Transcript Neighborhood Stabilization Program

Neighborhood Stabilization
The Effect of the Foreclosure Crisis on AssetBuilding in Minority Communities
Insight Center for Community Economic
Development Webinar
Sharon Price
National Housing Conference
Charles Lavin--Confronting the Neighborhood Impacts
of Foreclosure
Charles Lavin--Confronting the
Neighborhood Impacts of Foreclosure
Charles Lavin--Confronting the
Neighborhood Impacts of Foreclosure
Allan Mallach Presentation—Thinking strategically
about the Neighborhood Stabilization Program
• State and local implementation capacity may
be limited:
– Experience and savvy in land acquisition
– Maintaining vacant properties – land banking
– Scattered site rehabilitation and reuse
– Marketing properties
• Partnerships – with CDCs, developers,
Realtors, others – are critical.
Allan Mallach Presentation—Thinking strategically
about the Neighborhood Stabilization Program
1. Resources should be targeted to areas
destabilized or at risk of destabilization from
vacant and foreclosed properties.
2. Resources should be used in ways that reflect
the housing market dynamics of targeted
neighborhoods.
3. NSP should be combined with other funds
and complementary activities leading to
sustainable neighborhood stabilization.
National Community Stabilization Trust
The National Community Stabilization Trust is sponsored by:
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Enterprise Community Partners, Inc.
Housing Partnership Network
Local Initiatives Support Corporation
NeighborWorks America
The Trust and its Sponsors will focus on four key activities:
• The Trust will provide a more efficient and cost-effective mechanism for
transferring foreclosed properties from servicers and investors to local groups
working to stabilize targeted communities.
• The Trust will aggregate capital from national private and philanthropic sources
and make financing available to support local efforts focused on the objective of
stabilizing communities.
• The Sponsors of the Trust will coordinate their efforts to build local capacity,
organize local collaborations, and share best practices to develop effective
neighborhood stabilization programs.
• The Trust will serve as a focal point and a voice for the housing industry in the
arena of foreclosed property reuse and community stabilization.
Michigan
• Michigan Land Bank Fast Track Authority (MLBFTA).
The MLBFTA has a portfolio of NSP eligible properties
that require demolition, site clearance and
maintenance for the allowable 10 year holding period
as well as properties suited for rehabilitation and
resale. These properties are located throughout the
state however; a majority is located in Detroit and Out
Wayne County. As demonstrated by HUD’s NSP funding
allocation to Detroit and Wayne County, this area is
among the highest need area for the state. MSHDA is
awarding up to $10 million to the MLBFTA from the
$58.21 million prioritized for the unmet needs in the
balance of sate.
Massachusetts
• The Neighborhood Stabilization Loan Fund
(NSLF) is a program sponsored by the
Commonwealth and administered by
Massachusetts Housing Investment Corporation
(MHIC). Loan funds are made available by MHIC
to for-profits or non-profit organizations that
have clear plans to acquire vacant, abandoned or
foreclosed properties in troubled neighborhoods
consistent with the standards established in this
Plan. HERA/NSP funds will be used to subsidize
the rehabilitation of properties in target
locations.
Neighborhood Stabilization Program
Resources:
• NSP Website has links to HERA Law, NSP Notice,
allocations, questions and answers, best practices,
and more) www.hud.gov/nsp
• PowerPoint presentations from HUD Summit:
http://www.hcdi.com/housing_summit/what.html
• Summary of Notice by CHAPA:
http://www.nhcopenhouse.org/2008/10/summaryissued-for-hud-neighborhood.html
The Neighborhood Stabilization Program, a
CDBG Component
Neighborhood Stabilization Program
Resources:
• www.Stablecommunities.org (NeighborWorks)
• www.Housingpolicy.org (Center for Housing Policy)
– http://www.housingpolicy.org/foreclosureresponse.html
• Datasets with foreclosure "needs scores" for
CDBG jurisdictions and at the ZIP Code level
within each state.
• Draft State NSP Plans
Neighborhood Stabilization Program
Resources:
• Recovery, Renewal, Rebuilding: A Federal Reserve
Foreclosure Series
– http://stlouisfed.org/RRRSeries/event_overview.html
• Confronting the Neighborhood Impacts of
Foreclosure
– http://stlouisfed.org/RRRSeries/event_4.html
• NHC Open House
– http://www.nhcopenhouse.org/2008/08/foreclosureprevention-and-neighborhood.html