Source: ROBYN BECK / Getty
Jay-Z, Will Smith and a group of other investors are teaming up to form a startup that helps renters build their credit until they can afford to buy their own home.
They are raising $165 million which equates to about 1,000 homes.
How it works is the startup buys the home and then rents it to the client until they can qualify for a mortgage.
The client can buy it back at a predetermined price up to two years after the initial acquisition.
If after two years the renter is not ready to buy the home they can request more time.
![[CLICK HERE] Take our Music Survey to Win RNB Fest Tix + $250 Dollars](https://rnbphilly.com/wp-content/uploads/sites/39/2024/03/17103451798292.png?strip=all&quality=80&w=350&crop=0%2C0%2C100%2C200px)