In other highly depressed housing markets across the country, municipalities often demolish the worst-quality units in order to mitigate safety hazards, reduce the total number of vacant homes, and restore the quality of life in the community. The purpose of our partnership with NeighborWorks America is to support local communities as they assess local housing conditions and evaluate responses to the challenges before them.
The partnership will develop and deliver training designed to help local communities acquire, rehabilitate, and manage foreclosed REO. Working with NeighborWorks America, the Federal Reserve will develop training resources for nonprofits and local governments to foster their understanding of the foreclosure and REO process and to help them develop specific strategies for the sale and effective use of REO in individual markets.