Solution for Affordable Housing: Protect tenants in rentals facing foreclosure by transforming properties into community assets.Submitted by admin on Sun, 02/05/2012 - 12:01pm
Communities throughout New York are facing foreclosures, with many renters living in affordable housing facing eviction at the hands of banks as a result of foreclosure. However, a vacant building only harms the bank and the community by reducing property value for the unit and the surrounding neighborhood. Rather than having the buildings sit empty, the Department of Housing Preservation and Development should work with non-profit, limited-profit and tenant association organizations and the larger community to acquire the units prior to foreclosure, at foreclosure in bids far below market rate, or after foreclosure while units sit as real estate owned (REO) properties prior to deterioration. The City could provide grants, financing, technical assistance and a framework for tenants and the community to take ownership of these properties in exchange for a promise of continued affordability.