Innovations in Neighborhood Stabilization and Foreclosure Prevention
HPN's Innovations in Neighborhood Stabilization and Foreclosure Prevention Initiative launched in 2011 and is a groundbreaking effort to develop new solutions to the foreclosure crisis. Funded by a two-year, $2.75 million grant from the Citi Foundation, the Innovations Initiative has invested in 10 neighborhood stabilization proposals led by 12 HPN members in communities across the country. Each of the projects is designed to demonstrate a new, replicable and scalable approach to neighborhood
HPN held a competitive RFP process, convening an Advisory Committee of internal and external housing experts, to share $2 million in grant funding to support 10 projects representing 12 HPN members: Atlanta Neighborhood Development Partnership, Inc., Boston Community Capital, Cleveland Housing Network, HAP Housing, Housing Development Fund, Mercy Housing Lakefront, Neighborhood Housing Service of Chicago,
Neighborhood Housing Service of New York in partnership with the Long Island Housing Partnership and the New York Mortgage Coalition, NHT/Enterprise Preservation Corporation, and Project for Pride in Living.
In April 2013, HPN hosted a convening in Washington, DC, of Innovation Initiative grantees, policy makers, thought leaders, business and philanthropic partners and practitioners to discuss the outcomes, learnings and policy implications of the work supported by the Initiative. A summary of proceedings from this meeting, The Future of Neighborhood Stabilization: Innovations in Policy and Practice, is available for download.
- Atlanta Neighborhood Development Partnership, Inc. is scaling up its capacity to stabilize 20 neighborhoods across Metro Atlanta through the acquisition, rehabilitation and repopulation of vacant, foreclosed homes. To learn more, click here.
- Boston Community Capital is conducting strategic communications, research and fieldwork to influence foreclosure policy discourse on a national level, and lay the groundwork for expansion of its Stabilizing Urban Neighborhoods (SUN) program to keep homeowners in their homes. To learn more, click here.
- Cleveland Housing Network is adding to its neighborhood stabilization efforts by testing new markets and models for helping priority neighborhoods recover from the foreclosure crisis, in alignment with Cleveland's collaborative vision of a smaller, more vibrant city. To learn more, click here.
- HAP Housing is advancing strategic neighborhood approaches for the stabilization of three low-income Springfield, Massachusetts neighborhoods hit hard first by the effects of foreclosures and abandonment, and then by a devastating F-3 tornado on June 1, 2011.
- Housing Development Fund is working to stabilize Connecticut cities with high rates of foreclosure by developing a cohort of "landlord entrepreneurs" who will play a significant role as owner-occupants in a new, coordinated financing and training model for the purchase, rehabilitation and responsible management of owner-occupied small multi-family properties. To learn more, click here.
- Mercy Housing Lakefront is expanding the geography and services of 180° Properties, an innovative social enterprise, created in partnership with The Cara Program, which trains disadvantaged job seekers to protect and manage vacant homes. To learn more, click here.
- Neighborhood Housing Services of Chicago is implementing a new model for advising homeowners through a network of Resolution Specialists who will work in partnership with the homeowner, lender, and servicer to modify mortgages through the new national Mortgage Resolution Fund effort. To learn more, click here.
- Neighborhood Housing Services of New York in partnership with the Long Island Housing Partnership and the New York Mortgage Coalition is creating a foreclosure intervention program for existing homeowners who may qualify to own or rent their homes if prices were reset to current market valuations. To learn more, click here.
- NHT/Enterprise Preservation Corporation is advancing a financing model for HPN members and other affordable housing owners to preserve and green multifamily rental properties in at-risk neighborhoods using a nontraditional and growing source of capital - energy efficiency grants and loans from the nation's utilities. To learn more, click here.
- Project for Pride in Living is returning small, foreclosed, scattered site rental properties to effective use as positive community assets by refining its approach to the redevelopment and subsequent management of small properties. To learn more, click here.