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Informing the public about the Federal Reserve

Neighborhood stabilization focuses on the impact of foreclosures beyond the individual homeowner and his or her family; neighbors, communities, and municipalities all share the consequences of foreclosure. The Fed supports neighborhood stabilization efforts in a number of ways:

We have led numerous efforts to highlight best practices for dealing with neighborhood stabilization issues, including our September 2010 REO and Vacant Properties: Strategies for Neighborhood Stabilization conference and publication (4.6 MB PDF).
We supported NeighborWorks America's efforts to educate community development practitioners and public officials on neighborhood stabilization issues, including the development of stablecommunities.org , which provides community leaders with the latest information and resources on neighborhood stabilization.
We created the Mortgage Outreach and Research Effort (MORE), a collaboration between the 12 Federal Reserve Banks and the Board of Governors that combines expertise to inform and engage policymakers, community organizations, financial institutions, and the public at large on foreclosure issues. One result of this project is the foreclosure resource centers available on all of our websites.
We worked with the other federal financial regulatory agencies to propose amendments to the regulations implementing the Community Reinvestment Act. The proposed amendments provide incentives for banks to participate in community stabilization activities in areas designated as eligible for funds under the Neighborhood Stabilization Program (NSP) authorized by Congress.
We produced a series of video reports that highlight promising stabilization efforts in three cities: Cleveland, Phoenix, and Detroit. These short, documentary-style accounts showcase innovative efforts by community leaders to target limited resources where they will have the greatest impact.