Here’s  one of the things I learned about at the FDIC Housing Forum yesterday:   The Neighborhood Stabilization Program offered through the state’s Housing and Community Services Agency.  It’s purpose is to revitalize neighborhoods hit hard by foreclosures by offering mechanisms, including funding, to buy and rehab homes.

This is ‘way cool, and I have to say I did not know about it.   It’s part of the Housing and Economic Recovery Act of 2008.  (Editor’s note: for those who think the stimulus package  was hoakum, read no further. Everyone else–if funding be the song of recovery, play on.)

Under this act, Oregon will receive $19.6 million to funnel into foreclosure-blighted areas, highlighted on the  Agency’s map. Borrowers can select a house to purchase and rehab. Funding is also available for soft seconds and shared equity loans for both moderate and low income borrowers.

In other words, the purpose of the program is, simply, to rehabilitate neighborhoods, not offer financing for low-income buyers. Investors can participate as long as they are buying foreclosed homes in targeted areas, fixing them up and re-selling them.

There’s a whole, whole lot to this program–lots of underwriting criteria, lots of hoops, but hey–the state and feds are partnering up in a big way with an action that will ultimately stabilize not just blighted areas, but home prices as well.  Buyers, investors, agents, lenders and lots of others need to jump on this train right away.  Find out more at http://bit.ly/2Hzesr