(01/26/2011) Against all odds created by the deepest recession since the Great
Depression, a network of community organizations beat back bad times and
saved a host of distressed neighborhoods -- often block-by-block and
home-by-home.
The studies reveal the power behind the National Community
Stabilization Trust's "5 Cs of stabilization" a strategy used to rescue
neighborhoods submerged in foreclosures, at a time when money was
tight, resources were slim and the line for help went out the door.
The trust facilitates transferring foreclosed and abandoned properties from banks to local
housing organizations. The homes are "recycled" for reuse to keep
neighborhoods stable.
The "Cs" include comprehensiveness, a plan that addresses all
destabilizing forces in the community; concentration, targeting for maximum
impact; collaboration to include a broad array of partners with a strong
focus on residency; capacity from organizations with demonstrated ability in
the effort; and capital, especially new sources of capital.
Here's a sampling of the neighborhoods saved by the work of NW
agencies.
• Home HeadQuarters, Inc., Syracuse, NY - The agency collaborated
with local residents and a wide range of stakeholders to focus community
stabilization and revitalization efforts on a 15 to 20-block area known as
the SALT District. Using a combination of funding, the agency acquired and
redeveloped 90 foreclosed, vacant and abandoned
properties.
• Housing and Neighborhood Development Services, Inc., Orange, NJ -
This group worked with nonprofit, for-profit and city agencies to acquire
and redevelop foreclosed inventory, first by acquiring the mortgages on 47
foreclosed properties housing 92 units.
• Neighborhood Development Services, Inc., Ravenna, OH - In the
small city of Barberton, this agency helped acquire a 24-unit property from
foreclosure and redeveloped it into an attractive
community asset with affordable housing units. The agency collaborated with
local, county and state agencies to acquire capital and worked with
residents in the process of designing the improvements for the property.
• Neighborhood Housing Services of Orange County, Anaheim, CA - The agency worked with
nonprofit, municipal and for-profit groups to obtain capital to acquire,
renovate and re-sell nearly two dozen foreclosed homes to eligible buyers.
• Neighborhood Housing Services of Kansas City, Kansas City, MO -
This agency became a one-stop shop for identifying properties, providing
first mortgage loans, developing scope of rehab work, managing construction,
assisting buyers with obtaining down payment assistance and closing the
loans on 30 properties.
• Neighborhood Housing Services of South Florida, Ft. Lauderdale, FL
- The agency worked with nonprofits to apply for and implement funding from
city and county governments and to redevelop 90 foreclosed homes.
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