Nonprofit to rehab 500 foreclosures

Builders of Hope starts in Baltimore, Atlanta will try to undo blight.

Builders of Hope, a growing nonprofit that rehabilitates older houses, will pilot a program in Atlanta that could turn 500 foreclosed homes into affordable housing.

Nancy Welsh, the founder of the North Carolina-based nonprofit, said she expects the group to rehab $30 million worth of homes in Atlanta with its new Bring It Home program, which kicked off Friday with help from the United Athletes Foundation and Consumer Education Services.

NFL players Ray Lewis and Reggie Howard will be ambassadors for the program, which will also build in Baltimore.

“Most people do rehabbing with a coat of fresh paint and new carpet, then away they go,” Welsh said.

Builders of Hope does a complete rebuild that includes constructing to energy-efficient LEED certification and guaranteeing that a home’s energy bill will be no higher than $59 a month. The houses look like new construction when finished, she said.

Welsh said the organization hopes to repopulate some decimated neighborhoods with people of moderate income, such as firefighters and teachers.

Builders of Hope is a selfsustaining nonprofit with $100 million from an investor. The completed houses are rented or sold, providing a return to the investor. The program also requires renters and buyers to participate in financial management classes.

“During these tough economic times, both affordable housing and neighborhood blight have emerged as critical issues for every city across the nation,” Mayor Kasim Reed said.