Porchlight partnered with Bessemer Redevelopment Corporation (BRC) to bring large-scale neighborhood revitalization plans to life. Founded in 2020 as a 501(c)3 nonprofit, the BRC is dedicated to enhancing the Bessemer, AL community through various initiatives. Their mission focuses on:
- Building or renovating quality affordable housing
- Creating buildings or sites that serve as community assets
- Developing quality public spaces
- Improving overall safety in the community”
Property Acquisition
Porchlight was engaged to manage the complex acquisition of residential properties in Bessemer, many of which faced challenges like heirship claims and tax delinquencies, leading to clouded titles. To date, Porchlight has successfully acquired over 130 properties and continues to support redevelopment by managing these assets and clearing titles for future residential development.
Housing Predevelopment and Construction
Porchlight has overseen the development of seven single-family homes, utilizing prefabrication technology to ensure rapid delivery, high-quality construction, and energy efficiency. These homes represent the first new residential construction in the community in over 30 years. They are available for purchase or rent at various price points, reflecting a comprehensive approach to neighborhood redevelopment by providing diverse housing options for different income levels.
Financing and Cost Structures
Porchlight has supported Bessemer Redevelopment Corporation in securing revolving financing for new home construction. This process involved creating project budgets and proformas, structuring a purchase take-out with a local governmental agency, and managing the loan closing process on behalf of BRC.
Community Planning and Design
In partnership with the Bessemer Redevelopment Corporation, Porchlight helped to plan and secure funding for an Industrial Planting Buffer to beautify the transition from heavy industry to a single-family neighborhood. Ongoing efforts include adding greenway connectors and an urban trail, enhancing community value for residents.
