With the 21st Century ROAD to Housing Act now passing into law, we’re sharing an update on our homeownership program.
Overall, there is a lot to like in the legislation, which focuses on addressing housing supply needs across the country.
While the law does not materially affect Arrived’s business model, its emphasis on expanding pathways to homeownership helped shape how we’re building on our existing support for aspiring and first-time homebuyers.
Following the progress of the bill, we’ve published more details on the evolution of our homeownership program. Several elements of the program align with the bill’s homeownership-focused exception framework, while also building on work we’d already been doing around resident stability and pathways to ownership.
Our homeownership program includes:
Market-based rental rates, with no ownership program premium
Optional credit reporting for on-time rent payments
A right of first refusal and a 60-day first-look window if a resident’s home is offered for sale while under lease
A 1% contribution toward the purchase of an eligible Arrived home
Additional redemption flexibility for eligible Arrived investors purchasing a home
We also believe programs like this can help demonstrate something we’ve believed for a long time: the best long-term housing outcomes happen when residents, investors, and communities have aligned incentives.
If you have questions, please contact support@arrived.com.