be a homeowner today, and I have no doubt that I will succeed as a homeowner. The lease program has provided homeownership that I can afford.”

Gloria is one of 143 Lease Purchase families who have completed the 15-year term of responsible residency and have purchased their homes for approximately one-third of market value in “Year 16.” In 2003, CHN began selling the first homes financed by the Low Income Housing Tax Credit to lease purchase residents. Since 2003, 90 percent of all Lease Purchase families have taken title to their homes in “Year 16.”

Carolynn Galloway, president of CHN's Board of Directors, is a Lease Purchase Program graduate who purchased her home in 2004. “I am just so proud of CHN's Lease Purchase Program because it is a great American success story. This program says to low-income families that if you want homeownership enough, if you're patient and willing to work for it, it can all be yours. As a homeowner through the Lease Purchase Program myself, I can say that they will succeed as homeowners. When you work for something for 15 years, you make sure it lasts.”

In terms of Sunday's celebration with President Clinton, Galloway said, “There is no way we can express how thrilled we are about this event. President Clinton has always been passionate about the prospects of everyday Americans. CHN's Lease Purchase Program was built from this same passion, and we are pinching ourselves that he has agreed to join us for this incredibly special celebration.”

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Cleveland Housing Network

For 25 years, Cleveland Housing Network has generated more than $364 million in capital investments in Cleveland neighborhoods, developing 3,300 homes and delivering energy conservation/home repair services to 65,000 households across Northeast Ohio. This organization currently produces about 300 homes annually and provides weatherization and home repair services to more than 5,000 households each year. Over the past two decades, Cleveland Housing Network has built highly effective and ongoing programs and funding partnerships with a host of individuals and organizations throughout the community. This well-established network of 23 member community development corporations also has deep partnerships with government agencies and elected officials, banks, corporations, foundations and academic and religious institutions that help sustain the organization and maximize its benefit to the greater Cleveland region.

Enterprise  is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For more than two decades, Enterprise has pioneered neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested $7 billion in equity, grants and loans and is currently investing in communities at a rate of $1 billion a year. Visit www.enterprisecommunity.org to learn more about Enterprise 's efforts to build communities and opportunity, and to meet some of the half a million people we have helped.