CHN Real Estate Services LLC
Year 16 Sale Services
For the past 35 years CHN Housing Partners (formerly Cleveland Housing Network) has developed 2,100 single family homes through its nationally renowned (LIHTC) Lease Purchase model, a 15-year pathway to homeownership. The model provides quality, stable housing at affordable pricing for low-income families who could not otherwise afford to purchase a home. Families rent a home at an affordable rate for 15 years and then have the opportunity to purchase the home in year 16, typically for one-third of market value—giving them instant equity in their home. To date CHN Housing Partners has sold over 1,100 of these Lease Purchase homes to residents with an additional 80-100 residents taking title each year. Nearly 90% of residents choose to purchase their homes, and more importantly 98% of those families are successful in their homes. (CHN Housing Partners tracks new buyers for 5 years after they purchase).
CHN Real Estate Services LLC offers a range of Year 16 Sales Services including the following:
• Limited Partnership Unwind Services
- Interaction with Finance Agencies and Financial Institutions.
- Negotiating the release of Restrictive Covenants.
- Negotiating financial and covenant modifications and relief of rents and income restrictions.
- Interaction and work outs with first and second mortgage lenders.
• Y-16 Sales & Homebuyer Preparation:
- Evaluate the readiness and eligibility of Lease Purchase residents.
- Provide home buyer preparation services to include residential purchase plans.
- Create an overall limited partnership disposition plan including timelines.
- Work with owners to determine accurate sales pricing of the homes.
- Work with owners to determine the source of capital needed to finance the residential purchases (conventional financing or seller financing models).
- If seller financing is required, work with owners to develop mortgage loan underwriting criteria, loan terms, loan servicing models as well as collection servicing protocols.
- Work directly with residents, title companies and lenders.
- Facilitate the execution of Sales Agreements and the closing of home purchases.
Patrick J. Kenney, Senior Executive of HomeOwnership and Sales
As Senior Executive of HomeOwnership and Sales, Mr. Kenney is responsible for ensuring the effectiveness of the organization’s key operating areas including the Sales & Lending Department, the Maintenance Department, the Energy Services Department, and the Information Technology Department. Mr. Kenney joined the Cleveland Housing Network in 1989 and established a significant market-rate, single family for-sale model as well as CHN’s nationally modeled Lease Purchase program. CHN is Northeast Ohio’s largest community development organization and energy services provider with a staff of 171.
Prior to joining CHN, Mr. Kenney spent 10 years working in the Buckeye Woodland Community, first as a Community Organizer, and then as the Executive Director of a neighborhood based CDC. Mr. Kenney began his career in housing in 1978 when he served as a disaster relief manager in Andrea Pradesh, India.
Dana Arrington, Director of HomeOwnership and Sales
Ms. Arrington is responsible for the production and effectiveness of CHN’s Lease Purchase. Ms. Arrington joined CHN with a wealth of 18 years of experience in banking, lending, processing and closing real estate transactions. Her skill-set has enabled CHN to build a highly productive, nationally replicated Lease Purchase Year 16 Sales model.
Since 2007, CHN has sold and transferred over 1,000 homes to LP families.