For nearly a decade, Home Partners’ mission has been to provide people who would otherwise be locked out of the traditional single-family housing market a new path to homeownership.
The Choice Lease program takes that mission a step further by expanding the accessibility of single-family housing for low-to-moderate-income residents who face multiple obstacles to homeownership, including lower credit scores and lack of savings.
Recognizing the scale and severity of this issue, Home Partners established its Choice Lease program to offer qualified applicants below-market rents and paths to homeownership unavailable to them before. Choice Lease offers households with income less than 80% of their area’s median rents that are approximately 10% below prevailing market rates.
Through Choice Lease, Home Partners is providing a clear path to homeownership for individuals and families across the United States. Home Partners intends to deploy at least $1 billion to acquire homes for eligible individuals and families over the next two years.
25,000+
families Home Partners of America has helped gain access to high-quality homes
$1B
planned investment over next 2 years to help families on the path to homeownership
$6B
Blackstone’s investment in Home Partners of America
Blackstone Real Estate Income Trust (BREIT) acquired Home Partners in June 2021 to support the company’s resident-led business model, aimed at expanding access to high quality homes. Home Partners is committed to providing potential residents with a range of options when deciding where and how to live. Once approved, prospective residents can find a home they love, and Home Partners will make a cash offer for it and lease it to them with long-term fixed rate rental and purchase options. Importantly, there are no financial penalties or non-refundable deposits for residents who choose to not purchase the home. Throughout the process, Home Partners champions flexibility, transparency, and choice for potential homeowners.
Blackstone’s investment supports Home Partners in helping thousands of home seekers live in a home they’d otherwise not be ready to purchase, under terms that best fit their needs. Blackstone is committed to helping support the Home Partners’ management team as it explores further opportunities to expand access to high-quality housing for lower-income households.
The fundamental premise of the HPA platform is to provide residents with the opportunity to live in their chosen home with the option to purchase it—we intend to build on that goal and expand access to homes across the U.S.”
Jacob Werner, Blackstone Real Estate Senior Managing DirectoR