United Housing opens new headquarters in Binghampton

This article was written and originally published by Fox 13 Memphis.

MEMPHIS, Tenn. — A local non-profit has a brand-new tool to help families buy their first homes.

On Thursday, United Housing officially celebrated the organization’s 8,000-square-foot headquarters in Binghampton, at the site of the former Caritas Village.

"Families cannot compete with cash investor buyers," said Amy Schaftlein, executive director of United Housing. "We help them get access more quickly to mortgages and down payment assistance."

Schaftlein told FOX13 United Housing helps between 500-800 people go through home ownership training every year. Last year, the non-profit helped 300 families get into their first homes, she said.

As FOX13 has reported, Memphis ranked No. 2 in the country for the percentage of "mega investors" who own 1,000 or more homes.

Schaftlein said families struggle to compete with investors because of financial barriers.

"That barrier mainly is around the closing costs and having cash to close," she said. "We help them get access to some resources."

She said United Housing has a mission of helping families get an asset they can pass down to their children.

"Homeownership can provide generational wealth," she said. "That is so important because of the stability that provides. The kids are more likely to stay in school long-term.”