National Community Stabilization Trust Partners with National Association of Realtors®
FOR IMMEDIATE RELEASE: January 26, 2010
Contact: Annie Carvalho or Tasha Harris, 202-223-3237
NATIONAL COMMUNITY STABILIZATION TRUST PARTNERS WITH THE NATIONAL ASSOCIATION OF REALTORS® TO SUPPORT NEIGHBORHOOD RECLAMATION EFFORTS
Nationwide Initiative Will Connect State and Local Realtor® Boards to Local
Neighborhood Stabilization Efforts
Washington, DC (January 26, 2010) – Leaders from the National Community Stabilization Trust, a nonprofit organization created to revitalize neighborhoods hit by the foreclosure crisis, and the National Association of Realtors® (NAR) today announced an innovative partnership to bring Realtors® to the forefront of local efforts to reclaim American neighborhoods devastated by high concentrations of foreclosed and abandoned property.
As part of the new initiative, the Stabilization Trust will help connect state and local Realtor® boards to local neighborhood stabilization collaborations - community based public-private-nonprofit partnerships with the goal of rebuilding targeted distressed neighborhoods affected by high levels of foreclosures and vacant properties. The Stabilization Trust will also work with the leadership at NAR to educate Realtors® on the new U.S. Department of Housing and Urban Development (HUD) Neighborhood Stabilization Program (NSP), models to use NSP funds for property acquisition, renovation and reuse, and how to more effectively engage key Realtor® resources to spur neighborhood stabilization efforts.
“Neighborhoods across America have been decimated by high concentrations of abandoned and foreclosed homes. To reverse neighborhood decline, we need the Realtor® community working hand in hand with other housing providers,” said Craig Nickerson, president of the National Community Stabilization Trust. “This ambitious new campaign will harness the unique abilities of Realtors® to remarket newly renovated homes and to rebrand the tarnished image of hard-hit neighborhoods.”
While NAR and the Stabilization Trust will be working nationwide on this new initiative, a targeted focus will be placed on enhancing capacity in states experiencing the highest levels foreclosure and abandonment, property disinvestment, plummeting housing prices and low resident confidence.
“Realtors® have the market expertise and property transaction tools to help local housing organizations understand local market conditions and how to put foreclosed houses back into the hands of stable homeowners,” said NAR President Vicki Cox Golder. “This new campaign also allows NAR and our state and local Realtor® boards to become more closely aligned with community revitalization efforts. Working relationships with nonprofit providers and government agencies that will ensure a sustainable recovery from this housing crisis.”
Working through its nationwide network of state and local boards, NAR has been engaged in foreclosure prevention efforts since early 2009 as part of its national Foreclosure Prevention & Response Program. This new partnership with the Stabilization Trust, which will build upon the spirit and successes of these current NAR foreclosure prevention efforts, seeks to better integrate Realtors® into a growing network of local highly focused stabilization efforts.
For the Stabilization Trust, this new partnership builds on its work with local governments and community housing providers. The Stabilization Trust offers localities two primary services that are critical to effectively stabilizing neighborhoods – easy access to foreclosed properties and access to flexible financing to acquire and renovate these properties. Under the Stabilization Trust’s popular First Look program, cities and counties get access to foreclosed homes before they are made available to the general market, resulting in more predictable and cost effective neighborhood revitalization activities. The Stabilization Trust is currently working with more than 160 localities across 38 states. This effort helps localities more effectively use $6 billion under the federal Neighborhood Stabilization Program.
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About the National Association of Realtors®: The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries. Visit www.realtors.org/foreclosureto learn more about NAR’s Foreclosure Prevention and Response program.
