Detroit Land Bank Authority: For Non-Profits

[Patrick Nissim]

Hey everyone!

I am a huge believer in homeownership and after growing up in the bay area, I see what can go wrong when community residents miss out on their window to own and end up getting priced out.

For a long time I've tried to scheme on ideas for a non-profit to provide families and people with low incomes with the easiest possible route to ownership.

For example: Buy DLBA at sub 5K, fix up 75K, and try to structure a lease option to buy (allowing tenants to use section 8 to subsidize cost). 

I've singled Detroit out because: 

a) price barrier is low

which means

b) tenants may have a fighting chance to afford it once fixed up and in program

because

c) if we can give more community equity back and Detroit takes off, the added equity can provide a source of wealth and opportunity.

Wanted to post this to see if:

a) there was something already out there like this

b) People in the area had any thoughts on this

c) if there are any suggestions or criticisms

Thanks!

[Drew Sygit]

@Patrick Nissim admire your concept, but Detroit is littered with enclaves of new builds done by nonprofits and sold at huge discount it's to low income families. Most have been lost to foreclosure it trashed: (

Opinion: you can't just give people things they haven't worked hard to achieve because they won't appreciate them.

For fun Google how many people lost their rehabbed houses given to them on the TV show Extreme Home Makeover.