When NeighborWorks Waco started buying up foreclosed homes to lease to potential homebuyers last year, officials named the initiative “PEARLS.”

That stands for “Purchase Efficient, Affordable homes; Rehab, Lease and Sell.” But it also describes the homes themselves, said Roy Nash, president and CEO of the nonprofit housing agency.

“All of the homes are real gems,” he said.
This home on Santa Fe Drive in Woodway is one that NeighborWorks has purchased as part of its PEARLS program, which buys foreclosed homes to lease to people who have their sights set on homeownership. (Jerry Larson photo)

NeighborWorks has bought 20 foreclosed or vacant homes in the greater Waco area in the past year, fixed them up and leased them to people whom Nash describes as “not quite ready for homeownership.” NeighborWorks hopes to work with the tenants, many of whom are on housing vouchers, to prepare them to buy the homes.

Full story is available on wacotrib.com