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(News) Will Smith & Jay-Z are Teaming up For a New Rent to Own Intiative

(AP Photo/Thibault Camus, File) (Photo by Evan Agostini/Invision/AP, File)

A new startup is giving people a chance at renting to own their homes. Jay-Z and Will Smith are putting money behind the effort. The startup is called Landis. Smith’s Dreamers VC and the investment arm of Jay’s Roc Nation, Arrive, are just two of the companies that have helped with a $165 million round of funding for the project. Landis would buy the property, and the renter pays as they build up credit and save for a down payment. Once the renter qualifies for a mortgage, they can buy the property at a pre-set price. The company is currently operating in 29 cities around the country.

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