Reach Community Development, one of Oregon’s largest affordable housing landlords, has finalized a $12.6 million deal to offload 66 homes, a move it says will help stem cash flow problems and help its tenants become homeowners.
The transaction will see Reach partner with Minneapolis nonprofit Brick By Brick Housing Corp. and the national Housing Partnership Network to form Rose City Fund LLC, which will work over the next two years to repair and sell the 66 “scattered site” single-family, duplex and multiplex homes to new buyers — many of them current tenants, the nonprofit said.
About a third of the units stand vacant, and many require extensive repairs to get them into good enough condition that a bank will approve a mortgage for them, Reach CEO Margaret Salazar said in an interview…