Habitat for Humanity Tries Big-Scale Approach to Housing in Oregon
What Works: 'Habitat For Humanity Tries Big-Scale Approach to Housing In Oregon' - NYT
By KIRK JOHNSON - NYT
Published: May 11, 2012
PORTLAND, Ore. — John D. Gray, 92, got wind about three years ago, near the bottom of the Great Recession, that Habitat for Humanity was doing something pretty interesting here in Oregon’s largest city. In a depressed real estate market, Habitat, the nonprofit housing group, was betting big: trying to buy vacant land on the cheap, shopping from banks in repossession and foreclosure sales to squirrel away for housing projects years in the future.
Mr. Gray knows a thing or two about business cycles and buying opportunities. He made his fortune after World War II selling chain-saw equipment for a once-burly timber industry in the Pacific Northwest, riding the crest of America’s first real housing boom. So he called a friend, who set up a meeting with Habitat’s local chief executive in east Portland. “Would $1 million in cash help out in the effort?” Mr. Gray asked.
His philanthropy in turn opened doors with other donors, including a lumber company heir who had never given to Habitat, but who was inspired by Mr. Gray’s example to chip in $250,000. Mr. Gray then upped the ante again, adding another $1 million to the statewide Habitat for Humanity office.
This spring, the first 22 homes in the largest Habitat project in Oregon history — a 65-unit subdivision left partly built by a private developer who abandoned it when the market crashed — are rising on Portland’s east side. Habitat, meanwhile, has become the 10th-largest home builder in the Portland metropolitan area by housing volume, according to a local building trades association, and even more dominant on the lower-income east side through the $10 million land-bank fund that Mr. Gray helped anchor.
The 150 lots bought by the fund will keep the group busy for five years or more, even as it has increased its home-building output by 50 percent, to 30 homes a year from 20.
More: https://www.nytimes.com/2012/05/12/u...egon.html?_r=1
