Create a fund that enables mission-driven (ideally BIPOC-led) organizations, such as non-profits and healthcare systems, to buy properties and keep them affordable via multiple pathways
Create a “social impact fund” local non-profit organizations (prioritizing BIPOC-led organizations) and healthcare systems can use to buy multi-family homes and apartments that need work or are in less desirable locations (and therefore more economical to purchase), as well as individual, affordable homes located throughout the community. Ownership by nonprofits will protect the homes from gentrification and redevelopment so they remain affordable. Funds should focus on preserving existing housing (rather than new development) with an emphasis on enabling BIPOC communities to participate in ownership through strategies such as limited equity cooperatives and community land trusts:
Instead of creating a social impact fund, investors can also engage an existing fund operating in another region/state but wants to expand into NC.
This promising strategy requires investment in:
Community Housing Solutions in Greensboro acquires vacant, abandoned, and foreclosed homes to rehab and sell to first-time, low-income homebuyers.
There are not enough non-profit housing developers in certain parts of the region and limited pools of social impact capital.
Real estate developers are buying Naturally Occurring Affordable Housing (NOAH) in cities experiencing rapid growth (e.g., Greensboro). They are renovating these properties and raising the rent, which is eliminating affordable housing stock for lower-income households.
Asheville-Buncombe Community Land Trust (ABCLT) exists to provide permanent, affordable homeownership opportunities for low-income individuals and families in Asheville and Buncombe Counties. Asheville City Council has committed $1 million to the trust.
Haywood Street Community Development is committed to developing affordable housing connected to the Haywood St. Ministries in Asheville.
There are not enough non-profit housing developers in certain areas, as well as limited pools of social impact capital.
Real estate developers are buying Naturally Occurring Affordable Housing (NOAH) in cities experiencing rapid growth (e.g., Asheville). They are renovating these properties and raising the rent, which is eliminating housing stock for people from lower-income households.
View other promising strategies for investing in NC’s food systems