Way Finders to Host Open House at New Affordable Home Property on July 12

SPRINGFIELD — Way Finders is hosting an open house at its new affordable homeownership property, 18 Highland St., Springfield, on Sunday, July 12 from 1 to 3 p.m.

Visitors may tour the home and learn about its many features, including energy-efficient heat and air conditioning, three bedrooms and two bathrooms, approximately 1,400 square feet, modern appliances, new driveway and landscaping, and low maintenance inside and out.

The 18 Highland St. site is one of two new affordable home properties offered through Way Finders’ City of Homes program, which creates and sells affordable homes to first-time homebuyers in Springfield. Each of these two homes is offered at a below-market price — just $210,000 — to ensure it is affordable for qualified buyers.

Eligible potential homebuyers will need to enter a lottery. The lottery deadline is July 22, before 4:30 p.m. Visit wayfinders.org/springfieldhomes for more lottery and house information.

The City of Homes initiative takes distressed properties in Springfield, renovates them or builds new, and offers them for sale to local first-time homebuyers at an affordable price.

“Through this initiative, we are improving Springfield neighborhoods and offering families the opportunity to purchase their first home and build generational wealth,” said Keith Fairey, Way Finders President and CEO. “We’re also testing a new way for nonprofits to access properties to develop called special attorney receivership.”

This is an offshoot of a traditional receivership, the process where a city seizes distressed property to enforce the sanitary code. Typically, seized properties sit empty for months or years and may eventually be sold at auction to the highest bidder. With special attorney receivership, the court system offers the property to a qualified nonprofit developer, giving it the ability to renovate the homes and keep sale prices affordable for first-time homebuyers.

This new, innovative approach to neighborhood revitalization and affordable homeownership is funded by a $4 million grant from the MassMutual Foundation, in addition to $500,000 from the city of Springfield, $2.6 million from the Massachusetts Housing Partnership, and $300,000 from Baystate Health. It is giving qualified first-time homebuyers the chance to purchase, via a lottery, affordable, rehabilitated homes in several Springfield neighborhoods.