The Greater Four Corners Community Stabilization Pilot Project
The Greater Four Corners Community Stabilization Project consists of several elements, including:
- Conducting outreach to current homeowners and tenants in foreclosed properties to
- inform them of their rights under foreclosure and tenant/landlord law;
- identify residents with an interest in and who may be good candidates for purchasing; and
- train residents to work with the Inspectional Services Department to identify and remedy code enforcement issues with bank-owned properties.
The Pilot Project is innovative in that it organizes and builds from the grassroots at the neighborhood level, and attempts to break down the silos between these points of entry through coordination of organizing, legal assistance, and the purchase/rehab of properties.
- Acquiring properties in the Pilot Project. The principal COHIF members undertaking this activity have agreed to and executed Pilot Project Guidelines, which provide an agreement between a for-profit purchaser to be used as an interim owner; a community development corporation (CDC), who will become in some cases the long-term owner of the scattered-site properties; and two organizing agencies that will work with the current homeowners and tenants in foreclosed properties. The properties may be purchased through several means, including:
- Working with lenders to undertake a "bulk" purchase of properties.
- Purchasing properties through the National Community Stabilization Trust's "First Look" Program, in conjunction with CHAPA.
- Purchasing "short sale" properties that could be identified by working with organizers, housing counselors, GBLS and Harvard Legal Aid Bureau attorneys for homeowners, and COHIF-friendly realtors.
- Purchasing properties currently in receivership which may also be at risk of foreclosure or already bank-owned.
- Purchasing foreclosed properties that are listed on MLS and which are owned by entities that neither participate in the First Look program nor are subject to the AGs settlement.