Rising Tide Partners has acquired hundreds of distressed properties. But residents say they're not seeing action.

Rising Tide Partners began acquiring distressed properties five years ago with the promise of transforming struggling neighborhoods. But today, hundreds of those properties continue to decay, and neighbors are wondering if they'll ever be restored. 

In Homewood, the CEO of the non-profit organization, Diamonte Walker, touted the "success story" of the work on a derelict housing complex. But this success appears to be the exception rather than the rule. Nearby, there are abandoned and condemned row houses along Hamilton Avenue, Sterrett and Kelly streets. 

Over the past few years, Rising Tide has worked to acquire or take control of some 93 properties in Homewood with the promise of restoration or new housing. But longtime residents like Thomas Morris say they've seen little to no progress. 

"I don't see nothing getting fixed up or anything," Morris said. "I don't see nothing being remodeled."

In its five-year history, Rising Tide has used millions of dollars in local foundation funding and the state conservatorship law to acquire or take control of 450 troubled properties across the city.

But while the acquisitions have gone at a great pace, the actual conversion into livable housing has been anything but. Rising Tide's board members have gotten an earful from residents who want to see more tangible progress.

"They're not happy," board member Jay Gilmer said. "We're not happy either."

The idea is to acquire and stabilize the properties and then partner with private developers to restore and replace them. The non-profit blames the lack of progress on government red tape and diminishing federal funding to provide subsidies and incentives. But even with subsidies, Rising Tide has been unable to find many developers willing to build affordable housing, though it denies turning down those who want to build market-rate units. 

"I can't say we've turned anybody down yet," Gilmersaid. "But we did say this is what we're looking for. We're looking for a mix of housing."

The board members concede there are just too many properties sitting vacant, remaining a bane on their host communities. Rising Tide has site control of the old Light of Life Rescue Mission on North Avenue on the North Side, which has been the scene of broken windows and squatters while it awaits development plans. For this reason, the board recently named Walker its new CEO, replacing founder Kendall Pelling, who conceived of the non-profit but was unable to consummate many partnerships.

"He is a true visionary, but now we need boots on the ground to make it happen," board member Tom Yargo said.

Over on Kelly Street, Michelle Thaxton lives next door to two abandoned buildings owned by Rising Tide. She says the non-profit organization cuts the grass and responds to her complaints, but she sees no movement on converting those buildings. 

"They tell me they're working on it. I'm being diplomatic because you can't rush things that are being helpful to you," Thaxton said.