Sunday, September 9, 2007

Rent-to-Own Program Helps Women Rebuild Credit

Condo program helps women rebuild credit
Christina Stolarz / The Detroit News

Because of a niece's problem, developer Joe Monteleone and his partner have transformed a condemned home into a six-unit condo complex that is available for women in need because of bad credit and other problems.

Partners Joe Monteleone and Paul VanDeVelde of the Chesterfield Township-based Maplewood Development transformed a 1,400-square-foot condemned home on Martin into a six-unit luxury condo complex targeted at women in financial need.

"Things are coming together. I'm happy we finally found a place to call our home," said Aurand, whose previous home was foreclosed on after she filed for bankruptcy four years ago. "It's not easy once you file bankruptcy to get somebody to help you buy a house or even rent a house."

Monteleone said he was inspired to offer affordable housing to women after watching his niece go through a divorce while taking care of three children. "I'm happy that I went this route," he said. "It's the right thing to do."...

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