Designing a Place-Based Plan for Stabilization
Welcome to Designing a Place-Based Plan for Stabilization. This content was created to walk you through eight steps that will lead to a plan for stabilizing a targeted neighborhood impacted by foreclosure.
The first three of the steps described in this section start the reader at the broad, citywide or regional geographic level in order to develop strategic partnerships, to understand regional and neighborhood market dynamics, and to group similar neighborhoods into a few general strategic approaches that match their current conditions and long-term market opportunities.
The remaining five steps narrow the reader’s focus to an individual neighborhood, and the process of engaging residents, defining specific outcomes for that neighborhood’s stabilization, choosing from a wide menu of individual strategies to effect change, funding the plan, and measuring progress toward stabilization outcomes.
8 Steps in Designing a Place-Based Strategy for Stabilization
- Build Strategic PARTNERSHIPS to Inform and Implement the Work
- Understand the Foreclosure and MARKET DYNAMICS in Your Region and Neighborhoods
- MATCH STRATEGIC APPROACHES to Neighborhood Market Types
- ENGAGE RESIDENTS in Planning at the Neighborhood Level
- Identify OUTCOMES for Stabilization
- Develop STRATEGIES at the Neighborhood Level
- FUND Your Plan
- MEASURE PROGRESS on Outcomes and Refine Strategy Accordingly
This content was written with the following premises in mind:
- Foreclosures, especially those that result in vacancies or irresponsible ownership, have a negative impact on neighborhoods, played out in market values, confidence, and investment by neighbors and others of time, money and energy.
- In addition to preventing as many foreclosures as possible, the community development field needs to work aggressively to mitigate the impacts of foreclosure on neighborhood quality of life, and to restore market confidence.
- Establishing outcomes for a stable neighborhood is key to selecting appropriate strategies and measuring progress and success.
- Research shows that foreclosures are impacting different neighborhoods in different ways, and the most rational approach to stabilization includes developing an understanding of the patterns of foreclosures and the market conditions in neighborhoods throughout each community, and tailoring strategies accordingly.
- Public resources allocated for neighborhood stabilization are not sufficient to treat every vacant or foreclosed property. They must be applied strategically and used to leverage private investment in order to have the greatest impact on neighborhood markets and confidence.
- Evaluation of the impact of strategies on neighborhood health will be critical to the credibility of the field in the short and long term, and to the resources allocated to the field in the future.