Neighborhood Stabilization

Loan Modification Initiative to Reduce Foreclosures, Stabilize Neighborhoods
   The initiative has significant implications for developers in that it will help further reduce the inventory of foreclosed homes and stabilize neighborhoods hardest hit by the housing crisis.
posted 3/28/13 1:02 PM  read complete story

New Bond, Tax Credit Programs Urged to Help Distressed Communities
   Proposed programs include the Qualified Neighborhood Investment Bond program which would authorize $8 billion in state and local bonding authority to provide a flexible resource for dealing with vacant or tax delinquent properties that are hindering the revitalizations of neighborhoods.
posted 12/8/12 09:48 AM  read complete story

CA Law Extending Code Repair Deadlines Combats Blight
   California lawmakers pass legislation (AB 2314) providing local governments and other entities additional tools to combat neighborhood blight resulting from foreclosures. Gov. Jerry Brown (D) signed AB 2314 into law Aug. 28. The law gives homeowners more time to address code violations. It also man...
posted 9/5/12 3:59 PM  read complete story

Chicago Considers Eminent Domain to Take Properties
   Chicago joins a trend of jurisdictions considering the use of eminent domain in order to take "underwater" properties and refinance them in order to prevent foreclosures.
posted 7/31/12 6:30 PM  read complete story

FHA Targets Four Cities for Distressed Loan Sales
   Neighborhoods in Chicago, Tampa, Phoenix and Newark, NJ are targeted by the Federal Housing Administration (FHA) for combined 3,500 sales of severely distressed loans to prevent blight in some cities. The expected sales in the targeted areas represent more than a third of the 9,000 total sales FHA ...
posted 7/18/12 4:36 PM  read complete story

REO Pilot Investor Identities on Hold
   (CD Publications) -- While the Federal Housing Finance Agency (FHFA) says it has selected financial firms to buy the first bulk of Fannie Mae and Freddie Mac foreclosure inventories, FHFA is holding the names close to the vest.The housing agency initiated the real estate owned (REO) pilot program on...
posted 7/16/12 12:35 PM  read complete story

Kansas City Land Bank to Address Tax Delinquent Lots
   Kansas City, MO has a new land bank with the authority to acquire and resell thousands of tax delinquent properties for housing and economic development.
posted 7/10/12 4:04 PM  read complete story

Groups Oppose Using Eminent Domain to Seize Loans
   National financial services groups say a proposal by San Bernardino (CA) County and the cities of Ontario and Fontana to use eminent domain to seize mortgage loans from private investors would harm credit access for potential homebuyers.
posted 7/5/12 4:43 PM  read complete story

Partnerships, Eminent Domain Needed to Fight Foreclosures
   Municipalities and investors should form partnerships to eliminate foreclosed properties by condemning underwater mortgages, paying mortgagees market value to buy them and writing down principal owed, Cornell University Prof. Robert Hockett says.
posted 6/27/12 5:10 PM  read complete story

New Toolkit Available to Aid Revitalization
   The Center for Community Progress (CCP) and Enterprise Community Partners release the new "Building American Cities Toolkit" to help communities identify ways to improve land, buildings and neighborhoods. The toolkit provides advice on how to deal with problem property owners, build stron...
posted 6/22/12 09:55 AM  read complete story