|secure and maintain foreclosed properties|
|High concentrations of foreclosures may contribute to declines in nearby property values and encourage other residents to leave the neighborhood, potentially sparking a spiral of abandonment and neighborhood decline. (Learn more about the effects of foreclosures on property values.) Communities may be able to address and prevent the harmful spillover effects of foreclosure-related vacancies through policies and programs that help to secure and maintain foreclosed properties.
Many communities already have tools on the books, such as code enforcement, that they can put to use to address the problems caused by foreclosure. Building on these existing tools, communities can help secure and maintain foreclosed properties by expanding code enforcement in areas impacted by foreclosures, taking steps to identify the entities that own or are responsible for foreclosed properties, engaging the assistance of community groups or local officials, and following up on code violations to ensure that the problems are addressed.
Some communities have taken steps to hold lenders or loan servicers responsible for the maintenance and security of properties vacated during the foreclosure process
Photo credit Robert Schoen, Courtesy of Massachusetts Housing Investment Corporation
|Click on the links below to learn about how communities can secure and maintain foreclosed properties: |
Expand monitoring of foreclosed properties and locate owners
Communities can increase code compliance of foreclosed properties by targeting and streamlining code enforcement, facilitating identification of the owners of vacant foreclosed homes, and building partnerships with community groups and local officials for assistance.
Resolve code violations quickly and effectively to reduce neighborhood decline
Communities can help to restore foreclosed properties to code by preserving curb appeal, increasing the effectiveness of enforcement processes after code violations, creating nuisance abatement funds, and using vacant property receivership for property rehab.
|The Center for Community Progress also provides a wealth of information on restoring vacant and abandoned properties to productive use. Click here to go to their web site.