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

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Presentation on theme: "Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties."— Presentation transcript:

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

2 Acquisition & Rehab Owner Occupied Rehab Multi-family Housing Initiative Partnership Dedicated 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.

3 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

4 Community & Local Government Impact of Foreclosure

5 7609 Barlow Rd, Palmer Park Unmaintained Properties -Deter homebuyers -Existing owners

6 7745 Burnside Rd, Palmer Park Decline in Health & Safety -Vandals -Squatters

7 8124 Allendale Dr, Palmer Park Declining property values

8 7521 Greenleaf Rd, Palmer Park Deterioration of Neighborhood Pride

9 7817 Allendale Dr, Palmer Park Strain on municipal resources

10 2005 Palmer Park Dr, Palmer Park Lost tax revenue

11 8143 Allendale Rd, Palmer Park Lack of resources and outside investment

12 Through Acquisition and Rehab Neighborhood Stabilization

13 7243 Hylton St & 7241 Hylton St, Seat Pleasant Transforms Blight

14 1823 Ray Leonard Rd, Palmer Park Tangible change within a short amount of time

15 1202 Benning Rd, Capitol Heights Relives burden of local authority

16 rd Ave, Cottage City Restores property back to the tax roll

17 7711 Greymont, Palmer Park Opportunity for homeownership

18 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

19 Successes Complete Rehabs Lower maintenance and utility costs for homeowner Contributes to long term affordability

20 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

21 Ranging from minor repairs to total renovations 28 Owner Occupied Rehabs Owner Occupied Rehab

22 Street Scholarship HIP Services

23 Street Scholarship Sent more than 400 people to college classes

24

25 Challenges – Investors (Potentially) Thorough appraisals and inspections – Qualified buyers – Unpredictable market / Restoring faith in low/mod neighborhoods High quality rehabs Marketing assistance Incentivize purchase

26 Jocelyn Harris Housing Initiative Partnership, Inc


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