Non-profits launch nationwide foreclosure st

TRD New York /
Jul.July 21, 2010 05:30 PM

Two non-profit housing organizations have teamed up to transform foreclosed and abandoned homes into affordable housing. Habitat for Humanity, which has built more than 350,000 houses for impoverished families worldwide since its founding in 1976, and National Community Stabilization Trust, a federally sponsored initiative that revitalizes neighborhoods badly damaged by the foreclosure crisis, will partner for two years to purchase and rehabilitate the “REOs” or real estate owned properties. The homes will be purchased from participating lenders, including Bank of America, Chase Bank, Citibank, Fannie Mae and Freddie Mac, through funding from the U.S. Department of Housing and Urban Development, which in turn funds the National Community Stabilization Trust.

After the homes are purchased, Habitat for Humanity has pledged to renovate the homes and sell them to low- and middle-income families. So far, 130 homes in 40 states are slated to be included in the program. “The ability to purchase foreclosed houses before they hit the open market positions Habitat to make a bigger impact in communities hardest hit by the foreclosure crisis,” said Stephen Seidel, a senior director with Habitat for Humanity, in statement released by both groups. TRD

 

Related Articles

arrow_forward_ios
Ex-Fannie Mae employee in LA sentenced in bribery, kickback scheme

Ex-Fannie Mae employee in LA sentenced in bribery, kickback scheme

Clockwise from the top left: Jackson Park at 28-40 Jackson Avenue, 240 Willoughby Street in Fort Greene, 664 Pacific Street in Brooklyn, and 247 Metropolitan Avenue in Williamsburg (Credit: StreetEasy, Google Maps, Pacific Park Brooklyn, The Pod Hotel)

These were the top 10 outer-borough loans last month

Jackson Park at 28-40 Jackson Avenue and Tishman Speyer's Rob Speyer (Credit: StreetEasy and Tishman Speyer)

Tishman Speyer locks in $1B in financing for Jackson Park

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

1735 York Avenue and Bonjour Capital's Charles Dayan (Credit: Google Maps)

Dayan’s Bonjour Capital inks $115M refi for Upper East Side building

US home mortgage debt surges past pre-recession record

US home mortgage debt surges past pre-recession record

One Bryant Park (Credit: The Durst Organization)

Bank of America leads $1.6B refi for tower named after it at One Bryant Park

MCR Development CEO Tyler Morse and a rendering of TWA Flight Center

Revamped TWA Flight Center at JFK lands $270M loan

arrow_forward_ios
Loading...