Program launches to rebuild neglected vacant homes in Springfield Corina Wallenta — WWLP

Way Finders broke ground Friday on the site of their first redevelopment property in its City of Homes initiative. 

SPRINGFIELD, Mass. (WWLP) – Way Finders broke ground Friday on the site of their first redevelopment property in its City of Homes initiative. 

This program takes distressed properties in Springfield and redevelops them through a special receivership program to give first-time home buyers affordable equity. An effort that Way Finder’s CEO Keith Fairey says is important for building generational wealth. 

“We’ll be able to demonstrate that there are efficient ways to do this work and hopefully we won’t see any more homes like this in the future once we really get the engine up and running.”

During the ceremony at 24-26 Los Angeles Street in Springfield, the MassMutual Foundation awarded the organization $2 million to expand the program. Way Finder’s CEO says they are hoping to see new families move in by 2025.

“We are thrilled that MassMutual Foundation is supporting the expansion of this initiative,” says Keith Fairey, President and CEO of Way Finders. “When we take long-neglected properties, renovate them, and offer them at affordable prices, we accomplish three important goals. We bring housing back onto the tax rolls. We improve property values in Springfield neighborhoods. And we help local families build the kind of generational wealth through homeownership that many have been excluded from.”  Way Finders expects to develop up to 10 additional homes through this grant.

“At the MassMutual Foundation’, we believe great things can happen when we come together as a community,” said Dennis Duquette, President & CEO of the MassMutual Foundation. “What we see happening with Way Finders and their City of Homes program is emblematic of that: not only are they helping families take a massive leap towards building generational wealth, but through their collaboration with us and the City of Springfield, they are also strengthening the community around us. We are proud to support the work being done by the City of Homes program and are looking forward to watching its continued progress.”

“Through this program, we hope to show that SAR is a process that can and should be adopted by other cities in the Commonwealth,” says Fairey. “Too often, seized properties are boarded up and forgotten, becoming more dilapidated and less feasible to renovate. SAR may prove to be a faster way to get these properties back on the tax rolls and into the hands of nonprofit developers and ultimately, local homeowners.”

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