The National Community Reinvestment Coalition, a nonprofit affordable housing organization, announced a new program to help more low- and moderate-income families achieve home ownership. Through the coalition’s initiative, labeled GROWTH, it will purchase, renovate, and sell homes in low- and moderate-income neighborhoods.
To start, the coalition has $80 million in funds to purchase and renovate up to 4,000 single-family homes through its GROWTH program. The renovated homes then will be sold at affordable prices to low- and moderate-income families. About 30 percent of the properties will be made available as “lease-to-own” for families who want to be home owners but may not currently be able to qualify for a mortgage.
Low- to moderate-income families are defined as those who have incomes below 80 percent of an area’s median income.
The coalition will partner with banks and other investors. Initially, GROWTH will launch in Wilmington, Del., before rolling out to 10 to 15 markets nationwide.
“GROWTH represents the perfect example of how community leaders, government, and financial institutions can come together around a common agenda to have a positive impact in low- and moderate-income neighborhoods,” says John Taylor, NCRC president and CEO.
“GROWTH will increase the opportunity for working-class Americans to have access to affordable housing. Without the commitment of the financial institutions that have invested in GROWTH, this would not have been possible.”
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