NCST is pleased to announce that the Neighborhood Stabilization Initiative (NSI) partnership with Fannie Mae and Freddie Mac has been expanded to 10 additional markets. NSI will now operate in a total of 28 markets with large concentrations of distressed and low-value REO inventory.
The 10 new market areas are Albany-Schenectady-Troy, NY, Birmingham-Hoover, AL, Flint, MI, Indianapolis-Carmel-Anderson, IN, Kansas City, MO-KS, Louisville/Jefferson County, KY-IN, Milwaukee-Waukesha-West Allis, WI, Palm Bay-Melbourne-Titusville, FL, Trenton, NJ, and Youngstown-Warren-Boardman, OH-PA.
These markets continue to experience high vacancy rates, weak for-sale markets and steep home-price declines. By matching distressed REO properties with mission-focused organizations for property renovation and resale, NSI helps prevent blight and promote affordable housing opportunities.
The NSI was initiated as a pilot in both Detroit, MI, and Cook County, IL, and was then further expanded in December 2015 to 18 different MSAs in December 2015 with high volumes of low-value REO inventory, and now to 10 new markets this month. Over the past three years, more than 3,300 properties have been transferred to NCST’s community buyers through NSI.
“We are pleased to bring this initiative to more market areas,” said Rob Grossinger, president, NCST. “Our goal is to help community buyers acquire and rehabilitate properties in a way that helps break the cycle of neighborhood distress. We believe our long-term relationships with key local organizations, and a collaborative working relationship with Freddie Mac and Fannie Mae, will benefit the local neighborhoods.”
The other 18 NSI strategic market areas, where NSI is already active, are Akron, OH, Atlanta-Sandy Springs-Roswell, GA, Baltimore-Columbia-Towson, MD, Chicago-Naperville-Elgin, IL, Cincinnati, OH-KY-IN, Cleveland-Elyria, OH, Columbus, OH, Dayton, OH, Detroit-Warren-Dearborn, MI, Jacksonville, FL, Miami-Fort Lauderdale-West Palm Beach, FL, New York-Newark-Jersey City, NY-NJ-PA, Orlando-Kissimmee-Sanford, FL, Philadelphia-Camden-Wilmington, PA-NJ-DE, Pittsburgh, PA, St. Louis, MO, Tampa-St. Petersburg-Clearwater, FL, and Toledo, OH.