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NeighborWorks Provides Foreclosure, AH Support.(Managing REO)
Byline: Brian Collins
Washington-NeighborWorks America is shifting gears to provide more support for the development of affordable rental housing and to deal with the problem of vacant and foreclosed properties.
The foreclosure crisis has increased demand for rental housing, according to NeighborWorks chief executive Kenneth Wade.
"It has created an additional demand and burden on the already over-taxed rental stock, particularly at the lower end," he said in an interview.
The quasi-government organization was created in 1978 to revitalize distressed neighborhoods.
But in recent years it has focused a lot of resources on training housing counselors so they would be ready to assist homeowners struggling to make their payments and avoid foreclosure. NeighborWorks was one of few government entities to raise concerns about rising subprime delinquencies and prepare for the onslaught.
Now NeighborWorks and its network of 230 community-based organizations want to play an important role in fixing up foreclosed properties so they can be rented or sold.
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Source: HighBeam Research, NeighborWorks Provides Foreclosure, AH Support.(Managing REO)