How will I know if my application is approved?
If there are multiple applications that meet the requirements, an applicant will be selected by lottery. All applicants will be notified of the outcome by email as well as a letter mailed to their address. The selected applicant will also receive a phone call letting them know they’ve been selected.
What happen if I sign a lease with option to buy, but I am not able to complete the purchase within 6 months?
CRCLT will work with the applicant over the course of the 6-month lease to help them to take any necessary steps to improve their credit and to help them apply for any grants they are eligible for. If the applicant is not yet ready to purchase after 6 months, but believe that they are only a couple months away from approval, they can apply for an extension of the lease. If it appears unlikely that the purchase will move forward, the applicant will be asked to move out so that the opportunity can be made available to another potential buyer.
What will be the long-term relationship between the homebuyer and CRCLT?
CRCLT will remain in contact with the homebuyer as a resource throughout their time as homeowner.
If selected, applicant(s) will participate in a homebuyer education course w/ an additional CLT component