Housing groups are stepping forward to help low-income families who want to buy a home, but have been losing out to cash-rich investors
Housing groups try to counter rental conversions and help lower-income residents achieve homeownership
Nonprofit housing groups are aiming to purchase homes in cash, and then renovate them and flip them back to families for close to cost.Acts Housing, a Milwaukee nonprofit, has helped local low-income families buy their first home for more than two decades. More recently, these families have been losing out to investors whose all-cash bids are more attractive to sellers.
“If a family is willing to pay the same amount for a property as an investor, how do we make sure that family actually gets that opportunity?” asked the group’s president and chief executive, Michael Gosman.
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