Monday, July 2, 2012
Pay It Forward, Part 2
Take the concept in the previous post, Pay It Forward Part 1, and manage it with a non-profit company. The company could be formed with volunteer-only staff, with no brick-and-mortar offices to minimize expenses. The non-profit could act as the property holder and organizer for the 0% interest rent-to-buy arrangements described in the previous post. A small extra fee or a deposit could be kept for emergency repairs (e.g. after eviction), a legal defense fund, and insurance. Agreements with buyers would need to be airtight and the buyers would need to have 100% responsibility for repairs and maintenance. Standards would need to be developed for the houses purchased, similar to HUD and FHA.
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