Federal Reserve Bank of San Francisco

Community Development

Foreclosed Property as Community Housing Assets

Wednesday, September 14, 2011
Federal Reserve Bank of San Francisco
101 Market Street
San Francisco, CA 94105
10:00 am - 2:30 pm

Contact

Lena Robinson, Regional Manager
Federal Reserve Bank of San Francisco
(415) 974-2717

The “First Look” option offered by most servicers presents a chance for nonprofit housing organizations to acquire foreclosed properties that can be used as affordable rental housing, while the current abundance of foreclosed properties offers a tremendous opportunity for communities to secure these local assets. At the same time, many jurisdictions have managed to use their NSP grants to acquire and rehab foreclosed properties, but face the challenge of selling them in a timely manner.

HUD and FHFA-the regulators of Fannie Mae and Freddie Mac-have just released an RFI (request for information) to solicit ideas for new approaches on how to move their respective inventories of REOs back into the productive use (see: http://www.fhfa.gov/webfiles/22367/FHFARFIReleaseFinal.pdf).

The time is now for all concerned stakeholders to come together and discuss how to turn foreclosed property into community housing assets. An interactive format will encourage the exchange of creative ideas and practical solutions. Ideas from the discussion may be included in a RFI submission to the Federal Housing Finance Agency.

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