Builders of Hope, a growing nonprofit that rehabilitates older houses, will pilot a program in Atlanta that could turn 500 foreclosed homes into affordable housing.
Nancy Welsh, the founder of the North Carolina-based nonprofit, said she expects the group to rehab $30 million worth of homes in Atlanta with its new Bring It Home program, which kicked off Friday with help from the United Athletes Foundation and Consumer Education Services.
NFL players Ray Lewis and Reggie Howard will serve as ambassadors for the program, which will also build in Baltimore.
"Most people do rehabbing with a coat of fresh paint and new carpet, then away they go," Welsh said.
Builders of Hope does a complete rebuild that includes constructing to energy-efficient LEED certification and guaranteeing that a home's energy bill will be no higher than $59 a month. The houses look like new construction when finished, she said.
Welsh said the organization hopes to repopulate some decimated neighborhoods with people of moderate income, such as firefighters and teachers.
Builders of Hope is a self-sustaining nonprofit. The group has $100 million from an investor, which Builders of Hope will spend to professionally rehab houses. When completed, the houses are rented or sold at affordable rates, providing a return to the investor. The program also requires renters and buyers to participate in financial management classes to help them be successful.
"During these tough economic times, both affordable housing and neighborhood blight have emerged as critical issues for every city across the nation," Mayor Kasim Reed said.
He said he was happy Builders of Hope chose Atlanta for the pilot project.
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