2001 Champions Way
R.E.A.C.H. purchased this one bedroom, one bath, 882 square foot townhome in a community built for low- to moderate-income families. The property had been vacant for many months and was in poor condition. R.E.A.C.H. spent $18,400 in repairs and carrying costs. Renovation to the home included fresh paint, new flooring, rehabbed bathroom, and they replaced the ceiling fans and closet doors.
The owner had been a long-time renter and wanted to buy her first home. She obtained a federal grant of $18,000 in HOME funds from the county. R.E.A.C.H. reduced the contract price and paid $9,356 in closing costs so that she could afford to purchase this home, and in addition, they allowed her an extended time to purchase so she could receive and use the grant income. Many sellers will not wait for a buyer to receive the grant funds, which also require multiple county inspections on the property including environmental. In addition, the townhome is in a community with an HOA, and R.E.A.C.H. made the HOA whole when they purchased this unit, helping to restore the HOA’s ability to meet its maintenance goals. R.E.A.C.H. lost $14,300 in the sale of this home.
North Lauderdale is a working-class area, with a median household income of $42,600, and is an area where homes average $85,000, and rents average $1,200 a month. The work R.E.A.C.H. is doing in restoring abandoned properties to productive use is key to fortifying affordable housing opportunities.