Develop Strategies at the Neighborhood Level
Each neighborhood targeted for stabilization will benefit from its own plan that tailors strategies and implementation to its particular assets, challenges, residents and competitive advantage relative to other neighborhoods.
Suggested parts of a neighborhood-level plan for stabilization include:
- Neighborhood profile with data on foreclosures, vacancies, market trends, etc.
- Outcomes and measures of success for stabilization plus baseline data if possible
- Strategies to achieve stabilization outcomes
- Implementation roles, resources and timeline
- A plan for periodic evaluation
Hundreds of strategies for stabilization are in use or planned around the nation. It may be useful to distinguish at this point the strategies for stabilization, which are shorter-term and oriented toward arresting changes brought about by the foreclosure crisis, and strategies that go beyond stabilization, which are longer-term and bring about healthy, sustainable communities.
Thinking about long-term sustainability and health should not necessarily be postponed until crisis conditions are stabilized, as this thinking may impact short-term choices as well.
Strategies for stabilization can be grouped into 8 categories:
- 1. Preventing Further Foreclosures
- 2. Creating a Pool of New Homebuyers and Renters
- 3. Engaging Residents in Managing the Neighborhood
- 4. Marketing the Neighborhood and Facilitating Sales
- 5. Maintaining Vacant and Non-Vacant Property
- 6. Protecting Renters and Stabilizing the Rental Supply
- 7. Acquiring and Redeveloping Vacant or Foreclosed Properties for Immediate Reuse
- 8. Landbanking for Demolition and Longer-Term Disposition