Hope Street Expansion Expands from Homeownership to Quality Affordable Rentals

When Rev. Dr. Kevass Harding built HOPE Community Development Corporation’s first home on North Ash in 2022, it followed the model he envisioned when he formed the nonprofit in 2017: build new houses, prepare buyers financially, and help families step into homeownership.

The house was a traditional “stick build,” constructed on-site using wood framing.  It was sold through the City of Wichita’s Home 80 program. Buyers completed credit counseling and financial literacy classes before construction began.

It was a model that worked — but it was slow.

Today, HOPE’s strategy has expanded.

With the creation of Wichita Affordable Housing LLC in 2024 — a social impact fund launched by former Koch Inc. Chief Financial Officer Steve Feilmeier — Harding now has access to lower-cost capital that allows him to move more quickly.

The result is a broader portfolio that includes:

• Stick-built homes constructed on Evergy-donated lots
• Former City of Wichita houses purchased for rehabilitation
• Newly placed manufactured homes on permanent foundations

And a noticeable shift toward rental housing — particularly quality units that meet Housing Choice Voucher (Section 8) standards.

The Financing Shift That Changed The Pace

Scaling homeownership through traditional bank construction loans proved difficult.

“Coming to them with your financials, asking for a million dollars to do a couple of houses, like, ‘Oh, my God, no,’” Harding said. “So, I got a lot of no’s.”

Feilmeier’s fund changed that equation.

Wichita Affordable Housing LLC raised roughly $10 million from local banks and high-net-worth families. The fund lends to nonprofits like HOPE at approximately 5% interest. Investors receive modest returns, and Feilmeier’s family office covers administrative costs, allowing rates to remain below typical construction loans.

Local banks have participated in part because federal regulators evaluate their lending activity in low- to moderate-income neighborhoods under Community Reinvestment Act standards.

“Without him, I’d probably be at some other bank trying to get 8%, 7%, you know,” Harding said. “But yet he gives it at 5%.”

Access to capital meant HOPE could move beyond building one home at a time.

“I went from one door to 15 doors in three years because of Steve’s help and his team,” Harding said.

The City Housing Opportunity
The shift also coincided with the City of Wichita’s decision to sell off portions of its single-family public housing stock.

Many of those houses had already been vacated years earlier and were sitting in various states of disrepair. HOPE bid on and secured a batch of those properties, adding them to its portfolio for rehabilitation.

Those homes may ultimately be sold to qualified buyers or retained as rentals depending on neighborhood need and tenant readiness.

The acquisition expanded HOPE’s footprint beyond new construction.

Why Rentals Became Part Of The Strategy

Originally, HOPE focused primarily on ownership.

But mortgage qualification has become more difficult for moderate-income families amid higher interest rates and tighter credit conditions. At the same time, Wichita faces a shortage of affordable, quality rental housing, including those that meet Housing Choice Vouchers, commonly known as Section 8. 

City officials have acknowledged that while thousands of vouchers are administered locally, many recipients struggle to find safe, well-maintained homes that meet inspection standards. Some are living in substandard properties simply because options are limited.

Harding says that gap is part of what HOPE is trying to address.

Rather than waiting for ownership-ready buyers, HOPE began adding newer, code-compliant rental units to the market — with ownership pathways available when tenants are financially prepared.

Manufactured Housing As A Scaling Tool

A major part of that shift is HOPE’s use of manufactured housing.

These homes are built entirely in factories under a federal building code administered by the U.S. Department of Housing and Urban Development (HUD), which regulates fire safety, structural integrity and energy efficiency.

The homes are transported in sections to the lots and installed on permanent foundations, then connected to utilities like any traditional house.

Factory construction reduces delays and helps control costs, allowing HOPE to add inventory more quickly while keeping rents within HUD voucher payment limits rather than open-market pricing.

Manufactured housing carries lingering stigma in some communities, often tied to older mobile home parks or declining post-war developments. The introduction of manufactured housing has not been without criticism. Some traditionalists have raised concerns about long-term property values and neighborhood character compared to conventional stick-built homes.

Housing experts note, however, that neighborhood outcomes are shaped more by long-term maintenance, ownership practices and economic investment than by whether a home was built on site or in a factory.

Training And Community Stabilization

Harding says housing is only part of the work.

Whether a tenant is renting or preparing to buy, HOPE requires participation in financial literacy and budgeting programs. The goal is to strengthen credit, build savings habits and prepare residents for long-term stability.

Harding has often described his work as community development, not simply real estate.

“You don’t just build the church. You build the community around it,” he has said in prior interviews.

Homeownership remains the long-term vision. But rental housing has become an important entry point — a way to stabilize families first, then create ownership opportunities when they are ready.

Looking Ahead

HOPE now operates under a mixed model:

• Build new homes
• Rehabilitate city properties
• Add manufactured units
• Provide quality rentals
• Create ownership pathways over time

Feilmeier has said he is interested in working with additional developers who are willing to engage in affordable housing at scale.

For HOPE, the evolution reflects a broader understanding: stabilizing neighborhoods may begin with ownership — but in today’s housing market, strengthening the rental side of the equation is a critical need.