What’s the opportunity?
In desirable neighborhoods, a foreclosed property will quickly either be purchased as a short sale, or returned to the market via purchase, rehab and resale. Long-term abandoned properties in less desirable neighborhoods have accumulated large property tax liens and code violations, and these, coupled with needed repairs to the property, mean that its market value is often less than the costs of the property with the required liens and repairs, and so these properties may languish for months or years.
Venture House will target small clusters of around 5-10 houses in close geographical proximity to maximize neighborhood impact, and create additional synergy for the entrepreneurs who locate there. Target neighborhoods will be those that will not attract private developer capital at present, but which could foreseeably attract private investors within 3-5 years with an appropriate jump start. Our plan is to continually identify and invest in these clusters on a rolling basis, serving as the bridge to purely private investment capital, revitalizing neighborhoods one small area at a time, while planting entrepreneurial seeds throughout the community.Donate Now