Cleveland Developer Addresses Housing Deserts
A Cleveland-based developer focused on affordable housing is looking to change its designation to better help low-income families get home loans.
The move by CHN Housing Partners is an attempt to address what are known as mortgage deserts.
CHN Executive Director Rob Curry says that his group wants to focus on communities where very few people qualify for residential mortgages.
“Housing values cannot recover unless there is a flow of mortgages into a neighborhood, a flow of capital,” says Curry.
CHN is attempting to form a Community Development Financial Institution.tht would provide more loans for low-income homeowners, especially those who wouldn’t qualify for traditional loans.