lost to foreclosure and potentially bought at or below what the original family paid by immigrants once unable to come to this country to buy such properties in the shorter time.

I'm not making a judgment call on the quality of the idea outside of this context.  Just noting something that occurred to me: it may be a good idea in theory but in context may breed some resentment.

As an aside, having worked with recent immigrant families in my city, I do note that immigrant families are more willing to band income together to purchase and keep a house, whereas many, many native born American families don't live with their extended families or have adult children living with them past their early 20s.  It's too bad, really.