Turning Today’s Foreclosure Into Tomorrow’s Resource

Preserving affordability of Neighborhood Stabilization Program funded homeownership.

Below you'll find webinar presentation materials, a link to the ongoing online discussion, and related resources.

“The Secretary shall, by rule or order, ensure, to the maximum extent practicable and for the longest feasible term, that the sale, rental or redevelopment of abandoned and foreclosed upon homes and residential properties under this section remain affordable to individuals or families.”
         -The Housing and Economic Recovery Act of 2008, section 2301 (f)3B  

SUMMARY:
New Money
The recent Housing and Economic Recovery Act (HERA) legislation included $3.9 billion in funding for local efforts to purchase vacant and foreclosed properties. The local and state governments receiving HUD Neighborhood Stabilization Program (NSP) funding have until December 1, 2008 to amend their Consolidated Plans to outline how they will use these new resources to respond to the foreclosure crisis. Among the issues that entitlement jurisdictions must address in these amendments is the question of preserving affordability. 

One-Time Opportunity
Entitlement Jurisdictions will have the option to include a different model for affordability.  Well designed NSP programs can not only restore vacant properties and make them affordable to low and moderate buyers today but preserve them as lasting affordable housing and wealth building opportunities for future generations of new homeowners.

Shared Equity Homeownership – Deed Restrictions, Community land Trusts, and Limited Equity Cooperatives are models that preserve affordability permanently. Shared Equity mitigates the ups and downs of the real estate market on communities, including substantially reduced foreclosure rates. Shared Equity also helps to avoid any Treasury Department recapture of program income under the NSP program.

This 1.5-hour webinar (recording) includes:   

• An overview of the range of program design options for preserving affordability under the NSP program.
• Examples of community land trust and shared equity deed restriction programs used in response to the foreclosure crisis.
• A discussion of using lease purchase and land bank programming in conjunction with Shared Equity Homeownership.
• Sample language that jurisdictions can include in their Consolidated Plan “NSP Substantial Amendment”
• Further resources for program planning after December 1st.

See all shared equity resources.

CONTACT:    

Jay Marcus at (646) 201-4712

*PDF files require Adobe Reader for viewing.
Click here to download Reader.