Coastal Post Online


August, 2003

New Lease-Purchase Homeownership Program

Effective July 2003. The Association of Bay Area Governments has announced the launch of California Home Source, a new lease-purchase home ownership program. This landmark $48 million initiative will enable Marin County residents as well as other Bay Area individuals and families to achieve home ownership without having to make an initial down payment or pay closing costs. The program was officially unveiled during National Homeownership Month by the Association of Bay Area Governments (ABAG) and the ABAG Finance Authority for Nonprofit Corporations, the California Housing Finance Agency (CalFHA), Citimortgage, and Freddie Mac.

California Home Source allows qualified residents to choose a home, lease it from a new non-profit entity created by the ABAG Finance Authority for Nonprofit Corporations, then purchase the home and assume the mortgage at the end of the lease term. California Home Source is designed to provide homeownership opportunities for those who have been denied homeownership because of credit difficulties, a lack of credit history, a lack of savings for a down payment, or a combination of these issues.

For more information, consumers interested in the Lease-Purchase Program can visit the program website at or call (800) 807-8277.



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