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Addressing Issues of Vacant & Foreclosed Properties

Addressing Issues of Vacant & Foreclosed Properties. Protecting Communities from Vacant and Foreclosed Properties. Housing Initiative Partnership.

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Addressing Issues of Vacant & Foreclosed Properties

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  1. Addressing Issues of Vacant & Foreclosed Properties Protecting Communities from Vacant and Foreclosed Properties

  2. Housing Initiative Partnership Dedicated to the revitalization and removal of blight in inner beltway communities, to the creation of housing opportunities for low and moderate income persons, and to improving the quality of life in the neighborhoods we serve. Acquisition & Rehab Owner Occupied Rehab  Multi-family

  3. HIP Services To alleviate the effects of poverty and inequality and improve the quality of life in the neighborhoods we serve Foreclosure Counseling  Homebuyer Counseling Resident Advocacy  Bounce Back

  4. Impact of Foreclosure Community & Local Government

  5. 7609 Barlow Rd, Palmer Park • Unmaintained Properties • Deter homebuyers • Existing owners

  6. 7745 Burnside Rd, Palmer Park • Decline in Health & Safety • Vandals • Squatters

  7. 8124 Allendale Dr, Palmer Park Declining property values

  8. 7521 Greenleaf Rd, Palmer Park Deterioration of Neighborhood Pride

  9. 7817 Allendale Dr, Palmer Park Strain on municipal resources

  10. 2005 Palmer Park Dr, Palmer Park Lost tax revenue

  11. 8143 Allendale Rd, Palmer Park Lack of resources and outside investment

  12. Neighborhood Stabilization Through Acquisition and Rehab

  13. Transforms Blight 7243 Hylton St & 7241 Hylton St, Seat Pleasant

  14. 1823 Ray Leonard Rd, Palmer Park Tangible change within a short amount of time

  15. 1202 Benning Rd, Capitol Heights Relives burden of local authority

  16. 3702 43rd Ave, Cottage City Restores property back to the tax roll

  17. 7711 Greymont , Palmer Park Opportunity for homeownership

  18. Successes Strategic Partnerships • Working with a Trust or REO program • Discount/donations • Less competitive • Some pre-construction work may be done • State and Local Partnerships • Concentrated funding for high foreclosure areas • Identify chronically vacant properties

  19. Successes Complete Rehabs • Lower maintenance and utility costs for homeowner • Contributes to long term affordability

  20. Successes Community Support • Communication • Employment • Eyes on the street • Buy-in to the program • Supplementary income • New skills / trade • Bigger Picture • What are the needs of the community? PGCC Landscaping Students

  21. Owner Occupied Rehab 28 Owner Occupied Rehabs Ranging from minor repairs to total renovations

  22. HIP Services Street Scholarship

  23. Street Scholarship Sent more than 400 people to college classes

  24. Challenges • Investors (Potentially) • Thorough appraisals and inspections • Qualified buyers • Unpredictable market / Restoring faith in low/mod neighborhoods • High quality rehabs • Marketing assistance • Incentivize purchase

  25. Jocelyn Harris Housing Initiative Partnership, Inc. 301-699-1222 jharris@hiphomes.org

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