September 2010

  • Saving a Landmark in the Bronx

    The deteriorating building at 1520 Sedgwick Avenue in the Bronx, also known as General Sedgwick House, is credited as being the birthplace of hip-hop, where DJ Kool Herc (Clive Campbell) first played his breakbeats in all-night parties in the building’s…

  • Walking Away Becoming Less Taboo

    We’ve been talking about the pragmatic component of strategically walking away from your mortgage for some time now. For a while, there was a typical double standard where it was OK for large developers to default because it was the…

  • HUD Announces NSP3

    HUD has announced round three of the Neighborhood Stabilization Program, which allows for an additional $1 billion of funding to states and communities fighting the effects of the foreclosure crisis. In all, NSP has allocated $7 billion — $4 billion as part of HERA in 2008, $2 billion more in ARRA in 2009, and now this latest round, included in the Wall Street Reform and Consumer Protection Act. From HUD. Click here for a full funding chart. U.S. Housing and Urban Development Secretary Shaun Donovan today awarded an additional $1 billion in funding to all states along with a number of counties and local communities struggling to reverse the effects of the foreclosure crisis. The grants announced today represent a third round of funding through HUD’s Neighborhood Stabilization Program (NSP) and will provide targeted emergency assistance to state and local governments to acquire, redevelop or demolish foreclosed properties. For a complete listing of the allocations announced today, click here. “These grants will support local efforts to reverse the effects these foreclosed properties have on their surrounding neighborhoods,” said Donovan. “We want to make certain that we target these funds to those places with especially high foreclosure activity so we can help turn the tide in our battle against abandonment and blight. As a direct result of the leadership provided by Senator Chris Dodd and Congressman Barney Frank, who played key roles in winning approval for these funds, we will be able to make investments that will reduce blight, bolster neighboring home values, create jobs and produce affordable housing.” The funding announced today is provided under the Dodd-Frank Wall Street Reform and Consumer Protection Act. To date, there have been two other rounds of NSP funding: the Housing and Economic Recovery Act of 2008 (HERA) provided $3.92 billion and the American Recovery and Reinvestment Act of 2009 (Recovery Act) appropriated an additional $2 billion. Like those earlier rounds of NSP grants, these targeted funds will be used to purchase foreclosed homes at a discount and to rehabilitate or redevelop them in order to respond to rising foreclosures and falling home values. Today, 95 cents of every dollar from the first round of NSP funding is obligated — and is in use by communities, buying up and renovating homes, and creating jobs. more

  • Streaming Live: The Fed’s REO and Vacant Property Strategies for Neighborhood Stabilization

    The Federal Reserve System is sponsoring a national summit on September 1 and 2 to discuss methods and resources for encouraging neighborhood stabilization in the aftermath of the U.S. home mortgage foreclosure crisis. The forum will showcase findings from Federal…