The Federal Housing Finance Agency (FHFA) announced an expansion of the Neighborhood Stabilization Initiative (NSI) to 18 additional metropolitan areas around the country. Effective December 1, local community organizations will be given the opportunity to review and purchase foreclosed properties owned by Fannie Mae or Freddie Mac in these 18 additional metropolitan areas prior to these properties being made publicly available for purchase. Sales prices will vary from market to market.
NSI was jointly developed by FHFA, Fannie Mae and Freddie Mac and involves a partnership with Fannie Mae and Freddie Mac and the National Community Stabilization Trust (NCST). The pilot, launched initially in Detroit, Michigan in May 2014, was extended earlier this year to Cook County, Illinois. Based on the lessons learned from the pilot, Fannie Mae and Freddie Mac will continue their work with NCST to focus on disposition of real estate owned (REO) properties in ways that place a priority on stabilizing neighborhoods.
Gordon will weave NCST into vibrant policy conversations designed to save and revitalize neighborhoods.
(Washington, D.C.) The National Community Stabilization Trust (NCST) has announced executive promotions. Annie Carvalho, formerly director of strategic partnerships and development, assumes the role of vice president, strategy and development, and Carlos Alcazar, formerly director of operations, assumes the role of comptroller.
Are there more zombies in our city than ever before, or are we just paying more attention to them?
“Zombie properties" is a clever name to describe residential buildings that are neither alive nor dead: They are caught in the limbo of an incomplete foreclosure. The real estate title stayed with the homeowner even after foreclosure proceedings began. The lender walked away — in some cases to avoid having the risk of a low-value property on the books. Homeowners walked away thinking the property was no longer theirs.
Qualified nonprofit groups could get discounts on Fannie, Freddie vacant homes
Fannie Mae and Freddie Mac are embarking on an ambitious pilot program designed to remove thousands of vacant, foreclosed homes from their books and repair neighborhoods throughout Chicago and suburban Cook County.
After 63 years of living in apartments, Army veteran SPC Cummings became a first time home owner. His children, grandchildren, members of the community, Bank of America employees, Texas State Affordable Housing Corporation and the National Community Stabilization Trust gathered to honor Cummings' service and sacrifice to our country and welcome him to his new neighborhood as he received keys to his newly renovated, mortgage-free home. The home was donated by Bank of America, in partnership with Texas State Affordable Housing Corporation and the National Community Stabilization Trust.
While the economic recovery is well underway in many parts of America, not all local markets are participating. Many communities that were hard hit by the housing and economic crisis, particularly in the Midwest and Southeast, are being left behind.
In numerous communities today, REO inventories are declining and overall foreclosure rates are at five-year lows; however, the importance of continuing the work of stabilizing hard hit neighborhoods is far from over. Many neighborhoods, often low- to moderate-income and multicultural communities, continue to be disproportionately affected by the housing crisis.
WASHINGTON, D.C. – On Veteran's Day, our nation will reflect on the sacrifices that military service men and women have made, and continue to make each day, in service to our country. The National Community Stabilization Trust (NCST) is proud to honor deserving military veterans throughout the year by connecting them with affordable home opportunities across the country. Many of these renovated homes are donated to veterans, thereby eliminating the need of a mortgage, limiting the families' obligation to annual property taxes, insurance and maintenance. To-date, NCST has transferred more than 1,200 donated homes in support of veteran housing.
NCST Connects Major Financial Institutions to Local Community Housing Providers that Reclaim Foreclosed Homes and Low- to Moderate-Income Neighborhoods
This property was a haven for drug activity with a notorious reputation in the neighborhood. There was little that the active Neighborhood Watch could do but constantly call the police. During the initial property inspection, a police officer even stopped HIP staff to ask why they were at the site. The scope of renovation was a gut rehab. Everything in the house was removed and replaced with the exception of the hardwood floors.