Donated Homes Increased in 2011
January 3, 2012
As the foreclosure crisis continues, experts predict that nonprofit organizations will receive even more donated homes. Bank of America plans to increase its home donations to more than 1,200 in 2012 from 150 in 2011, and Wells Fargo donated over 1,120 homes last year.
Meanwhile, the number of homes rehabilitated by Habitat for Humanity that were donated or bought at bargain prices nearly doubled to 1,210 during the year-over-year period ended in June 2011.
Many of the donated dwellings are in bad shape, but turning them over to a nonprofit gives home owners a charitable tax deduction and eliminates maintenance costs. Meanwhile, Gus Frangos, president of the Cleveland-based Cuyahoga Land Bank, says eliminating blighted properties "almost immediately stabilizes property values."
Source: "Charities Get More Donated Homes," USA Today (12/30/11)
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Updated: August 11, 2020