Citi Teams With Nonprofit On REO Disposition

Posted by Orb Staff on July 24, 2009 No Comments
Categories : Mortgage Servicing

as launched a new program in collaboration with the National Council of La Raza (NCLR) to help support the efforts of NCLR affiliates to purchase real estate owned properties (REOs) in high-foreclosure Latino markets. The initiative, called Preserving Neighborhoods and Creating Homeowner Opportunities, will help NCLR affiliates acquire, maintain and repurpose REOs. The program is funded by a portion of the $1.75 million in grants from the Citi Foundation to NCLR over the past 12 months and will initially focus on Phoenix. Citi plans to expand the program's reach into other high-foreclosure markets with a concentration of Latino residents, such as Chicago, Houston, Los Angeles, Miami, New York and Washington, D.C. "Nonprofit organizations are the anchors of our Latino communities," says Tommy Espinoza, president and CEO of Raza Development Fund Inc. "This new program will be critical to helping these organizations purchase foreclosed properties, expand their footprint and become an even greater force in stabilizing and strengthening the communities that they serve." Citi's support of NCLR also includes pre-development funding for the building of charter schools, health centers, affordable housing and community centers in low- and moderate-income Latino communities through the Raza Development Fund's Latino Social Venture Fund in such markets as Chicago; Newark, N.J.; and New York. SOURCES: NCL

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