A joint initiative has been formed between three prominent national housing organizations whose focus is to support homeownership across the country by rehabilitating vacant real estate owned properties.
Rebuilding Together, NeighborWorks America and the National Community Stabilization Trust have announced a three-year partnership to collaborate on new approaches to transform vacant and dilapidated properties into safe and affordable homes.
There are three main objectives the initiative hopes to accomplish. The first is to provide training for Rebuilding Together affiliates nationwide so they know how to acquire, repair and then resell REO properties in order to help stabilize communities affected by the foreclosure crisis.
Secondly, the initiative will expand NeighborWorks America’s loan modification scam alert campaign that helps homeowners protect themselves against fraudsters who claim they can assist a distressed borrower avoid foreclosure by performing a loan modification but never perform the services as promised.
Lastly, one local Rebuilding Together affiliate will have an opportunity to participate in the NeighborWorks America board governance program, which trains nonprofits to more effectively leverage existing tools and resources to bolster the performance of their governance boards.
“This initiative brings together three of the nation’s most experienced affordable housing nonprofits and leverages their unique skills and experience of each organization to help transform low-income neighborhoods devastated by the housing crisis,” said Gary Officer, president and CEO of Rebuilding Together. “It also provides excellent resources to Rebuilding Together, as we expand our capacity to transforming REOs and complements the ongoing work of our mission by providing safe and healthy housing.”
As part of the joint initiative, Rebuilding Together is launching an REO fund to help its affiliates acquire and remediate bank-owned properties. Once these properties are rehabbed, they will be sold at affordable prices to low- or moderate-income homebuyers who live in these communities.
NeighborWorks America will support the fund by linking with Rebuilding Together affiliates to provide homeownership education and counseling to prospective homebuyers.
Meanwhile, the National Community Stabilization Trust will provide Rebuilding Together affiliates with access to listings of REO properties and other services to support the identification and acquisition of the properties to be resold.
“Bringing stability back to neighborhoods hard hit by foreclosures will take new innovative collaborations between partners with insight, resources and expertise to impact change,” said Craig Nickerson, president of the National Community Stabilization Trust. “That’s why we are pleased to join forces with Rebuilding Together to take back our neighborhoods from foreclosures and abandonment.”
