Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties
Mar 31, 2015
Addressing Issues of Vacant& Foreclosed Properties
Prot
ectin
g Co
mm
uniti
es fr
om V
acan
t and
Fo
recl
osed
Pro
perti
es
Acquisition & Rehab Owner Occupied Rehab Multi-family
Housing Initiative PartnershipDedicated 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.
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
Community & Local Government
Impact of Foreclosure
7609 Barlow Rd, Palmer Park
Unmaintained Properties- Deter homebuyers- Existing owners
7745 Burnside Rd, Palmer Park
Decline in Health & Safety- Vandals- Squatters
8124 Allendale Dr, Palmer Park
Declining property values
7521 Greenleaf Rd, Palmer Park
Deterioration of Neighborhood Pride
7817 Allendale Dr, Palmer Park
Strain on municipal resources
2005 Palmer Park Dr, Palmer Park
Lost tax revenue
8143 Allendale Rd, Palmer Park
Lack of resources and outside investment
Through Acquisition and Rehab
Neighborhood Stabilization
7243
Hyl
ton
St &
724
1 H
ylto
n St
, Se
at P
leas
ant
Transforms Blight
1823 Ray Leonard Rd, Palmer Park
Tangible change within a short amount of time
1202 Benning Rd, Capitol Heights
Relives burden of local authority
3702 43rd Ave, Cottage City
Restores property back to the tax roll
7711 Greymont , Palmer Park
Opportunity for homeownership
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
Successes
Complete Rehabs
• Lower maintenance and utility costs for homeowner
• Contributes to long term affordability
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
Ranging from minor repairs to total renovations
28 Owner Occupied Rehabs
Owner Occupied Rehab
Street Scholarship
HIP Services
Street Scholarship
Sent more than 400 people to college classes
Challenges
– Investors (Potentially)• Thorough appraisals and inspections
– Qualified buyers– Unpredictable market / Restoring faith in
low/mod neighborhoods• High quality rehabs• Marketing assistance• Incentivize purchase