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Related Information
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Housing & Economic Recovery Act Summary
Housing legislation that aims to shore up the struggling housing market, provides $3.92 billion in emergency assistance (CDBG Funds) to stabilize neighborhoods and communities hardest hit by the foreclosures, and offers a $7,500 first-time homebuyer tax credit.
Emergency CDBG AssistanceTax provisions |
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FHA Secure
Families should not wait to seek mortgage relief. Right now, homeowners can determine if they are already eligible for mortgage assistance through FHASecure, FHA's existing refinancing program. |
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Conference of Mayors
Best Practices in 27 cities for converting vacant and abandoned properties from costly liabilities into productive assets. |
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ShoreBank Foreclosure Rescue Loan
provides refinancing to home owners caught up in the mortgage lending meltdown. It issued 90 Rescue Home Loans worth $16.6 million to homeowners between October and April and aims to issue another 510 rescue loans before the end of 2008.
Video |
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Short-term Emergency Loans
Examples of assistance offered by five different short-term emergency loan programs. |
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Resources
For additional information about how cities and organizations are responding detailing the multiple waves of the foreclosure crisis. |
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Foreclosure Mortgage Maps
These maps show conditions and density of owner-occupied subprime mortgage loans for the states, counties and zip codes in the United States. |
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Action Steps for States
This Brookings paper describes 10 action steps that states can take to mitigate the impact of foreclosures on families and neighborhoods. |
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Foreclosure to Homelessness
This report identifies strategies which could help reduce the severity of the crisis on individuals and families who lose their homes to foreclosure. |
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Enterprise Community Partners
Proposal for Great American Dream Neighborhood Stabilization Fund to provide money quickly and efficiently to local non-profit organizations or municipalities to purchase foreclosed properties and offer them for sale. |
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Federal Reserve Board |
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FHA Revitalization Areas |
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HUD's Dollar Homes
HUD makes it possible for communities to fix up homes that can act as catalysts for neighborhood revitalization, attracting new residents and businesses to an area. |
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Land Banks as Revitalization Tools |
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Local Initiatives Support Corporation
Guide for creation and operation of local land bank public authorities to efficiently acquire, hold, manage, and develop foreclosed property. |
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National Governor's Conference
This provides examples of state strategies to address the foreclosure crisis. |
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National League of Cities
This City Practice Brief presents examples of how cities are using different tools to address the foreclosure crisis. |
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Neighborworks
This provides an overview of best practices around foreclosure intervention efforts. |
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State Responses to Foreclosures
A comprehensive look at what states have been doing in response to the foreclosure crisis. |
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The foreclosure crisis threatens to unravel significant progress and reinvestments communities made through neighborhood revitalization efforts. Here are examples of how some state and local governments and organizations are addressing the problem:
Living Cities Pilot Program
Promising local approaches for returning foreclosed properties to productive use in strong, moderate and weak housing markets such as Cleveland, Dallas, Detroit, Massachusetts, New York City, Rhode Island, Twin Cities and Washington, DC.
more...
NCDA Presentation
Providence, RI proposed using a Section 108 Loan Guarantee program as a financing mechanism for acquisition, rehabilitation, and re-sale of foreclosed homes at a recent meeting of the National Community Development Association. Funds could also be used to support gap-financing loans to homeowners refinancing to save their homes.
more...
Fannie Mae
As part of its "Keys to Recovery" Initiative, the company is providing up to $200 million in financing to Self-Help, to turn foreclosed properties into homeownership opportunities. Self-Help will work with non-profit partners to purchase, rehabilitate, and sell foreclosed properties, or enter into rent-to-own agreements with borrowers who have the income but lack the credit history to qualify.
more...
Federal Reserve Symposium
Stabilizing Communities symposium highlighted efforts across the country to minimize the negative impacts of foreclosure on borrowers and neighborhoods.
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NYU Foreclosed Properties Roundtable
Housing experts discuss how to best leverage public and private resources to reuse foreclosed properties in a manner that helps stabilize neighborhoods.
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State Summit on Foreclosures and Housing Solutions
National experts discuss actions states could take to mitigate the rising number of foreclosures, prevent future foreclosures, and sustain neighborhoods in a weakening economy.
more...
NeighborWorks Symposium
This meeting examined a range of issues affecting neighborhoods where homeowners are facing foreclosure. A number of resources from the symposium are now available, including a video describing local efforts.
more...
Enterprise Community Partners
Local Initiatives Support Corporation Case Studies
Massachusetts
The Neighborhood Stabilization Loan Fund targets $17 million from private lenders and $3 million from private, non-profit foundations to support the acquisition of properties in neighborhoods hard-hit by foreclosures. The state Department of Housing and Community Development is supporting this initiative with $1 million, which will serve as a loan loss reserve, a crucial safety net for the loan fund.
more...
New York State
Ohio State
Cities
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