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Cherry Development Supports Homeowners with New Program

Company: 

Cherry Development

Led by Sam Cherry, Cherry Development unveiled its new Path to Homeownership Program to help residents of Las Vegas apartments become homeowners. Through the program, the developer is paying residents to leave, as long as they purchase a home.

The Las Vegas developer is contributing $200 a month for participating residents of its three shareDOWNTOWN communities, including the recently opened 104-unit ShareWestside. The money goes into a dedicated account that can be used for a down payment or closing costs on any home in Clark County.

Residents can access the funds after 12 months, with contributions capped at $4,800 over 24 months and an option to extend for credit repair.

Cherry Development spent more than a year developing a network of local lenders, financial institutions, title companies, attorneys and credit-improvement specialists. Together, the group provides discounted services, credit counseling, debt assistance and mortgage guidance.

The Housing Authority, Clark County, and the City of Las Vegas are also part of the network and, in some cases, allow qualified voucher holders to combine Cherry Development’s contributions with existing assistance programs.

These are some of the reasons why Cherry Development was selected to receive ApartmentBuildings.com’s AB 100 Innovators of the Year Award, which recognizes those who demonstrate creativity, skill and success in the multifamily industry.

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