Some Jacksonville renters could soon benefit from a new path to homeownership.

JWB Rental HomesJacksonville’s largest local residential property management company, and Mayor Donna Deegan announced Wednesday the launch of JWB HomeStep Program designed to help residents start saving for a home.

The first program of its kind in Northeast Florida is free to all JWB tenants and works by banking a portion of their rent for a future home purchase.

JWB renters can earn $100 in equity per month, up to a lifetime total of $3,600, with the HomeStep program. This equity can then be applied to the purchase of any home – JWB-owned or not – with the company contributing up to $16 million in financial incentives for participating tenants.

Although renters can purchase any home with this credit, even ones not owned by JWB, they must work with the JWB Realty team in order to access the cost.

Tenants can sign the JWB HomeStep addendum at the start of their lease, upon renewal or during the tenancy.

“JWB believes in creating opportunities that make a real difference,” said Alex Sifakis, president of JWB Real Estate Companies. “By launching the HomeStep program, we are demonstrating our commitment to helping Jacksonville renters by providing them with a tangible way to invest in their future and make their dream of homeownership a reality.”

JWB will also provide real estate and homeownership education and advice to help residents and increase their chances of qualifying for housing.

JWB Rental Homes currently has more than 5,800 rental homes in Jacksonville, the majority of which are considered affordable housing.

This article originally appeared on Florida Times-Union: New JWB HomeStep Program Offers Home Buying Assistance