Jay-Z, Will Smith and a group of other investors are teaming up to form a startup that helps renters build their credit until they can afford to buy their own home.

They are raising $165 million which equates to about 1,000 homes.

How it works is the startup buys the home and then rents it to the client until they can qualify for a mortgage.

The client can buy it back at a predetermined price up to two years after the initial acquisition.

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