Innovations in Community Development: Rochester Housing Development Fund Corporation: Renovating Houses and Rebuilding Lives
Under the Department of Housing and Urban Development's Asset Control Area (ACA) program, vacant houses across the country are being renovated and resold at an affordable price to moderate- and low-income families. The Rochester Housing Development Fund Corporation was founded in 2001 to help the city of Rochester, N.Y., use HUD's ACA program to improve housing in Rochester. As of February 2006, it had acquired and rehabilitated 267 vacant homes, 202 of which were sold to first-time home buyers, and 65 of which were under contract to be purchased. This program is part of Enterprise's initiative to increase minority homeownership. This profile is one in a series entitled Innovations in Community Development, which documents effective community revitalization programs developed by Enterprise Community Partners and others in partnership with nonprofit organizations, financial institutions, local governments and corporations. It will serve those looking to replicate large-scale programs as well as those researching the industry's leading efforts. It discusses the need, implementation, partners, financing, accomplishments and lessons learned.