(801) 407-6850
(801) 407-6850
Ivory Homes is making it easier than ever to buy your own home. This brochure outlines the Smart Home Buying program. A portion of your rent payment will be credited toward the options chosen in the purchase of an Ivory home.
Here’s how it works: for each full month’s rent payment made, ICO will credit $100.00 in non-cash credits back to you in the form of discounts off the cost of options and upgrades (as examples, window coverings, appliances, granite counter tops, etc.) on your new Ivory Home. These credits can be applied toward the purchase of a new Ivory home. The longer you stay with us, staying current on your rent, the more rent credits you accrue. When you’re ready to purchase a new home, contact your property management office. Your property manager will provide you a Smart Home Credit Certificate reflecting your accrued rent credits. You can redeem your certificate for discounts off the cost of options and upgrades.
Ivory Homes’ professional home buying counselors will take you step-by-step through the home buying process, making your path toward home ownership smoother and easier. Example allowed home purchase discounts are as follows:
Purchase Price Maximum Allowed Redemption
| $100,000-$149,999 | $3,000 |
| $150,000-$200,000 | $4,000 |
| >$200,000 | $5,000 |
What is the Smart Home Buying Program?
A comprehensive home buying option credit program designed to help our residents realize their dream of home ownership. ICO has partnered with Ivory Homes to allow us to offer you special services and financial rewards toward the purchase of an Ivory home.
How can I sign up for the smart home buying program?
Visit your property management office to sign up. It’s fast, easy and for a one-time processing fee of $25.00, you begin accruing credits toward options on your dream home.
How soon will I begin accruing rent credits?
Once you have enrolled in the program you will begin accruing credits once your first full month’s rent is paid.
How are my rent credits calculated?
ICO grants $100 credit to you every month based on being in good standing with your lease.
How do I accrue credits if I share my apartment with roommates?
Roommates earn credits independently based on the total rent paid for the ICO apartment property. Credits can be combined among roommates toward an Ivory home purchase.
What happens to my rent credits if I move to another ICO apartment community?
Your rent credits move with you and continue to accrue as long as you continue to live in an ICO apartment community.
Can I redeem my rent credits anywhere in the U.S.?
Your rent credits can be applied toward the purchase of options and upgrades on a newly constructed Ivory home in any market where Ivory Homes is located. (Ivory Homes currently only offers homes in Utah.)
Can I use my rent credits with any builder?
No. This program is only valid with Ivory Homes.
How can I find Ivory Homes in my area?
Can I use a real estate agent?
You can use an Ivory Homes Sales Representative.
Where can I find out how many credits I’ve earned?
Call or visit your property management office.
Do my rent credits expire?
Rent credits expire 180 days after you move out of an ICO apartment community. If ICO has sold the community you currently live in, your credits will be valid for one year from the date of sale.
Can my friends or family members take advantage of my rent credits?
Rent credits can only be used by a resident of an ICO apartment community.
I’m ready to buy an Ivory home. How do I use my rent credits?
When you’re ready to buy a home, visit your property management office to obtain your Smart Home Credit Certificate. Then, present your certificate to the Ivory Homes Sales Agent at the time you sign your purchase agreement. After you sign your purchase agreement you will not be able to add additional credits to the purchase of your home.
Enrollment requires a $25 processing fee.
No minimum length of residency is required.
Residents must fulfill their term of lease and be in good standing. They must be current with their financial obligations to ICO and must follow the proper procedures for terminating their lease, whether it is at lease end or mid-lease.
The Smart Home Buying Program may be changed or cancelled at any time without notice.
Residents cannot use the services of a non-Ivory Homes real estate agent when using their rent credits with Ivory Homes.
Credits on the Smart Credit Certificate translate into discounts on options and upgrades given from the builder to the buyer.
Certificate must be presented to Ivory Homes at the time the purchase agreement is signed.
Once a purchase agreement is signed no additional rent credits can be applied to the purchase.
Rent credits transfer with the resident and continue to accrue if they move to any other ICO apartment property.
Credits can be transferred to a roommate or any other person who is a rental tenant at an ICO community.
Rent credits are valid for 180 days from the date that a resident moves out of an ICO community.
