(NewsNation) — Bilt Rewards this week announced the appointment of Douglas M. Bibby as chairman of the Bilt Rewards Alliance, as well as a partnership that allows renters to earn points in order to work toward home ownership.
Bilt Rewards, founded in 2021, allows renters to earn rewards points for the money they spend on rent each month. The company’s goal is to help renters build their credit history as they pay their rent. The Bilt Rewards Alliance works with Bilt’s network of owners and operators representing over 3 million rental units.
Bibby, whose appointment was announced on Wednesday, comes to the organization from the National Multifamily Housing Council. He also previously served as a senior official for mortgage investment company Fannie Mae.
Bibby stated: “The social impact offered by Bilt can now be quantified as these accumulated rewards points can be used to pay rent, take trips and spread wealth to local communities, all the while building bona fide credit histories.”
Bilt Rewards also announced on Thursday it was partnering with Nestment, a platform that makes it easier for groups of friends and family to buy property together, to create a program that helps build a path to home ownership.
The program will allow Bilt members to convert their rewards points to be used as part of a down payment or to cover closing costs when they purchase a home.
