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BANK REO’s

Triage: Intake Capability. BANK REO’s. HUD. GSE’s. TAX FORECLOSED. DEED IN LIEU. PROPERTY TRIAGE. RESPONSIBLE FOR MOTHBALL REHABILITATION. DEMOLISH. PROGRAMS: • SIDE YARD • INFILL HOUSING • GREEN SPACE • URBAN GARDENS. HOLD FOR STRATEGIC ASSEMBLY & ECONOMIC DEVELOPMENT.

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BANK REO’s

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  1. Triage: Intake Capability BANK REO’s HUD GSE’s TAX FORECLOSED DEED IN LIEU PROPERTY TRIAGE RESPONSIBLE FOR MOTHBALL REHABILITATION DEMOLISH PROGRAMS: • SIDE YARD• INFILL HOUSING• GREEN SPACE• URBAN GARDENS HOLD FOR STRATEGIC ASSEMBLY & ECONOMIC DEVELOPMENT RESALE TO RESPONSIBLE QUALIFIED BUYER/REHABBER

  2. Property Preservation • Evaluate • Report • Secure $1.6 mil. (1,297 In inventory)

  3. Property Preservation (Winterization & Change Locks)

  4. Level 2: Property Inspection Report

  5. How are Properties Disposed? • Deed-in-Escrow • Pro: Maximize production • Con: Property off tax duplicate during 4 month renovation • Con: Risk buyer will not complete renovation • In-House Rehabilitation • Pro: Highest quality of work • Con: Most expensive • Con: Limited capacity • Con: Poor housing market, low returns • Non- Profit Organizations (CDCs, Others) • Pro: trustworthy • Con: ROI?

  6. Non Profit - Collaborations • Community Development Organizations (CDCs) • International Service Center • Reentry: Workforce Development • Court Community Service • Sober and Transitional Housing • Faith Based Organizations

  7. Community Development Corporations • Development Agreements (Pass Through) • Straight Agreements • Tax Foreclosure Prioritization • Side-Yard Management and Urban Gardens CDCs Collaborations of the CCLRC

  8. International Services CenterRefugees • Refugee Services Partner • Funding and Screening of Qualified Refugees • Home Services, Counseling, Work Referral Services • CCLRC Partnership • Supply Inventory of Houses for Rehab • Restore Properties for Sale to Agency • Outcomes • Completed Homes and Increased Property Values • Transitional Housing • Home Ownership at Affordable Prices • Repopulation of Urban Neighborhoods

  9. Fatherhood Initiative

  10. Fatherhood Initiative • Workforce Development Partner • Funding for Screening Workforce Candidate • Funding for Client Wages and Classroom Training • Supervise Client’s Rehab Work • CCLRC Partnership • Supply Inventory of Homes for Rehab • Lower Cost Home Rehab for Resale • Outcomes • Completed Homes and Increased Property Values • Home Ownership at Affordable Prices • Training for Formerly Unemployed/Incarcerated Citizens

  11. Court Community Service

  12. Court Community Services • Court Partner • Work with Probation Departments for Community Service Eligible Offenders • Supervision of Offenders • CCLRC Partnership • Supply Local Vacant Lots for Clean-Up • Provide Low-Cost Funding for Supervisors • Outcomes • Clearing of Vacant Lots • Provides Alternative to Costly Incarceration and Prison Over-Population

  13. Renovation Production • Straight Sales ………………………………………..41 • Deed in Escrows…………………………………….442 • CDCs…………………………………………………186 • NSP2s…………………………………………………53 TOTAL 722

  14. Deed in Escrow 27771 Lakeshore Blvd

  15. In House Renovation 16

  16. In House Renovation – NSP Garage Exterior Kitchen 13706 Thornhurst Ave, Garfield Heights

  17. Thank you!Questions?

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