Photo: Daniel PortnoyKen H. Thomas created a bond fund meant to help banks make more money available for workforce housing loans.
Bonding over affordable housing in Miami-Dade
South Florida is among the country’s least affordable housing markets, part of the workforce housing problem is too few affordable homes near employment centers. But another element is the inability of working-class people to get mortgages to buy the homes that do exist.
Kenneth H. Thomas, a bank analyst and longtime Miami resident, founded a bond fund called the Community Development Fund, designed to stimulate mortgage lending by banks to people earning about $40,000 or less. The fund takes mortgage loans off of banks’ books, which Thomas hopes will free them up to make more such loans. In a recent transaction, for example, it bought about $1 million in loans on homes that sold for $140,000 to $180,000 each.
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