Since the 2008 financial crisis, many people lost their homes to foreclosure. Prices plunged, and that led predatory investors to snatch up these single-family properties and rent them to people who can’t afford steep down payments. This creates a bigger wealth equality gap, since it makes it harder for would-be homeowners to afford to buy in the area.
Cincinnati, with its historically low housing prices, is particularly vulnerable to predatory lenders, which is why The Port of Greater Cincinnati Development Authority bought nearly 200 rental homes to keep investors out. The $14.5 million payment will help secure affordable housing for many residents throughout Hamilton County.
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