NeighborWorks Waco is giving foreclosed homes a new purpose. Through the organization's PEARLS program, abandoned homes are being converted into lease-to-buy properties for renters. If you have trouble viewing the video below, go here. You can also read about it here.
The latest in housing and community development from NeighborWorks America
Monday, October 19, 2009
CDFI Fund to Hold Informational Conference Calls on CDFI Certification
The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) will be conducting a series of conference calls regarding CDFI Certification. These calls will serve as a forum for potential certification applicants to ask questions of Fund staff about becoming a certified CDFI.
Schedule
Thursday, October 22, 1:30 - 2:30 p.m. EDT
Thursday, November 19, 1:30 - 2:30 p.m. EDT
Instructions
To access either of these conference calls, dial (202) 927-2255 and enter pin number 687434. No prior registration is necessary. The phone and pin numbers are the same for both calls.
For more information about CDFI Certification eligibility and the application process, or the CDFI Fund's programs, visit the Fund's Web site at http://www.cdfifund.gov or contact the Fund Help desk by emailing cdfihelp@cdfi.treas.gov or by calling (202) 622-6355.
Schedule
Thursday, October 22, 1:30 - 2:30 p.m. EDT
Thursday, November 19, 1:30 - 2:30 p.m. EDT
Instructions
To access either of these conference calls, dial (202) 927-2255 and enter pin number 687434. No prior registration is necessary. The phone and pin numbers are the same for both calls.
For more information about CDFI Certification eligibility and the application process, or the CDFI Fund's programs, visit the Fund's Web site at http://www.cdfifund.gov or contact the Fund Help desk by emailing cdfihelp@cdfi.treas.gov or by calling (202) 622-6355.
Wednesday, October 14, 2009
Solar Village on the National Mall
Some 800 students from 20 universities in four countries (U.S., Canada, Germany and Spain) built the solar-powered village on the National Mall. Teams had until Wednesday, Oct. 7, to assemble the homes, and are competing in 10 contests from Oct. 8-16. The homes are open to the public from Oct. 9-13 and Oct. 15-18. Each team got $100,000 from the Energy Department to design its home over the last two years, then transport it and assemble it on the National Mall. The department, for its part, hopes to get a payback over time: research that leads to reduced costs for solar technology.
Tuesday, October 13, 2009
Fannie and Freddie Help on Foreclosed Homes
Here is some good news for neighborhoods that have a lot of foreclosed properties and where potential home buyers are hard pressed to find financing. The New York Times reported that Fannie Mae and Freddie Mac are offering financing incentives for buyers of foreclosed homes that Fannie and Freddie own.
Home buyers have until October 30 to apply to take advantage of Freddie Mac’s SmartBuy program, which began in July and offers up to 3.5 percent of a home’s sale price to help cover closing costs. Through participating lenders, Fannie Mae will offer mortgages to buyers who make a down payment of 3 percent, and these buyers do not have to secure private mortgage insurance, as they would when doing business with nearly any other lender.
Also, in areas hit hardest by the economic downturn that have qualified for federal financing through the National Stabilization Program, which helps distressed communities, Fannie Mae may discount its foreclosed properties by up to 15 percent, The Times reported.
Most of Fannie Mae’s foreclosure incentives are offered to buyers who will use the property as their primary residence, or NeighborWorks or other local organizations that rehabilitate properties and sell them to owner-occupants. View article.
Home buyers have until October 30 to apply to take advantage of Freddie Mac’s SmartBuy program, which began in July and offers up to 3.5 percent of a home’s sale price to help cover closing costs. Through participating lenders, Fannie Mae will offer mortgages to buyers who make a down payment of 3 percent, and these buyers do not have to secure private mortgage insurance, as they would when doing business with nearly any other lender.
Also, in areas hit hardest by the economic downturn that have qualified for federal financing through the National Stabilization Program, which helps distressed communities, Fannie Mae may discount its foreclosed properties by up to 15 percent, The Times reported.
Most of Fannie Mae’s foreclosure incentives are offered to buyers who will use the property as their primary residence, or NeighborWorks or other local organizations that rehabilitate properties and sell them to owner-occupants. View article.
Friday, October 9, 2009
Social Investors Find ‘Silver Lining’ in Foreclosure Crisis by Partnering With Nonprofits
The Christian Science Monitor reported recently that affordable housing purchased by social investors is allowing low-income earners to find community-oriented housing in expensive markets from Marin County, Calif., to New York City. Areas where teachers, waiters, and receptionists typically can’t afford to live are now within reach, thanks to a growing number of partnerships between housing nonprofits and investors. In Columbus, Ohio, NeighborWorks member Columbus Housing Partnership has forged a new partnership with regional lender Huntington Bank. Together, they formed the Huntington Homeownership Alliance, a three-year, $10 million effort that funds home buyer education workshops, online virtual foreclosure counseling, and loan products designed to help families buy houses from CHP’s inventory of affordable homes.
CHP President and CEO Amy Klaben pointed out to The Christian Science Monitor that despite the increase in socially responsible lending, sustainability is a challenge. Though CHP can now buy five homes for a relative bargain, if there are still 15 more vacant houses on the street, “you aren’t making a market impact,” Klaben said.
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