TORONTO, Jan. 26, 2022 /PRNewswire/ - Tricon Residential
Inc. (NYSE: TCN) (TSX: TCN) ("Tricon" or the "Company"), an
owner and operator of single-family rental homes and multi-family
rental apartments in the United States and Canada,
today announced the launch of Tricon Vantage, a market-leading
program aimed at providing its U.S. residents with tools and
resources to set financial goals and enhance their long-term
economic stability.
Tricon Vantage represents the evolution of Tricon's
resident-centric approach to single-family rental property
management. At the core of this program is the Company's
long-standing practice of voluntary self-governing on renewal
rents, whereby Tricon caps annual rent increases for existing
residents at rates typically below market. Tricon Vantage expands
the Company's commitment to go above and beyond to enrich the lives
of residents by offering the following new services:
- Financial Literacy: In partnership with Operation
HOPE, Tricon Vantage offers residents complimentary programs
focused on enhancing their financial wellbeing, including
workshops, one-on-one coaching and guided group sessions tailored
to residents' individual financial goals. Residents also have
access to information and guidance on improving their FICO score,
budgeting and debt management, as well as customized approaches to
personal savings to help them achieve financial freedom. If
homeownership is a resident's goal, Tricon Vantage can help by
providing the tools and information needed to put homeownership
within reach.
- Credit Builder: Tricon provides its residents access to
a credit builder program, which reports on-time rent payment
history and paid-in-full status to TransUnion, Experian and Equifax
to help residents build better credit scores. Residents also have
access to credit score insights, such as the factors that affect
their score, and instant alerts to any changes or updates related
to their credit report.
- Resident Home Purchase Program: Tricon's home
purchase program gives qualifying residents the first opportunity
to purchase the home they are renting in the event Tricon elects to
sell it. In addition, as part of this program, Tricon will:
-
- Pay for a home inspection (up to $500)
- Pay for a home warranty (up to $500)
- Include an appraisal contingency to ensure that the home is
sold to the resident at fair market value
- Offer closing-date flexibility to reduce the stress of buying a
home for the resident
Since piloting this program four
months ago, Tricon has sold five homes to residents, converting
them from renters to homeowners.
- Resident Emergency Assistance Fund: Tricon
has established a fund to help support residents experiencing
unexpected hardships such as job loss, health issues, death of a
relative or other catastrophic events. The fund provides grants to
residents on a case-by-case basis to help them pay rent, utilities,
medical bills and insurance, and assist with short-term
accommodations if necessary while repairs are being made to their
home. In 2021, the program assisted over 40 residents in ten
markets.
- Resident Down Payment Assistance Program: Tricon
plans to launch a resident down payment assistance program in
Q3 2022 to provide long-term residents with a portion of their
down payment to buy a home, should they choose to do so in the
future. This program will reward long-term residents in financial
good standing and help them with a crucial step toward
homeownership – funding the down payment.
"We have always recognized that long-term business success
depends on the success of our residents and the communities where
we operate," said Gary Berman,
President and CEO of Tricon Residential. "When families have the
stability necessary to build pathways to their own financial
freedom, entire communities can prosper. At Tricon, we believe that
this compassionate approach to serving our residents is not only
the right thing to do, but also the contributing factor to our high
occupancy, industry-low turnover rate and leading resident
satisfaction scores."
Tricon Vantage supports Tricon's long-standing commitment to
positively impacting its employees, residents and communities.
Throughout the pandemic, Tricon has been a leader in resident rent
relief efforts, addressing resident rent payment issues with care
and consideration. Residents were offered rent payment extensions,
late fee waivers, partial payment and rent deferral programs, the
option to pay rent with their security deposit, early terminations
with waivers of termination fees and balances owing, relocation
assistance and, most recently, a Resident Rent Forgiveness
program.
About Tricon Residential Inc.
Tricon Residential is an owner and operator of a growing
portfolio of approximately 35,000 single-family rental homes and
multi-family rental apartments in the United
States and Canada with a primary focus on the U.S.
Sun Belt. Our commitment to enriching the lives of our residents
and local communities underpins Tricon's culture and business
philosophy. We strive to continuously improve the resident
experience through our technology-enabled operating platform and
innovative approach to rental housing. At Tricon Residential, we
imagine a world where housing unlocks life's potential. For more
information, visit www.triconresidential.com.
About Operation HOPE, Inc.
Since 1992, Operation HOPE has been moving America from civil
rights to "silver rights" with the mission of making free
enterprise and capitalism work for the underserved—disrupting
poverty for millions of low and moderate-income youth and adults
across the nation. Through its community uplift model, HOPE Inside,
which received the 2016 Innovator of the Year recognition by
American Banker magazine, Operation HOPE has served more than 4
million individuals and directed more than $3.2 billion in economic activity into
disenfranchised communities—turning check-cashing customers into
banking customers, renters into homeowners, small business dreamers
into small business owners, minimum wage workers into living wage
consumers, and uncertain disaster victims into financially
empowered disaster survivors. Project 5117 is our multi-year
four-pronged approach to combating economic inequality that aims to
improve financial literacy, increase business role models and
business internships for youth in underserved communities, and
stabilize the American dream by boosting FICO scores. Operation
HOPE recently received its sixth consecutive 4-star charity rating
for fiscal management and commitment to transparency and
accountability by the prestigious non-profit evaluator, Charity
Navigator. For more information, visit, OperationHOPE.org. Join the
conversation on Twitter, Facebook and Instagram.
Forward-Looking and Other Information
Participation in certain Tricon Vantage programs may not be
available to all residents and is subject to terms and conditions,
including eligibility criteria. Tricon residents may obtain
such information upon request. Certain statements contained
in this news release concerning the elements of Tricon Vantage
programs, including future elements, are forward-looking statements
and are provided for the purpose of presenting information about
management's current expectations and plans relating to the future.
Readers are cautioned that such statements may not be appropriate
for other purposes. In some cases, forward-looking information can
be identified by such terms as "will", "would", "anticipate",
"anticipated", "expect" and "expected". Although the Company
believes that its anticipated future results, performance or
achievements expressed or implied by the forward-looking statements
and information are based upon reasonable assumptions and
expectations, the reader should not place undue reliance on
forward-looking statements and information. The Company disclaims
any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, unless required by applicable law.
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SOURCE Tricon Residential Inc.