A customized pre-foreclosure solution for low-value, often vacant, distressed assets in left-behind markets.
In many neighborhoods across the U.S. – especially communities of color, lower-income communities, and areas where economic activity remains depressed – housing market recovery is held back by low-value, often vacant properties that stagnate in pre-foreclosure status. Sometimes called “zombie foreclosures,” these properties blight neighborhoods, attract crime, and drain the local tax base.
Through this project, NCST and our partner, Housing Partnership Network (HPN), aim to resolve distressed assets in ways that benefit rather than harm homeowners, neighbors, and communities. We develop a customized solution to address each property’s unique challenges and benefits, and then our experienced team works to help homeowners remain in their homes wherever possible or prepare vacant properties for a community-positive disposition. Our work includes proactive asset management, knowledge of relevant legal and regulatory frameworks at the federal, state and local level, and a deep understanding of each market.
The ReClaim Project Priorities:
• Keep willing homeowners in their homes.
• Support neighborhood stability by quickly addressing vacant properties.
Resolution and Disposition Strategies:
We work through a three-step strategy for each asset to ensure the resolution is consistent with our mission, cost-effective for local housing providers, and aligned with community goals.
1. Right-size payments by restructuring monthly mortgage costs to keep families in their homes.
2. Initiate and finish foreclosure proceedings to enable redevelopment.
3. Transfer the property to local affordable housing nonprofits or community development corporations.
We thank the Ford Foundation and the Heron Foundation for their generous support of our pre- foreclosure solution programs.
Download the fact sheet: The ReClaim Project