Simply Homes Wants to Revive Low-Income Neighborhoods

By: Anneken Tappe · December 08, 2023 · Reading Time: 2 minutes

Housing Hope

Simply Homes, a startup based in Portland, Maine, has anything but a modest ambition: Alleviating the affordable housing crisis. To do so, the company just raised $22 million in fresh funding.

The company focuses on purchasing and renovating houses in less wealthy areas to help provide stable, quality homes for low-income families, the elderly, and disabled individuals, including Section-8 voucher holders.

From Neglect to Respect

Simply Homes operates as an iBuyer, or a real estate company that relies on algorithms to buy and resell homes. But unlike many iBuyers, the start-up doesn’t target middle or upper class neighborhoods. Instead, the startup programmatically purchases single-family homes in underserved neighborhoods and renovates them for rent to those who need them the most.

Using data from the Department of Housing and Urban Development’s Housing Choice Voucher program, as well as machine learning, allows SimplyHomes to underwrite their homes quickly, and efficiently, according to CEO and co-founder Brian Bagdasarian.

A portion of Simply Homes’ new funding is earmarked for developing its AI-powered tools further to better identify new properties to buy.

Growth With Purpose

Simply Homes is already active in Pennsylvania, Pittsburgh, and Cleveland, with plans to expand to Baltimore and other Midwestern cities in the near future. Its strategy is to target stable markets, minimizing investment risks.

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