Homeownership incubator program

Participant story

Andrea and her family moved into their new home with down payment assistance earned while participating in the homeownership program offered at Sugar Creek.

While her Sugar Creek home was relatively maintenance free, she enjoyed the back yard, appliances and garage space. Andrea's family performed routine seasonal maintenance, which helped them prepare to be owners. All the while, her family was building the needed savings to purchase a home.

We loved living at Sugar Creek, but there's a different feeling when you own your own home... a pride that you have, Andrea says.

This property offers special benefits to renters; thus, participants are required to actively participate in a homeownership program at all times while living here.

The program has three main components:

1. Participate in homeownership counseling:  Documentation of participation in HUD-certified training is required.  We recommend Horizons, a local Cedar Rapids nonprofit, to provide this free training.
2. Some maintenance is your responsibility:  Residents are responsible for lawn care, snow removal, basic repairs, and other tasks expected of home owners.
3. Money is set aside for down payment:  If residents fulfill all program requirements, $100 of paid rent will be added to an escrow account, which can be used for down payment assistance for home purchase.  Maximum $10,000 applies.

Participation in the homeownership program requires a signed participation agreement and involves additional responsibilities to help achieve the American dream. Contact us to learn more.