On December 1st, local community organizations in 18 metros will be given the opportunity to review and purchase REO properties owned by Freddie Mac before they are listed for sale. This is an expansion of the Neighborhood Stabilization Initiative (NSI), a partnership jointly developed by the Federal Housing Finance Agency (FHFA), Freddie Mac, Fannie Mae and the National Community Stabilization Trust (NCST) that focuses on the disposition of REO properties with a priority on neighborhood stabilization.
"Our goal is to take what we learned in Detroit and Chicago and apply it to these 18 additional communities as quickly and efficiently as possible," said FHFA Director Melvin Watt. "Giving local community buyers an exclusive opportunity to purchase these properties at a discount, taking into account expenses saved through a quicker sale, is an effective way to give control back to local communities and residents who have a vested interest in stabilizing their neighborhoods."
"Expanding NSI to communities with elevated numbers of REO properties is good for neighborhoods and taxpayers, and builds on our long-time commitment to community stabilization," said HomeSteps SVP Chris Bowden.
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