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Article: New not-for-profit eyes tax-sale properties
- Article from:
- Indianapolis Business Journal
- Article date:
- September 28, 2009
- Author:
CopyrightCopyright IBJ Corporation Sep 28, 2009. Provided by ProQuest LLC. (Hide copyright information)
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David Sexauer has $250,000 and a list of about 120 properties he'd like to acquire from the city of Indianapolis.
It's the beginning of a plan he hopes could one day turn around neighborhoods, plus generate income for other not-for-profits. Sexauer, a real estate investment manager, thinks he can accomplish that dual mission by doing on a large scale what other not-for-profits doa little at a time.
"My vision is, I want to change neighborhoods," Sexauer said.
Sexauer formed Revisio Housing Inc. as a 501(c)3 this summer to take advantage of a state law that allows not-for-profits to acquire surplus property for no more than an administrative fee, $400. In Marion County, the provision has ...