I’m pleased to announce that C. Anthony Mitchell and I have created Community Redevelopment Fund, Inc. which will be the general partner and managing member of entities capitalized to purchase, renovate and resell affordable housing in Baltimore.
Anthony came to me with this idea about six months ago. Through some of his friends in the Baltimore area, he was introduced to several people and organizations that focus on providing affordable housing in older inner city neighborhoods. White flight in the 1950’s and 1960’s left these areas in poverty with vacant homes, rampant crime and drug traffic. However in Baltimore like so many other cities across the country, these inner city neighborhoods have begun a come back. We intend to help reform these neighborhoods by purchasing vacant homes, fully renovating the homes and reselling the homes. Buyers are largely government subsidized first time homeowners who can qualify for mortgages from traditional lenders.
We have just signed a contract to purchase our fifth home in the 4×4 neighborhood in east Baltimore. Our first home to be totally renovated should be ready next week for final inspection and a sale in early August. We have raised sufficient capital to purchase two homes per month, with the expectation that no more than 120 days later the homes will be completely renovated and resold. Assuming we can maintain and manage 2/month, we will have the opportunity to turn around 24 homes a year to owners that will revitalize these neighborhoods.
Check out our website at http://www.CRFAffordableHousing.com.