Renter 2 Owner
A new pilot project to transform aging multifamily housing in downtown Lewiston into safe, reliable, beautiful starter homes and help Tree Street residents realize their dreams of home ownership.
We need your help to raise the final $50,000 we need to run this program in 2021!
- So far we’ve raised: $35,485 of our $50,000 goal 71% 71%
Buying your first home is the foothold families need to begin building financial stability. But across the country, first-time home buyers are struggling to find desirable housing they can afford to own.
Families in downtown Lewiston are aching for the opportunity to buy their first home, but if they want to stay in the neighborhood they love, their options are limited to multi-family buildings in varying degrees of distress. Buying one of these buildings means assuming the risk and responsibility of being a landlord, which is simply too high-risk a place for most people to begin their home ownership journey.
The Renter 2 Owner Program:
- Creates desirable, low-risk starter homes in Lewiston by renovating and converting the existing downtown housing stock into affordable condominiums.
- Sells them to Lewiston residents who have completed our comprehensive homeowner education program
- Provides 18 months of ongoing support and mentorship to help new home owners succeed.
“I know that investing in home ownership is a path to become independent and build wealth.
I have considered buying a building, living in it and renting it out, but the people I know who have done that are really struggling and wish they had never done it.
I know I want to buy a home but I don’t understand the risks and the challenges or where to start. You are the first people I am asking for help, because I trust you and I know you want to help people.”
– H, MEMBER OF FIRST RENTER 2 OWNER COHORT
This 4-unit in Lewiston’s downtown, pilot site of Renter 2 Owner, will become 4 durable, attractive, easy to maintain “starter homes” this year.
Graduates will have the opportunity to purchase the resulting condominiums at an affordable rate; after purchase, they’ll begin an 18-month mentorship to become successful home owners and a sustainable, effective HOA.