Group items tagged

United States Government Accountability Office. "Mortgage Foreclosures: Additional Mortgage Servicer Actions Could Help Reduce the Frequency and Impact of Abandoned Foreclosures." 1-86. Washington, D.C.: U.S. GAO, 2010. Summary: "Entities responsible for managing home mortgage loans--called servicers--may initiate foreclosure proceedings on certain delinquent loans but then decide to not complete the process. Many of these properties are vacant. These abandoned foreclosure--or "bank walkaway"--properties can exacerbate neighborhood decline and complicate federal stabilization efforts. GAO was asked to assess (1) the nature and prevalence of abandoned foreclosures, (2) their impact on communities, (3) practices that may lead servicers to initiate but not complete foreclosures and regulatory oversight of foreclosure practices, and (4) actions some communities have taken to reduce abandoned foreclosures and their impacts. GAO analyzed servicer loan data from January 2008 through March 2010 and conducted case studies in 12 cities. GAO also interviewed representatives of federal agencies, state and local officials, nonprofit organizations, and six servicers, among others, and reviewed federal banking regulations and exam guidance. Among other things, GAO recommends that the Federal Reserve and Office of the Comptroller of the Currency (OCC) require servicers they oversee to notify borrowers and communities when foreclosures are halted and to obtain updated valuations for selected properties before initiating foreclosure. The Federal Reserve neither agreed nor disagreed with these recommendations. OCC did not comment on the recommendations. Using data from large and subprime servicers and government-sponsored mortgage entities representing nearly 80 percent of mortgages, GAO estimated that abandoned foreclosures are rare--representing less than 1 percent of vacant homes between January 2008 and March 2010. GAO also found that, while abandoned foreclosures have occurred

Nassaure, J.I., VanWieren, R., Wang, Z., and Kahn, D. 2008. "Vacant Land as a Natural Asset: Enduring Land Values Created by Care and Ownership." Genesee Institute, Flint, MI. "Vacant land can be managed to create enduring environmental values. This project analyzed vacant properties managed by the Genesee County Land Bank Authority (GCLBA) to show how they can be managed to achieve inviting neighborhoods and to protect and build long-term ecosystem services. The project marries the intrinsic strengths of Genesee County - especially its water resources - with its immediate strengths: citizens' engagement and sense of ownership in their own neighborhoods. It takes these strengths one step further by showing how to create enduring value on vacant land by encouraging community engagement in the care and environmental stewardship of vacant property. To achieve these goals, this report suggests that the GCLBA manage its properties across three times frames: NOW - FOR MAINTENANCE. With primary concern for maintaining property in cost-efficient ways that enhance neighborhood appeal while protecting ecosystem services. TRANSFORMATION - AS A RIPENING AMENITY FOR THE FUTURE. Using the locations of the more than 4000 GCLBA properties across the county as an opportunity to create more attractive neighborhoods and environmentally beneficial landscape patterns for the future. FUTURE - AS LAND USE TYPES. Identifying future land uses and landscape characteristics of GCLBA properties to enhance the value of surrounding properties as well as enhance ecosystem services for the entire community."

Cleveland Community Research Partners and ReBuild Ohio. (2008). "$60 Million and Counting: The Cost of Vacant and Abandoned Properties to Eight Ohio Cities." Executive Summary: "This research documents the magnitude and cost of the vacant and abandoned properties problem in eight Ohio cities Cleveland, Columbus, Dayton, Ironton, Lima, Springfield, Toledo, Zanesville. The research found: * 25,000 vacant and abandoned properties * Widespread vacancies in both large and small cities * $15 million in annual city service costs * $49 million in cumulative lost property tax revenues to local governments and school districts * Weakened neighborhood housing markets with evidence of property flipping * Limited capacity of cities, on their own, to track and address vacant and abandoned properties

Madar, Josiah, Been, Vicki, and Amy Armstrong. "Transforming Foreclosed Properties into Community Assets." NYU Furman Center for Real Estate and Urban Policy, 2009. The report reviews the main issues discussed at a roundtable hosted by the Furman Center and supported by the Ford Foundation on May 2, 2008. It describes market issues for foreclosed properties, as well as opportunities for purchasing, reselling, and rehabilitating foreclosed properties. Additionally, the paper includes case studies that describe successful strategies that have been employed by various cities and local governments.

Nassauer, Joan Iverson and Rebekah VanWieren. 2008. "Vacant Property Now & Tomorrow: Building Enduring Values with Natural Assets." Genesee Institute, Flint MI. This is a special report for Genessee County Land Bank on how to strategically green vacant properties. It provides a strategic framework for short-, medium-, and long-term use following principles of ecological land use design. The report also provides seven reuse typologies spanning open space and habitat to urban parks and neighborhood gateways.