Landlord Entrepreneurship & Affordability Program (LEAP)
Through LEAP, local residents will acquire foreclosed properties or those facing foreclosure, secure subsidy and financing necessary for rehabilitation and energy conservation, and receive support and training on being a good landlord. Courses provided by our partner, NHS of New Haven, will include tenant selection, Fair Housing laws, record keeping, and the eviction process. Education in energy efficiency and conservation and home repair (basic plumbing, carpentry, electrical, insulation, etc.) will result in lower operating costs for the entrepreneurs.
Owning a multi-family home is similar to running a small business, and many of these entrepreneurs would become first-time landlords at the same time as they become first-time homeowners. LEAP will provide the support and training these entrepreneurs need to be successful, as well as the capacity to make a greater impact on the affordable, quality rental housing within Connecticut.
This program is currently in development, estimated to launch in 2013.
The development of this new program is made possible by a grant through the Innovations in Neighborhood Stabilization and Foreclosure Prevention Initiative of the Housing Partnership Network. The initiative, funded through a grant from the Citi Foundation, was created to help leading community-based organizations like HDF develop innovative solutions for neighborhood stabilization challenges in key metropolitan areas. Grant awards were made based on the potential for transformative community impact, ability to inform policy discussions around neighborhood stabilization, and the level to which they break new ground in developing solutions that can be replicated or scaled to have widespread impact in communities across the country.
Addressing the increasing disinvestment in the troubled housing supply of Connecticut’s cities, LEAP will encourage and support new owner-occupants who will have a vested interest in neighborhood stabilization. HDF will target individuals with income levels at or below 80% of the area median income (AMI), offering training and support in collaboration with NHS of New Haven. The rental units in the properties they purchase and rehabilitate must remain affordable to income-eligible families, responding to the region’s demand for more affordable housing.
With LEAP in place, HDF will make major inroads toward the development of more affordable rental opportunities for households including teachers, nurses, and firefighters to seize the opportunity to live in and contribute to the revitalization of Connecticut’s urban cores.