The prospect of going toe to toe with cash-paying investors for a simple, affordable home can be daunting — if not financially impossible. This nonprofit thinks it can level the playing field.
For low- to moderate-income homebuyers, the prospect of going toe to toe with cash-paying investors for a simple, affordable abode can be daunting — if not financially impossible.Earlier this month, Acts Housing launched an acquisition fund to buy the kinds of single-family homes that would typically be attractive to out-of-state investors on the hunt for more rental properties, part of a phenomenon that has drawn more scrutiny amid soaring housing costs nationwide.
The group will acquire homes by directly marketing to individual sellers who might want the same all-cash sweetener offered by investors while maintaining their neighborhood’s vibe, though it will also buy from investors, according to Gosman. — Teig Whaley-Smith, chief alliance executive of the Community Development Alliance The organization has already purchased its first house, said Dorothy York, the group’s vice president of real estate, describing the previously investor-owned home as a three-bedroom, 1,000-square-foot property that cost $90,000 before $29,000 in repairs. Acts Housing is now looking for a family to live in the rehabbed home, she said.
The targeted homes have often been located in communities with higher-than-average populations of people of color, according to that hearing, prompting concerns that the already-low homeownership rates among Black Americans will continue to worsen as prices rise.
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