Locations

Kamas, Oakley, and Coalville, Utah

Overview

MCHT was selected by Utah Housing Corporation to participate in its CROWN lease-to-own program. CROWN allows potential homebuyers earning less than 40% of the area median income to lease a home for a period of fifteen years (significantly under market rental rates) with the opportunity to purchase the home at a price substantially under market value.

MCHT presently has a total of eight CROWN homes — five in Kamas, two in Oakley and one in Coalville. All homes are 3 or 4 bedrooms with 1,300 to 1,400 square feet of living space, two car garages, landscaping and many other features. They have an original cost of approximately $170,000-$180,000 and rent for approximately $614-$686 per month. The estimated purchase price after fifteen years will be approximately $110,000-$120,000.

Project Description

Lease to Own program
- After leasing a home for 15 years, the lessee can purchase the home at a price substantially under market value
- Leases are renewed yearly
Potential homebuyers earning less than 40% of area median income qualify

Financial Support

Utah Housing Corporation
American Express Centurion Bank: Low Income Housing Tax Credits
Olene Walker Housing Loan Fund

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