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| NeighborWorks Waco Turns
Foreclosed Homes into Lease-to-Buy Properties |
| NeighborWorks Waco is giving foreclosed homes a new purpose. It is
purchasing the properties, repairing them, and leasing them to potential homebuyers
through an initiative called PEARLS — "Purchase Efficient, Affordable Homes; Rehab, Lease and Sell." NeighborWorks Waco has bought 20 foreclosed or vacant homes in the greater Waco area in the past year, fixed them up and leased them to people who are not quite ready for homeownership. NeighborWorks hopes to work with the tenants, many of whom are on housing vouchers, to prepare them to buy the homes.
The homes have filled up quickly, and currently all 20 PEARLS homes are either occupied or being worked on. View video. Read more about it at Wacotrib.com. |
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| NHS of South Florida Installs a Green, Hurricane Resistant Home in Four Hours |
| With a grant from the NeighborWorks Innovations in Factory Built Housing program and assistance from other funding partners, NeighborWorks member NHS of South Florida has completed the first green, hurricane ready Royal Concrete house in Miami. The home is all concrete and can withstand up to a category five hurricane. It is energy efficient with heavy insulation built in, all Energy STAR appliances and a solar water heater. It took just four hours to install. Watch this brief, minute-and-a half video of the installation. |
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| Fannie and Freddie Help on Foreclosed Homes |
The New York Times reported recently that Fannie Mae and Freddie Mac are offering financing incentives for buyers of foreclosed homes that Fannie and Freddie own.
Freddie Mac’s SmartBuy program, which began in July, 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. |
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| Community Strategies represent the shared experience of NeighborWorks America and its member organizations in various topics of community development and affordable housing. |
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| The
NeighborWorks Training
Institute is dedicated to providing the highest quality training
for community development practitioners. Learn about the latest
classes and symposia on leading-edge topics. |
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Also, in areas hit hardest by the economic downturn that have qualified for federal financing through the National Stabilization Program, 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. |
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| NeighborWorks CEO Ken Wade Praises Resident Involvement in $50 Million Local Redevelopment Effort |
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 neighborhoods are part of a 10-year, $50 million commitment by local real estate developer and philanthropist Joseph Zilber. During an event to unveil plans, Wade said he was impressed with the level of resident involvement in the effort.
"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. According to the newspaper, more than 1,000 residents played a significant role in plan development over the past year.
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 this month to improve their skills and knowledge of how to rebuild their own low-income neighborhoods. |
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| Social Investors Find 'Silver Lining' in Forelcosure Crisis by Partnering with Nonprofits |
Housing being purchased by social investors is allowing low-income earners to find community-oriented housing in expensive markets from California to New York City, according to a recent Christian Science Monitor report.
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 (CHP) 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 homebuyer 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. Read more. |
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| NeighborWorks Member, Avesta Housing, Receives 2009 U.S. Green Building Council Award |
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NeighborWorks member Avesta Housing in Maine received an award from the U.S. Green Building Council (USGBC) earlier this month for developing an outstanding, LEED Certified residential project in Maine. Avesta Housing's Pearl Place was one of four projects to receive this award during the 2009 annual meeting of USGBC's Maine Chapter. USGBC Maine also presented two other awards at the meeting, with one going to Avesta Housing for its efforts advocating for green affordable housing generally. This award adds to Avesta and Pearl Place’s other green credentials including:
- LEED Gold Certification for Pearl Place
- First mid-rise LEED for Homes project in the country
- First LEED certified affordable housing project in Maine
- Recipient of the 2008 Outstanding Mid-Rise Residential Project Award (Nationally competitive)
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| NeighborWorks Member, AHC, Inc., Wins National Historic Preservation Award |
| Virginia-based AHC, Inc., a member of the NeighborWorks network, won an award from the National Trust for Historic Preservation at its 2009 national conference in October. The award was presented for the preservation of the Gates of Ballston, a 464-unit Colonial Revival-style building that was built between 1938 and 1940 and started to crumble after 30 years of neglect. AHC Inc. renovated the whole development and added a 10,000-square-foot community center. AHC and its team, which included the Arlington County Housing Division, Collins & Kronstadt, AIA,Traceries, Inc. and Harkins Builders, received the National Trust Board of Advisors’ Award for their work. Learn more. |
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| States with Tough Anti-Predatory Lending Laws Post Lower Foreclosure Rates, According to Recent Study |
| States with strong anti-predatory lending laws fared better during the foreclosure crisis than states without these laws, according to a new study conducted by the University of North Carolina at Chapel Hill's Center for Community Capital. The study also found that after the federal government exempted national banks from state anti-predatory lending laws in 2004, national banks increased their subprime lending, especially in states where other lenders remained subject to strict anti-predatory lending laws. The study, State Anti-Predatory Lending Laws: Impacts and Federal Preemption, found that as of June 2008, the foreclosure rate was 12 percent higher in states without anti-predatory lending laws. View news release. |
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| Government Unveils New Mortgage Help for HFAs and Homebuyers |
| The U.S. Treasury Department recently announced a new initiative for state and local housing finance agencies (HFAs) that will help support low mortgage rates and expand resources for low- and middle-income borrowers to purchase or rent homes that are affordable over the long term. This new effort is part of the Obama Administration's comprehensive plan to stabilize the U.S. housing market. Following up on the intent to support HFAs first outlined in February under the Homeowner Affordability and Stability Plan, the administration's initiative has two parts: a new bond purchase program to support new lending by HFAs and a temporary credit and liquidity program to improve the access of HFAs to liquidity for outstanding HFA bonds. Learn more. |
