At Ada and Simpson Streets, new and rehabbed homes are making a difference
The basic outline of the program: A one-time community investment — federal, state, local government grants, and/or philanthropic — goes into building a new home that’s affordable for families with modest incomes. That first family, and following families, agree to "pay it forward." A requirement to keep the property at a price for a specific area median income, for generations, is baked into the deed. For the program to work, they buy it and sell it at under market value. Saying this will run for "99 years" is a way of saying it's "more or less permanent," Beth McCann, Executive Director of KNHS says. "In theory, it should outlast Kalamazoo Neighborhood Housing Services. It should outlast everybody."
