NeighborWorks Network Opportunity - NCST REO Property Acquisition Program
NeighborWorks America and the National Community Stabilization Trust are partnering to make it easier for NeighborWorks Organizations to access the REO properties necessary to revitalize neighborhoods hard hit by the foreclosure crisis.
The Stabilization Trust’s REO Property Acquisition Program permits the cost-effective and transparent acquisition of foreclosed and abandoned properties through three property transfer tracks: First Look, Reverse Look, and Listed/Aged Inventory.
The nation’s top financial institutions are participating to make their REO inventories available to local housing providers working with the Stabilization Trust including Bank of America, JP Morgan Chase, Citibank, GMAC, Fannie Mae, Freddie Mac, FHA, Ocwen, Saxon, U.S. Bank, Wells Fargo, and a growing number specialty sub-servicers.
Benefits to NeighborWorks Network:
- NeighborWorks Network Organizations working with the Stabilization Trust will now have the benefit of dedicated Stabilization Trust Staff who will provide training, assist with program integration, and support REO property transactions.
- There is no minimum purchase volume requirement for NeighborWorks Network Organizations. The Stabilization Trust can accommodate new buyers whether they purchase 10 or 100 properties over the course of the year.
- NeighborWorks Network Organizations will have access to REOMatch, the Stabilization Trust’s web-based mapping and property acquisition management platform. REOMatch is a dynamic tool that allows users to map target areas to street-level detail, view available REO inventory and identify properties of interest at-a-glance, and efficiently manage a comprehensive acquisition pipeline.
- Access to REO on a First Look basis will enable NeighborWorks Network Organizations to evaluate potential acquisitions prior to properties being listed on the open market
- Reverse Look will allow NeighborWorks Network Organizations to proactively identify through the Stabilization Trust specific properties that are acquisition targets.
Next steps to sign up with the Stabilization Trust:
- Complete and return the Property Acquisition Planning form to Heather Newell.
- Attend a NCST orientation and REOMatch training!
NOTE: THIS OPPORTUNITY IS EXCLUSIVELY AVAILABLE TO CHARTERED MEMBERS OF THE NEIGHBORWORKS® AMERICA NETWORK.
National Community Stabilization Trust:
Heather Newell, Community Development Specialist, email@example.com, (214) 710-3407
Ascala Sisk, Management Consultant, Community Stabilization, firstname.lastname@example.org, (202) 220-2458
About the Stabilization Trust:
The Stabilization Trust was created to facilitate the productive acquisition, renovation and reuse of properties to stabilize distressed neighborhoods. By coordinating the transfer of foreclosed and abandoned properties from key financial institutions nationwide (lenders, loan servicers, private investors and GSEs) to local housing providers, the Stabilization Trust is able to ensure distressed properties are returned to the stock of housing available primarily for low- and moderate‐income families. The Stabilization Trust also provides short-term financing for property acquisition and rehabilitation through its REO Capital Fund.
The Stabilization Trust was created in 2008 by an unprecedented collaboration between Enterprise Community Partners, the Housing Partnership Network, the Local Initiatives Support Corporation (LISC), National Council of La Raza (NCLR), National Urban League, and NeighborWorks America.
SOURCE: NeighborWorks America and National Community Stabilization Trust