Forty families in Yazoo City learned Wednesday they will soon become homeowners — without the burden of a mortgage — after overcoming obstacles that threatened to derail their dreams of owning homes.
The families began renting the houses in the Roberts Estates development as many as 19 years ago with the promise of the opportunity to purchase their homes after 15 years through a lease-to-own arrangement. But as they reached the end of the term, obstacles arose.
The agreed-upon purchase price for the homes was $15,000 each, but the amount was so low that mortgage companies did not want to underwrite the purchase, said Alpreston “Sabrina” Billings, the CEO of Yazoo City-based Gateway Community Development Corp., the community’s original developer. Roof damage from storms and limited reserves to make home repairs added to the hurdles.
U.S. Rep. Bennie Thompson, fifth left, other dignitaries and homeowners, snips a ribbon to celebrate homeownership at the Roberts Estates, Wednesday, Oct. 14, 2024, in Yazoo City. Credit: Vickie D. King/Mississippi TodayU.S. Rep. Bennie Thompson of Mississippi secured a $3 million grant from the U.S. Department of Housing and Urban Development to help shore up the gap.
“Words can’t explain how I feel,” Billings said Wednesday. “I’m just grateful to see the smiles on the families’ faces.”
Of the community’s 40 homes, 38 are occupied by original residents and two by their descendants. The home sales are expected to begin closing Nov. 1, Billings said.
Giving families outright ownership of the homes will immediately build their equity and strengthen their financial stability, said Bill Bynum, CEO of Jackson-based HOPE Enterprise Corp. HOPE stepped in as an intermediary, using the HUD grant to purchase the properties, make repairs and fulfill the conditions of the original agreements with residents.
“Without a mortgage, the resources that they used for their rent can now go toward taxes, insurance and maintenance,” Bynum said.
Roberts Estates entrance to the neighborhood, Wednesday, Oct. 14, 2026, in Yazoo City. A home ownership celebration was held to honor 40 families that have rented their homes for more than 19 years. Credit: Vickie D. King/Mississippi TodayMiranda Alexander, who serves as tax collector of Yazoo County, has rented her home in Roberts Estates for 19 years. She said becoming a homeowner will immediately boost her financial stability.
“Liberated. Free. I feel renewed,” she said.
It is common for developers to face challenges at the end of a lease-to-own agreement term, especially as the housing market changes over time, said Scott Spivey, executive director of the Mississippi Home Corp. These real estate agreements combine a standard rental lease with a future right or obligation to buy the property at the end of a term.
Gateway’s agreement — to sell the homes for $15,000 each at the end of the leasing term — was bold, Spivey said.
The end result, which eschews the need for a mortgage completely, is good for both families and for lenders, because managing small mortgages can be costly, he said.
“There’s no surer way to build multigeneration wealth,” Spivey said.
John Jackson, a Roberts Estates homeowner, shares his gratitude for his home during a home ownership celebration held in the neighborhood, Wednesday, Oct. 14, 2026, in Yazoo City. Credit: Vickie D. King/Mississippi TodayThe project, fittingly located off of Haley Barbour Parkway, was funded in the wake of Hurricane Katrina through Mississippi’s Low-Income Housing Tax Credit program during the former governor’s administration.
Through the program, developers receive the credits through a process managed by the state housing authority and sell them to investors. Developers then use the funds to build affordable housing.
Building on previous success, Gateway Community Development Corporation has begun work to develop Roberts Estates II in Yazoo City, which will create a path to homeownership for 33 additional future homebuyers under a similar lease-to-own agreement.
Bettie Reed rented her home for nearly two decades, and like the other residents of Roberts Estates, she faced uncertainty when the agreed upon term of 15 years of leasing her house expired with no clear path to homeownership.
She said the home means everything to her.
“I don’t owe anybody nothing,” Reed said. “Aint that a blessing?”
Editor’s note: Bill Bynum sits on Deep South Today’s Board of Directors.
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