In the early years of NCST, our Community Buyers all participated in the Neighborhood Stabilization Program, which was governed by HUD rules related to property disposition and related matters. However, once NCST opened the program to any organization that could demonstrate funding, experience, and mission-driven outcomes, NCST rolled out its own Program Guide, and we also instituted post-acquisition reporting through REOTrack.
In short, the purpose of the Program Guide is to define the eligibility requirements and program participation standards for organizations that seek to obtain REO properties through NCST, so we in turn can meet the needs of Sellers and ensure our Community Buyers support our mission to stabilize communities. REOTrack helps us track outcomes and make the case to Sellers, funders, and other potential partners.
Given the changing dynamics of the housing markets as well as our ever-evolving set of programs, NCST regularly reviews and revises the Program Guide. Recently we rolled out a new set of changes to enhance how we partner with our Community Buyers going forward. Among other things, we instituted a series of meetings for collaboration and program review, as well as new opportunities for additional insight into the outcomes our Community Buyers achieve with properties purchased through NCST.
If you are one of our Community Buyers, you received the revised Program Guide along with a document identifying the major changes. It’s critical that each of our Community Buyers reviews the new Program Guide and changes to ensure continued successful participation in our program. If you are not a Community Buyer, the Program Guide is available upon request via email.
By Erin Persons. Erin serves as Vice President for NCST.