If ICO sells a property, residents of that property have one year from the date of sale to use their rent credits with a participating builder.
Credits cannot be used for a down payment.
Ivory Homes determines how credits are applied to the purchase of the new home, but they must honor all credits up to the maximum allowed.
If a resident has credits valued at more than the maximum noted above, the discount stops at the maximum.
ICO Companies Office:
3401 N. Center St. Suite 300 Lehi, UT 84043
801-407-6850
The ICO Companies, a sister company to Ivory Homes, Utah’s Largest Homebuilder for 31 years.
ICO Companies
Ernest D. Willmore has primary responsibility to implement the growth and development objectives of ICO Development, focused on multi-family. Mr. Willmore has over 25-years of experience in income property lending, development, asset management, acquisitions, and administration. He has actively participated in all aspects of real estate investments including office, retail, industrial and apartment product types. Prior to work with ICO, Ernie lead the development of a $36 million, 204-unit residential development in Salt Lake City, Utah. He was previously the Regional Director in Dallas for Northwestern Mutual Life, responsible for a portfolio of investments valued at over $2 billion and new investment production and administration of all activities of the Dallas office that covered a multi-state territory that included Texas, Kansas City metro area, Colorado, Utah, and New Mexico. Prior to work at Northwestern, Ernie worked in investments with Equitec Financial Group in Oakland, California.
Ernie earned a B.S. in Business from Brigham Young University in 1984 and a Master’s Degree in Finance from Golden Gate University in San Francisco in 1993. He received his CCIM designation in 2003. Mr. Willmore has been a guest speaker and panel member on numerous occasions for BAMA, CCIM, NAIOP, and CLE.
Justin’s primary responsibility is to grow ICO Development’s portfolio in the commercial real estate product types (retail, office, industrial) and in Student Housing. Justin’s real estate experience includes acquisitions, development, property management, leasing, and underwriting.
Prior to joining ICO, Justin worked with Phillips Edison & Company, the largest private owner of grocery anchored shopping centers in the country, underwriting, performing due diligence, and executing leasing on more than $1.3 billion in new shopping center acquisitions in 24 states.
Justin has a Master’s degree in Real Estate Development from the University of Utah, a Master’s degree in Finance from the University of Utah, and a Bachelor’s degree in Fine Arts from Brigham Young University. He currently teaches a real estate development class at the University of Utah.
Jim is an accomplished operating executive, investor, and consultant. As an operating executive in the roles of President and Chief Executive Officer, he has led multiple performance improvement and turnaround efforts at both industrial and high technology companies. He has served as the CEO of the ICO Companies since 2008, and also chairs ICO’s investment committee.
As founder and managing partner of Lodestar Capital (www.lodestarcp.com) , an investment and advisory firm he continues to manage as Board Chairman, Jim has invested in numerous growth firms and mid-market companies, generating significant returns for investors. Lodestar often actively supports management teams of the companies in which it invests with operating expertise to accelerate performance.
Prior to his role at ICO, Jim was Vice President, Office of the Chairman-Performance Improvement, for Dell Computer Corporation, a global 50 company. In this role, he was a general manager who led revenue enhancement efforts across multiple business units globally, achieving significant operating margin improvements on more than half of the company’s revenue base.
Prior to his time at Dell, Jim was a partner at McKinsey and Company, Inc., where he co-founded and led the Global Software and Services Practice. He worked with clients in North America, Europe, and Asia to support new business creation and new market entry, to improve senior management and board effectiveness, and led operational improvements in sales, pricing, product development, financial management, and mergers and alliance management. Jim has written on these issues in the McKinsey Quarterly and the Financial Times. He is a frequent speaker to numerous industry groups, including the Enterprise Software Roundtable.
He is currently Senior Advisor to Health Care Quality Catalyst, a Sequoia-backed healthcare information technology company. He also co-teaches as an adjunct faculty member two advanced finance classes at Brigham Young University, one of which manages a student-led investment fund.
Jim received a B.S. degree in Accounting, Magna Cum Laude and University Honors, from Brigham Young University in 1987 and an M.B.A. from Harvard Business School in 1992. Jim is a Certified Public Accountant.
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