Kia Recruits Locating to LaGrange Get Perks

Magnolia Unveils Exclusive Rent2Own Program Tailored to Transferees

Magnolia announces a unique homebuying incentive called Rent2Own exclusively de­veloped by its parent, the Marquette Companies, offering both home sales and leasing incentives for new residents of Magnolia. This program is exclusive to Magnolia and provides powerful incentives in attracting candidates seeking employment from Kia and its suppliers who are relocating to the LaGrange area and need temporary homes to rent until their residences can sell back home. It is designed to be used as an effective recruiting tool for new employers to the market who seek high quality talent seeking to live in an innovative, best-in-class community catering specifically to their relocation needs.
The program allows residents who rent a home in Magnolia to earn SmartRent credits toward the purchase of their new home pur­chase in Magnolia. The credits can be applied to transaction fees, closing costs and/or the purchase price of their new home. SmartRent credits are accumulated for the length of the leased term and can be redeemed anytime within two years of renting a home in Mag­nolia for up to 5 percent of the purchase price of a new home built in Magnolia.
For example, if a resident is renting a Kia Cottage for $1,200 per month, he’ll accumu­late SmartRent credits valued at $14,400 per year. That full credit can be applied to any new home in Magnolia valued at $300,000 or more. After renting for two years, up to $28,800 could be earned to offset the purchase price of his new home in Magnolia up to 5 percent of the purchase price. Any unused SmartRent credits are transferable to a friend or family member who chooses to purchase a new home in Magnolia should he choose not to use all the SmartRent credits.
For Kia and its suppliers offering a hous­ing stipend to new employment recruits, the SmartRent Program can be offered as an ex­clusive savings plan for the purchase of a new Magnolia home, which will enable recruits to immediately relocate and rent a new home in Magnolia while earning purchase credits for their new home purchase. This home purchase innovation facilitates the recruiting efforts of Kia and its supplier chain by eliminating the need for a recruit to sell his residence back home before moving to LaGrange and increasing his home purchasing power by relocating now.
Three types of rental home products are offered for the Rent2Own program at Magno­lia and both are woven into the fabric of the community. The Kia Cottage is a two-story attached single-family home with a carriage home on one lot offered exclusively for rent. Magnolia’s innovative live/work units feature two-story townhomes above business com­mercial space on the ground floor. All Rent­2Own product lines are offered to builders as investment products to serve the needs of the new savvy home-buying market.
Kia Cottages, unique to Magnolia, provide new, high-quality rental housing choices for recruits attracted to LaGrange’s growing employment market.