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| CDFI Offers Information Session for Organizations Interested in Becoming Certified |
| The U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund will be conducting a conference call regarding CDFI certification on November 19, from 1:30 - 2:30 pm EDT. This call will serve as a forum for potential certification applicants to ask questions of Fund staff about becoming a certified CDFI. Dial (202) 927-2255 to access the call and enter pin number 687434. No prior registration is necessary. For more information about CDFI certification eligibility and the application process, or the CDFI Fund's programs, visit the fund's Web site at www.cdfifund.gov or contact the Fund Help desk by emailing cdfihelp@cdfi.treas.gov or by calling (202) 622-6355. |
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| Green and Healthy Homes Technical Studies Program, Deadline November 17 |
| HUD has announced the availability of $2.4 million in funding that will be awarded to improve knowledge of the effects residential green construction has on both indoor environmental quality and occupant health, with a particular focus on children and other sensitive populations. The goals are to improve knowledge of the benefits of residential green building methods on indoor environmental quality and occupant health. Individual awards will range from $350,000—$700,000. Eligible applicants include: state (includes District of Columbia, public institutions of higher education and hospitals); local (includes state-designated Indian tribes, excludes institutions of higher education and hospitals); federally recognized Indian tribal governments; and private nonprofit institution/organization (includes institutions of higher education and hospitals). The deadline for applications is November 17, 2009. View more details. |
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| Lead Hazard Control Capacity Building, Deadline November 19 |
| HUD has announced the availability of
$1.7 million in funding to develop the infrastructure necessary to undertake comprehensive programs to identify and control lead-based paint hazards. Individual awards will range from $50,000—$100,000. Eligible applicants include: states, federally recognized Native American tribes, cities, counties/parishes or other units of local government that have never been a direct recipient or a subgrantee of a Lead-Based Paint Hazard Control or Lead Hazard Reduction Demonstration grant. The application deadline is November 19, 2009. View further information. |
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| New Energy Efficiency and Conservation Block Grants Funding, Deadline December 14 |
| A new notice of funding availability has just been released by the U.S. Department of Energy, for a Retrofit Ramp-up Program, which aims to stimulate activities and investments that help to save energy. The program will select eight to 20 places for $5—$75 million grants for large-scale retrofit of neighborhoods. The application due date is December 14. The eligible applicants are same as DOE's Energy Efficiency and Conservation Block Grants: states and eligible units of local governments. If you are interested in this program for your community, you should quickly be in touch with your local government's sustainability office or energy office about how you can help them shape their plans for submission. Learn more. |
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| DC-Metro Area Training Institute to Host Symposium on Community Stabilization |
| NeighborWorks' DC-Metro Area Training Institute will host the Affordable Housing Symposium Rising to the Challenge: Stabilizing Communities in the Wake of Foreclosure, which will focus attention on innovative policy, financing, property acquisition and development strategies. Learn about comprehensive best practices to help improve and advance sustainable communities. Policy makers, funders, practitioners, developers and property managers will share the latest and most effective techniques and ideas to get the work done in your community. View agenda, full list of courses and free workshops at the Symposium Web site and register today! |
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| New Online Course in Community Stabilization Now Available |
| Want to learn the basics of neighborhood stabilization, but can't come to the December NeighborWorks Training Institute? Log on and get set for a comprehensive overview of planning and implementing a neighborhood stabilization effort in your community. NR231el — Stabilizing Neighborhoods in a Post-Foreclosure Environment — is an online learning experience that provides timely information on analyzing regional and neighborhood markets and customizing intervention strategies to achieve stabilization outcomes in neighborhoods and communities. This online course features additional resources, including links to Web sites dedicated to neighborhood stabilization. Sources of data will also be made available through this course. For more information and to register, visit www.nw.org/training. |
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| NeighborWorks America Adds Two New 'Green' Courses to its National Training Institute Curriculum |
| NeighborWorks America expanded its curriculum of energy efficiency and healthy homes courses to include two new classes designed to help community leaders engage residents in creating greener communities, and to help nonprofit managers improve the green footprint of their organizations. The new courses, Taking Green Action in Your Community and Greening Your Organization bring the total number of “Green” courses taught at the upcoming NeighborWorks Training Institute to six. In all, NeighborWorks America offers 16 green courses. The next NeighborWorks Training Institute is December 7-11 in suburban Washington, D.C. Registration is still open at www.nw.org/training. |
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| New Resource on Revitalizing Historic Districts |
| The National Trust for Historic Preservation, a pioneer in preservation-based economic development has published a new book, Revitalizing Main Street: A Practitioner’s Guide to Comprehensive Commercial District Revitalization. This resource offers fundamental concepts, case studies and success stories on multiple aspects of revitalization of America’s historic and traditional commercial cores—but emphasizing affecting community change from within. From heritage tourism to zoning to business development, readers can learn how to improve their Main Streets through grassroots-based, community-driven efforts while protecting their heritage and local culture.
Access free, supplemental online content. Order the full report through Preservation Books.
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