Asked to take a closer look, BB Housing directors Loren Brueggemann and Michael Buelow discovered that traditional homeownership could not reliably provide for redevelopment and disposition in a soft housing market. What the Housing and Redevelopment Authority (HRA) needed for its Invest St. Paul (ISP) initiative was a partner to restore the homes and convert them into affordable rental housing while maintaining a long-term community presence.
Together, they devised an innovative strategy that remains resilient to the limitations of low-income homeownership, converting real estate owned (REO) properties into affordable housing for rental to low-income families. Altogether, BB Housing transformed over two-dozen properties into high-quality affordable housing for families.