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Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties

Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties

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Page 1: Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties

Addressing Issues of Vacant& Foreclosed Properties

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Page 2: Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties

Acquisition & Rehab Owner Occupied Rehab Multi-family

Housing Initiative PartnershipDedicated to the revitalization and removal of blight in inner beltway communities, to the creation of housing opportunities for low and moderate income persons, and

to improving the quality of life in the neighborhoods we serve.

Page 3: Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties

Foreclosure Counseling Homebuyer Counseling Resident Advocacy Bounce Back

HIP Services To alleviate the effects of poverty and inequality and improve the quality of life in

the neighborhoods we serve

Page 4: Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties

Community & Local Government

Impact of Foreclosure

Page 5: Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties

7609 Barlow Rd, Palmer Park

Unmaintained Properties- Deter homebuyers- Existing owners

Page 6: Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties

7745 Burnside Rd, Palmer Park

Decline in Health & Safety- Vandals- Squatters

Page 7: Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties

8124 Allendale Dr, Palmer Park

Declining property values

Page 8: Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties

7521 Greenleaf Rd, Palmer Park

Deterioration of Neighborhood Pride

Page 9: Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties

7817 Allendale Dr, Palmer Park

Strain on municipal resources

Page 10: Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties

2005 Palmer Park Dr, Palmer Park

Lost tax revenue

Page 11: Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties

8143 Allendale Rd, Palmer Park

Lack of resources and outside investment

Page 12: Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties

Through Acquisition and Rehab

Neighborhood Stabilization

Page 13: Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties

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Transforms Blight

Page 14: Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties

1823 Ray Leonard Rd, Palmer Park

Tangible change within a short amount of time

Page 15: Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties

1202 Benning Rd, Capitol Heights

Relives burden of local authority

Page 16: Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties

3702 43rd Ave, Cottage City

Restores property back to the tax roll

Page 17: Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties

7711 Greymont , Palmer Park

Opportunity for homeownership

Page 18: Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties

Successes

Strategic Partnerships• Working with a Trust or REO program– Discount/donations – Less competitive – Some pre-construction work may be done

• State and Local Partnerships– Concentrated funding for high foreclosure areas– Identify chronically vacant properties

Page 19: Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties

Successes

Complete Rehabs

• Lower maintenance and utility costs for homeowner

• Contributes to long term affordability

Page 20: Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties

Successes

Community Support– Communication – Employment • Eyes on the street• Buy-in to the program• Supplementary income• New skills / trade

– Bigger Picture• What are the needs of

the community?PGCC Landscaping Students

Page 21: Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties

Ranging from minor repairs to total renovations

28 Owner Occupied Rehabs

Owner Occupied Rehab

Page 22: Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties

Street Scholarship

HIP Services

Page 23: Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties

Street Scholarship

Sent more than 400 people to college classes

Page 24: Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties
Page 25: Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties

Challenges

– Investors (Potentially)• Thorough appraisals and inspections

– Qualified buyers– Unpredictable market / Restoring faith in

low/mod neighborhoods• High quality rehabs• Marketing assistance• Incentivize purchase

Page 26: Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties

Jocelyn HarrisHousing Initiative Partnership, Inc.

[email protected]