New Report: Strategies to Prevent Investor Ownership from Causing Neighborhood Decline

Posted by on May 24, 2010

The next chapter of the foreclosure crisis is unfolding – and it’s continuing to hit poor communities and people of color the hardest.

With so many foreclosed homes available for pennies on the dollar, unscrupulous investors are buying up huge chunks of neighborhoods – and leaving properties to fester and communities to suffer.

Though, some investors are steady stewards of their new homes, how can cities and regions make sure all investors live up to their responsibilities?

In the new PolicyLink report, When Investors Buy Up the Neighborhood: Strategies to Prevent Investor Ownership from Causing Neighborhood Decline, authors Kalima Rose and Sarah Treuhaft of PolicyLink and co-author Karen Black look at promising strategies to deter unscrupulous slumlords and home-flippers.

So, what can communities do?

* Encourage nearby homeowners and responsible investors to buy, rehab, and maintain foreclosed properties
* Strategically gain control of foreclosed properties
* Hold property owners accountable for property conditions

The new report, sponsored by the Northwest Area Foundation and the Family Housing Fund, lists dozens of specific policies, legal strategies, financial tools, and regulations that communities can use to combat the potential blight of investor ownership. While the report focuses on strategies for the Twin Cities in Minnesota, it includes many proven ideas from across the country.

Click here to read the full report.

http://www.policylink.org/site/apps/nlnet/content2.aspx?c=lkIXLbMNJrE&b=5136581&ct=8313075