Home for Good Program
Property owners in gentrifying neighborhoods are frequently targeted for predatory sales. This situation is especially prevalent in historically Black and Latine neighborhoods. Home for Good (HfG) connects owners with the capital funds and supports to renovate their properties, rent them at an affordable rate, and realize the gains from their appreciating property value. It is a flexible program that can be tailored to diverse municipal environments, including supporting heirs property owners (tangled title), families wanting to create an accessory dwelling unit, and seniors wanting to age in place.
UPD designed a Home for Good pilot in Philadelphia in partnership with the Urban League of Philadelphia.
Download our original Home for Good concept paper here:
Home for Good Process
Recruit
The program identifies neighborhoods and recruits owners of eligible properties to participate in the Home for Good program.
Renovate
The program provides forgivable or below-market rate loans to owners in order to rehabilitate their properties.
Rent + Retain
Owners retain title of the rehabilitated property and, with program support, rent the property at an affordable rate during the program term.
Recoup
Owners realize the appreciation of their home value, as well as rental income, and decide whether to keep or sell the property at the end of the program term.
Proposed Intervention
Home for Good addresses multiple challenges to Black and Latine wealth accumulation by using the creation and management of affordable rental housing as a means to an end.
How does Home for Good support new landlords in Philadelphia?
UPD partnered with the Urban League of Philadelphia to design and pilot Home for Good. The program focuses its efforts on helping property owners who might not otherwise think of themselves as landlords access a myriad of local supports, including the city’s Rental Improvement Fund. The specific supports are listed below.
Benefits for
The City
- More safe, affordable housing options
- Neighborhood Stabilization
- Preventing vacant properties and disrepair
- Aligning with public programs and housing goals
Benefits for
Property Owners
- Keeping homes in the family
- Turning property into steady income
- Appreciating the value of the property
- Getting hands-on support to become confident, capable landlords
Benefits for
Neighborhoods
- Locally owned rentals that are stable and community-connected
- Preserving the identify of the neighborhood by preserving the housing stock
Home for Good was designed by UPD Consulting
with funding provided by the Wells Fargo Foundation.
For More Information:
Ann Willemssen, Principal Consultant