ENGLEWOOD—The Pinnacle Companies, a developer of homes throughout the New York Metro Area, has introduced two innovative purchase programs at The M at Englewood South, a new community of condominiums in Bergen County. The programs will allow buyers to place a portion of their monthly rent into an escrow account to eventually be applied toward the sales price.

In addition to immediate sales of the condominium homes, Pinnacle has introduced two new programs at The M:

*The "Occupancy+ contract" will allow a homebuyer to move into their home and sign an occupancy agreement as well as a contract to purchase their home within one year. Pinnacle reserves approximately 50 percent of the rent in an escrow account in the homebuyer's name towards the future down payment. The homebuyer would then close on the home within one year and use the amount in the escrow account toward the down payment. A small upfront deposit ranging from $5,000 to $10,000 is required to start the program.

*The "Lease Now, Buy Later" program lets, pre-approved, potential homebuyers move into their home immediately and sign a lease for one year. Pinnacle guarantees a price for the home which will not be exceeded when the lease is up. At the end of the year, if the homebuyer chooses to purchase, Pinnacle applies approximately 25 percent of the total lease payments towards the down payment.

The M offers 125 one-, two- and two-bedroom plus den residences priced from $274,990.