OCC focuses on stabilizing communities affected by foreclosuresMortgagePress.comOffice of the Comptroller of the Currency, Community Developments Insights report, foreclosures, John C. Dugan, Community Reinvestment Act
The Office of the Comptroller of the Currency (OCC) has
published a Community Developments Insights report that describes
how banks and their partners in the community are working to
dispose of foreclosed properties in creative ways that will
preserve affordable housing opportunities and stabilize
communities.
"Banks are tapping into the existing strength of community-based
organizations and local government agencies to facilitate the
purchase and rehabilitation of vacant and foreclosed properties for
their rental and homeownership initiatives," said Comptroller of
the Currency John C. Dugan. "These partnerships will not only help
revitalize and stabilize communities by providing much needed
affordable housing, they can also help banks reduce the costs
associated with managing foreclosed properties."
This Insights report reviews initiatives and strategies for
building partnerships between banks and nonprofit organizations,
for-profit affordable housing developers, government entities, and
others. The report discusses how national banks may use a variety
of funding and financing tools, such as the Department of Housing
and Urban Development's Neighborhood Stabilization Program and the
new markets and low income housing tax credit programs to
facilitate the sale of foreclosed properties. The Insights report
also provides banks with guidance regarding stabilization
activities that may qualify for consideration under the Community
Reinvestment Act.
The OCC has a team of Community Affairs Officers who are located
around the country and are able to assist community-based
organizations in identifying foreclosed property initiatives with
successful track records.
The Insights report can be accessed on the OCC's Web site by
clicking here.
Contact information for OCC's Community Affairs Officers is
available by clicking here.
For more information, visit www.occ.gov.
