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DETROIT-Chicago-based apartment REIT Equity Residential Properties Trust and Crosswind Communities have announced a groundbreaking Rent With Equity program to the area. It will provide Michigan residents with the opportunity to earn a credit, equal to 20% of their monthly base rent, that can be applied for up to 3% of the purchase price of a new home built by Crosswind Communities.

With 22 properties comprising more than 3,697 apartments, Equity Residential’s Rent with Equity program provides close to 5,300 Wayne, Livingston, Washtenaw, Macomb, and Oakland County residents with a new way to attain the proverbial “American Dream,” according to company officials.

If one rents an Equity Residential apartment, enrollment is automatic and without fees. Accrued credit can be used for a variety of purposes, including closing costs, “buying down” a mortgage or paying for up to 3% of the total home purchase price. The certificate is also portable — if a resident moves to any of Equity Residential’s 1,103 properties across the US, they can apply the credit. There also is no minimum or maximum length of residency required.

Enrollment in Rent with Equity( is automatic and without fees. Credits canbe used for a variety of purposes including closing costs, “buying down” amortgage or paying for up to three percent of the total home purchase price.The credits are also portable, whereby if a resident moves to any of EquityResidential’s participating properties across the United States, he or shecan apply the credit. No minimum or maximum length of residency isrequired.

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