Renters can build a home down payment in a program announced Nov. 13 by JWB Rental Homes and Jacksonville Mayor Donna Deegan.
The HomeStep Program was unveiled at a news conference Nov. 13 at Lift Ev’ry Voice and Sing Park on Lee Street in LaVilla.
Alex Sifakis, president of JWB Rental Homes, explained the program. Renters of JWB-managed homes who enroll in the program will have $100 each month deposited in a designated account to build a down payment totaling up to $3,600.
If every eligible JWB renter takes advantage of the program, it would represent $16 million in equity incentives, Sifakis said.
“The $3,600 is something to get you started,” he said.
“The cool thing is, with a lot of the down payment assistance programs, that can give $10,000, $15,000, $20,000 or $30,000 that $3,600 could be all you need to bring.”
Renters can buy any home, whether it is owned by JWB or not. However, they must use JWB as their real estate agent.
Participants also have to attend free homebuying education and counseling to help increase their knowledge about saving and making a home purchase. Since classes have started in March, eight renters have gone on to become homeowners.
JWB renters who buy homes do not have to be concerned about breaking their lease, Sifakis said.
“I hope all the other property management companies follow this and can start their own programs,” Sifakis said.
“That would be my dream, that this would take off, and then you’d be able to impact more people, more families, and more communities in Jacksonville.”
Deegan said she hopes other rental property management companies will offer similar programs.
“He (Sifakis) has really put his money where his mouth is,” Deegan said.
“When Alex says he’s going to do something it materializes. We haven’t always had that in Jacksonville.”
City Council member Jimmy Peluso, who attended the announcement, said the program will help individuals and communities.
“The best way to revitalize the neighborhood is with more homeowners. I think we’re seeing people really double down on that. We’ve got public and private partnerships together to accomplish that goal, and that’s huge.”
JWB said the program is the first of its kind in Northeast Florida.