Success Stories
Community Perspectives on Neighborhood Stabilization
The Stabilization Trust has interviewed a series of housing professionals with in-depth knowledge of the work it takes to implement successful neighborhood stabilization plans.
Learn from the experience of these housing practitioners engaged in REO acquisition and rehabilitation as they share best practices and challenges from tackling the foreclosure crisis in their neighborhoods.
Check back regularly for new interviews.
Community Spotlights:
Stories on former foreclosures transformed into safe and healthy homes.
Santa Ana
In the city of Santa Ana, California—where the Stabilization Trust has successfully been facilitating the transfer of foreclosed homes since May 2009—the program’s rehabilitated properties have been so well received that the Stabilization Trust’s buyer partner, ANR Industries, Inc., found it was receiving numerous offers on properties. As a result, ANR decided it would be necessary to hold a lottery should multiple qualified buyers show interest in a single property.
On January 21, 2010, a lottery was
held in the City’s offices for an historic home featuring exceptional Craftsman architecture. Four prospective buyers participated in the lottery, and to ensure fairness, representatives of ANR and the City of Santa Ana and several of the buyers’ family members and agents, attended the event. The eventual winner of the lottery, Jennifer, is a teacher and single mother of two who has rented an apartment for ten years and never believed she would be able to afford to buy a home. The day after the lottery, Jennifer sent the following note to Lisa Silva, ANR’s Director of Real Estate Operations:
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Lisa! I am still in shock over what happened at the lottery! Wow! I went over to see the house with my completely EXCITED kids. It is just as nice inside and better than I thought! Yay! I just want to encourage you in this wonderful program you have going. I am the reason programs like this can be such a blessing. As a teacher and a single mom who has had no choice but to rent a yucky apartment for years, I am just overwhelmed with gratitude that there are opportunities like this for people like me. I have been more than careful with my spending and saved money at every turn but still never been able to break into the Orange County real estate market. Thank you, thank you. Did I mention I am excited?!
Thanks again,
Jennifer
Garden Grove and Westminster, California
The California city of Garden Grove and Westminster recently celebrated the first home acquired and fully renovated through the City’s partnership with the National Community Stabilization Trust and in collaboration with the REO seller, JPMorgan Chase.
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andoned foreclosure in uninhabitable condition, was completely renovated and brought to current building code standards using NSP funding. The City also provided a homeownership assistance grant to the Cardona family, first-time homebuyers who now have the opportunity to call this completely rehabilitated property home.
Watch the Cardona Family's Story
Does your community have a success story for the Stabilization Trust to highlight? Contact us!
