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!