NeighborWorks CEO Ken Wade Praises Resident Involvement in Local Redevelopment Plans

An effort to revitalize 10 of Milwaukee's low-income areas drew praise from NeighborWorks America CEO Ken Wade during a recent visit to the city. The plans to revitalize the Lindsay Heights and Clarke Square neighborhoods are part of a 10-year, $50 million commitment by local real estate developer and philanthropist Joseph Zilber to improve low-income neighborhoods.

But Wade’s praise was not delivered because of the scope of the Zilber Neighborhood Initiative. He was impressed with the level of resident involvement in developing the plans.

"Usually, it's professional planners, but engaging residents lets them present the vision for what they want, and professionals can then help the residents implement the plan," Wade said in an interview with the Milwaukee-Journal Sentinel.

The plans were presented in conjunction with the NeighborWorks America Community Leadership Institute, a gathering of 900 grassroots community leaders from across the country. They met in Milwaukee last week to improve their skills and knowledge of how to rebuild their own low-income neighborhoods.

According to the Journal Sentinel’s report, more than 1,000 residents from the two neighborhoods participated over the past 10 months to brainstorm how to create quality-of-life plans that will guide the program's development. The residents focused on creating new jobs and economic development and improving parks, education, health, public safety and housing. Read more at jsonline.com.

NeighborWorks News home.

Foreclosed Homes Turned into Lease-to-Buy Properties

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.

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.

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.

MSNBC slideshow

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.