We founded our business with a clear purpose: to rebuild communities by making home-ownership affordable and accessible for working families.
The Renter’s Trap
Home ownership is the biggest barrier to economic stability in the United States. But the global financial crisis that started in 2007 left millions of families displaced, forced out of their homes and into often sub-standard rental accommodation. The devastating impact on America’s neighborhoods and communities can be felt to this day as millions of homes have been left derelict or under-maintained.
At the same time, a combination of high rents and a lack of mortgage availability for low and middle income families has kept millions of people trapped in a perpetual cycle of housing poverty, unable to pay down debt, improve their credit, or save a meaningful deposit.
Families with no long-term housing security are unable to to put down community roots. Children are often pulled from school to school as parents move from one property to the next, and those entering retirement face a lifetime-nightmare of making rent every month with no earned income.
Current estimates indicate a shortfall of at least 7.2 million affordable homes nationwide, and 10’s of millions of renters classed as ‘rent-burdened’ or severely rent-burdened.
The opportunity to fulfill our purpose lies in the availability of a large volume of heavily discounted distressed real estate – especially in the affordable homes sector – combined with a mass of prospective buyers keen to purchase their own home, but unable to access mainstream mortgage finance.
By acquiring distressed properties and renovating them to a high standard, we improve the home, the street and the neighbourhood. By then helping working families to purchase our homes through our Pathway to Home Ownership Program, we provide the critical economic stability families need, allowing people to put down community roots, accrue wealth, access credit and most importantly take ownership and responsibility for their own future.