Cherry Development, a longtime Las Vegas developer and owner of shareDOWNTOWN apartment communities, is helping its residents on their journey from renters to homeowners.
It has launched its Path to Homeownership Program, where qualified shareDOWNTOWN residents can receive monthly contributions of $200 from Cherry Development that are deposited into an account for use toward a down payment or closing costs. Residents who are financially and credit-qualified can access funds after a minimum of 12 months of participation.
“We have always been committed to creating a supportive community for our shareDOWNTOWN residents and to diversifying housing options in downtown Las Vegas,” said managing partner Jason LeDell. “Realizing that some apartment residents may eventually want to buy their own home, we saw a unique opportunity to create this program pairing our own financial investment with the support of a network of local partners dedicated to helping prospective home buyers.”
Partners include local financial institutions, mortgage lenders, title companies, and credit improvement specialists who share a commitment to expanding access to homeownership. They provide discounted services, financial incentives, credit counseling, debt relief assistance, and educational guidance for renters ready for the next step in their housing journey.
So far, Cherry Development has recruited First Savings Bank, Stewart Title, Guild Mortgage, USA Mortgage–The Parent Team, All Western Mortgage, Silver State Schools Credit Union, Security 1st Title, PandA Law, Southern Nevada Regional Housing Authority, local real estate agents, and government resources from the city of Las Vegas and Clark County.
The program is open to residents of shareDOWNTOWN communities in Las Vegas’ Arts District and Fremont East. It also will be available to the residents of shareWESTSIDE when it opens this summer in downtown’s historic Westside neighborhood.
Residents must sign a 12-month lease to quality for the program, with the option to renew for up to two additional 12-month terms and a maximum of 36 months. Monthly contributions are limited to the first 24 months.
According to LeDell, residents have been informed of the program, with many already expressing interest.