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Rep. Bob Freeman outlines lease‑to‑purchase bill to expand path to homeownership
Summary
State Rep. Bob Freeman presented House Bill 1696 to the Northampton County Economic Development Committee, proposing a statewide lease‑with‑guaranteed‑purchase program administered by PHFA that would place at least 20% of monthly payments into escrow, add consumer protections and cap payments at 110% of fair‑market rent.
Representative Bob Freeman on Thursday presented House Bill 1696, a proposal to create a statewide lease‑with‑guaranteed‑purchase program that would let renters build escrowed down‑payment funds through monthly payments and, under agreed terms, exercise an option to buy their homes.
"I really do believe in my heart of hearts this could provide a real opportunity for renters to acquire homeownership," Freeman told the committee, describing a model he traced to a local landlord who used rent‑to‑own arrangements to move working families into homeownership.
Under the bill as Freeman described it, a portion of each monthly payment would be designated for escrow and the escrow portion could not be less than 20% of the payment. The purchase price would be agreed at contract entry and supported by an appraisal paid by the landlord; if the parties dispute value, they could obtain…
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