Low Income Housing

Why

Context: According to UNHCR, the UN Refugee Agency, more than 2 million refugees will require resettlement by 2023. There were 150 individuals scheduled for resettlement in Delaware in the 2023 calendar year alone. That is approximately 40-50 families needing homes. Projections for 2024 are 250, and for 2025, about 400, which means 60-70 families in 2024 and 100 families in 2025. We would need well over 200 homes for arriving families in Delaware in the next three years.  

Justification: When a refugee family arrives in the USA, cash and medical assistance are limited to eight months after arrival; thus, refugees must achieve self-sufficiency and social adjustment as quickly as possible. It is essential that a family unit feel and believe that they are safe and comfortable; a big part of that is their "new" home, to show from the outset that someone has been anticipating their arrival and put effort into welcoming them to their “new” home.  Amoveo Group wishes to own homes in Wilmington to address the housing crisis. The first step will be generating funds through “flipping” houses.

What

General Objective: Clean and affordable housing for refugee families. 

Specific Objectives: Purchase home from the Wilmington Neighborhood 

Conservancy Land Bank (WNCLB) that could be remodeled. Refurbish the property within six months for resale. The WNCLB estimates that most properties can be refurbished for under $100,000.00 of labor and materials.  Once the house is refurbished, we will sell it.  Comps in the area are going from $140 – 160,000.00 USD.

How

Measurables:   

Can we sell the refurbished home and make a 35% profit to be used as collateral toward another home purchase? 

Activities:   

1. Raise $102,000.00 USD for the purchase and refurbishing of a property.

1. Recruit a general contractor partner to look at purchase options and create a refurbishment budget for the property. 

1. Apply to the Wilmington Neighborhood Conservancy Land Bank (WNCLB) to obtain a property for $2000.00.

1. Once obtained, refurbish the property in under six months. 

1. Recruit a real estate broker to sell the home.

1. Sell the home.

Sustainability:  After Amoveo can “flip” several of these homes, we will have collateral to purchase and own properties.  This will create a revenue stream for purchasing other properties and the programs serving the soon-to-be citizens.