Blackstone's Home Partners of America is rolling out a $1 billion program in which it will buy rental homes, rent them at a discount to people at a certain income level and then allow them to buy the homes at below market prices.

The program, called Choice Lease, is designed to prevent crowding out of potential home buyers during this competitive home buying market, the company says. 

 "The lack of housing supply is a national crisis," Kathleen McCarthy, Global Co-Head of Blackstone Real Estate said in prepared remarks. We are proud to support Home Partners' mission of addressing housing access and affordability while also providing underserved populations with a new path to homeownership. Blackstone's scale and long-term capital make a program like this possible."

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