Today I commend the Port of Greater Cincinnati Development Authority for preventing 195 homes from being purchased by an out-of-state investment company. Good news for potential home buyers!
Photo by Zach Vessels on Unsplash
When investors purchase homes, they typically become rentals, decreasing the number of homes available for purchase. In Cincinnati, a California-based investment company owned approximately 200 homes in the area. When the company went into foreclosure, the Port of Greater Cincinnati Development Authority jumped in and successfully outbid other investors.
The Port now owns 194 homes which they plan on renovating and selling to local residents. The preferred owners? The renters who were living there. The Port didn’t buy the houses to make a profit. Instead, they aim to sell the houses at the lowest price possible and break even. Kudos to Cincinnati for looking out for their community and preventing these homes from being purchased by another investment group.
Similar ventures have been undertaken by other cities, including Oakland, CA. A community land trust bought homes from various investors to improve the chance of their tenants becoming homeowners. In Long Beach, CA, an apartment tower was purchased by the city and state government, who then went on to rent the units at below-market prices.
It's inspiring to see these cities look out for their citizens and find ways to promote homeownership. Way to go!
