— AfroTech (@AfroTech) July 27, 2021
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.