The National Community Stabilization Trust, a collaborative venture of nonprofit housing organizations supported by the Ford Foundation, today announced the launch of a national effort to help revitalize communities hard hit by the foreclosure crisis. Over 80 cities – including New York, Los Angeles, and Chicago – are already working with the Stabilization Trust.
The Stabilization Trust will act as a transfer agent between financial institutions who hold or manage foreclosed homes and community housing providers who want to get these properties renovated and back into productive use as new, for-sale homes or affordable rental housing.
In practice, communities seeking to acquire multiple properties in a targeted area have had to negotiate separately with a dozen or more separate financial institutions. Now communities have another option – dealing with the Stabilization Trust to get access to these properties from multiple financial institutions in a more predictable and cost effective manner.
Source: Ford Foundation
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