REO inventory is declining; however, many hard-hit states and cities must still contend with vacant, low-value property, indeterminately sitting in pre-foreclosure. Many of these properties are homes that have been abandoned by the homeowner. NCST often serves as a liaison between local governments, housing providers and mortgage servicers to help resolve these vacant properties, through innovative programs or by sharing best practices that may shape future policy.
Vacant properties hold back neighborhood revitalization, and they disproportionately affect low-income and multicultural neighborhoods - left-behind neighborhoods. Both state and federal agencies, along with state and local providers, must focus on how to reinvigorate community reclamation efforts.
The ReClaim Project is one such program that we've established to facilitate a community sensitive resolution for each property. We also work as the non-profit partner with FHFA, Freddie Mac and Fannie Mae, on the Neighborhood Stabilization Initiative (NSI). Together we leverage our community ties and work closely with community organizations and local nonprofits and governments to make timely, informed decisions about the best treatment of low-value, distressed properties/assets in markets where these are concentrated.
All properties in our programs are placed in REOMatch, our award-winning, web-based property transaction and mapping tool. This unique system revolutionized how NCST shows and transfers homes to local housing providers.
For more information on any of our programs, or for help in your city or state, please contact us today.
Hogar Hispano, Inc. purchased this Maryland single-family home and transformed it with more than $21,000 in rehabilitation to a family-ready home for a buyer who was at 67% of AMI. The family wanted to have their own place with a yard to call home for their children.