Habitat For Humanity, Stabilization Trust Partner On REO Rehab

Posted by Orb Staff on July 26, 2010 No Comments
Categories : Mortgage Servicing

t for Humanity International and the National Community Stabilization Trust (NCST) last week announced a [link=http://stabilizationtrust.com/sites/default/files/Habitat_NCST_pressrelease_0.pdf]new national partnership[/link] to help turn foreclosed and abandoned houses into affordable Habitat for Humanity homes. Through the NCST's national property-acquisition program, the two-year partnership will give Habitat affiliates the opportunity to purchase foreclosed and abandoned properties from participating financial institutions on a first-look basis, before the properties are broadly marketed and listed for open sale. Habitat will then renovate these homes and sell them as affordable housing to low- and moderate-income families. In order to carry out rehabilitations or repairs, many Habitat affiliates will use funding from the Neighborhood Stabilization Program sponsored by the U.S. Department of Housing and Urban Development. SOURCE: [link=http://stabilizationtrust.com/sites/default/files/Habitat_NCST_pressrelease_0.pdf]National Community Stabilization Trust

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