|bring properties back » acquire, rehab, and manage » re-use properties|
|local market conditions, the capacity of and resources available to the municipal government and partner organizations, and local goals and land use priorities. As noted elsewhere in this policy guide, no single approach will work for all places; indeed some cities may choose to apply different redevelopment strategies in different neighborhoods, or even on a block-by-block basis. Click here to view Action Plans describing how states and localities intend to spend Neighborhood Stabilization Program funds.|
For any strategy, it makes sense to first understand the neighborhood context of the property. Before undertaking substantial acquisition and rehab activity, communities would be wise to evaluate market conditions in targeted neighborhoods and develop a clear picture of the anticipated demand for rehabbed homes. Early evaluation can help to determine whether foreclosed properties would be better re-used for alternative (non-residential) purposes, before spending too much time and money on acquisition and rehab activities.
|From the Forum...|
Visit the Forum to learn more about disposition strategies - including lease-purchase programs, for-sale subsidies, and long-term rental strategies - from Ben Nichols of the Cleveland office of Enterprise Community Partners and Chris Pahule of the Sacramento Housing and Redevelopment Authority.
The HousingPolicy.org Forum is a place to pose questions, exchange ideas, and learn from the experience and expertise of others. This section of the site features interactive forums organized around policy areas, including neighborhood stabilization.
|Click on the links below to learn more about specific approaches:|
Redevelop as affordable housing for new buyers or renters
Establish a rent-back program to help foreclosed owners stay in their homes
Hold properties on an interim basis to restore market equilibrium
Demolish homes to hold properties or to redevelop lots for non-residential use
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When returning foreclosed properties to productive use, communities may choose to keep them as residential units or, depending on local needs and the local market, pursue other options including mixed-use development or, in some cases, demolition to increase green space.
Other pages in this section:
Creating a special entity
Some communities choose to establish a special body, such as a land bank, to purchase, hold and dispose of foreclosed properties. Others designate an existing government agency to handle these tasks or partner with local nonprofits.
To maximize the impact of their neighborhood stabilization program and achieve economies of scale, some communities may choose to pursue a bulk acquisition strategy focused on foreclosed properties owned by a single lender or servicer. Other communities may focus on acquiring individual properties on a case-by-case basis – particularly where resources are scarce or foreclosures have not been as widespread.