Whirlpool Corp. is teaming up with the Philadelphia-based organization American Homeownership Initiative (AHI) to help provide a financing alternative to traditional mortgages. Whirlpool has committed to help add value to homes purchased through the AHI program by offering affordable appliances.
"The AHI program makes it possible for more renters to become homebuyers without living beyond their means," said Mitchell Isert, northeast division director at Whirlpool Corp. "It's a wonderful way for residential owners, realtors and buyers to benefit. We're proud to support such a cause, particularly at a time when it's most needed."
The AHI process consists of an Installment Sales Agreement (ISA), referred to as a contract for deed or a land sales contract, which is used to buy and sell real estate. According to William Stratton, executive director of AHI, the process allows all parties to benefit. Renters and potential buyers enjoy low out-of-pocket cash requirements and an easier evaluation process.
The principals of AHI first applied the approach in the early 1990s in response to the Savings & Loan crisis. The program successfully converted 400 rental units to condos. The organization is now working with a number of condo developers who are having difficulty selling their units.
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