Residents earn a credit equal to 20% of their monthly rent up to a maximum of 2% of the home purchase price, which can be applied to a new KB home. Rent credits can be applied to closing costs, base purchase price or options and upgrades.
Chicago-based AMLI says the program gives tenants an incentive to stay with AMLI longer in order to build home equity. AMLI started the program last year in Dallas-Fort Worth, where it has 20 apartment communities.
AMLI owns six apartment complexes in the Austin area with 2,797 units, about 10% of its total portfolio. Each AMLI resident is automatically enrolled in the Nest Egg Program. KB Home, one of America's largest homebuilders, has 14 communities in the Austin area with homes priced from $90,000 to $240,000.
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