Home for Good Pilot Program
In the revitalization efforts of many cities, Black and Latine property owners who have inherited the property by will or intestate do not reap the full financial benefit of these efforts. These heirs are motivated or even enticed to sell their family properties to investors on the front end of a positive neighborhood revitalization effort. Or due to a “tangled title,” the property sits vacant, a dead asset that cannot be appropriately utilized until the family can get a clear title on the property.
Download our Home for Good Concept Paper here:
Home for Good Process
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.
Program Benefits
Property Owners:
- No-cost property rehabilitation
- Access to low-interest loan pool for additional home improvements
- Worry-free property management and maintenance
- Monthly rental income
- Wealth creation as property values increase
Business and Job Expansion:
- Establishment of or contracting with property management entities with a guarantee of scores of units of housing under management
- Scores of separate home improvement projects for local contractors
Participating Lenders:
- Arm’s length mortgages that provide full CRA credits in association with the low-interest loan pool
- Risk mitigation for repayment with the management entity pulling monthly loan payments out of rental income
- Potential banking relationships with new market of customers
Localities:
- Preservation or creation of affordable rentals in gentrifying neighborhoods
- Large-scale neighborhood improvement in culturally-rich areas with limited racial and ethnic displacement
- Controlled and leveraged use of local funds for capital improvements