November 05, 2012

Reuse vacant units


1. Strengthen existing pre-purchase and post-purchase education/counseling programs andforeclosure prevention programs for potential homeowners and tenants. This shouldinclude in-depth review of household needs, resources, financial literacy, and available housing options.

2. Identify incentives for individuals and families who purchase and rehabilitate vacant and/or foreclosed properties. For example, commit additional resources for downpayment assistance and rehabilitation assistance for vacant/ foreclosed properties.

3. Explore Rent-to-Own Programs for vacant unsold properties.

4. Explore emergency mortgage assistance program models that include counseling and direct lending services to prevent foreclosure.

5. Establish a property manager/tenant-based rental program that reduces the barriers to entry for qualified renters (e.g., property management education/counseling/ assistance).

6. Establish a purchase and refinancing program for property owners at risk of losing their home to foreclosure (example: Boston Community Capital’s SUN model).

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