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Three nonprofits are working together toward an effort to rehabilitate vacant REO properties and support homeownership. ""Rebuilding Together"":http://rebuildingtogether.org/, ""NeighborWorks America"":http://www.nw.org/network/index.asp, and the ""National Community Stabilization Trust"":http://www.stabilizationtrust.com/ are committing to a three-year partnership to turn vacant and dilapidated properties into affordable homes in the communities they serve.
[IMAGE]""Bringing stability back to neighborhoods hard hit by foreclosures will take new innovative collaborations between partners with the insight, resources, and expertise to impact change,"" said Craig Nickerson, president of the National Community Stabilization Trust.
The joint initiative focuses on three areas. The first is providing training for local Rebuilding Together affiliates to operate programs to acquire, rehabilitate, and resell REO properties to help stabilize communities affected by foreclosure.
As part of an asset-building strategy for its affiliates, Rebuilding Together is creating a pilot REO fund to assist its local affiliates in acquiring and remediat REO properties.
[COLUMN_BREAK]Once rehabilitated, the properties will be sold at affordable prices to low- or moderate-income homebuyers in the community.
The National Community Stabilization Trust will provide Rebuilding Together affiliates with access to listings of REO properties and other services to locate and acquire the properties to be resold.
The second is the expansion of NeighborWorks America's Loan Modification Scam Alert campaign, which educates homeowners on protecting themselves against loan modification scams.
Finally, the partnership will provide one local Rebuilding Together affiliate with an opportunity to participate in the NeighborWorks America board governance program, which trains nonprofits to more effectively use existing tools and resources to improve the performance of their governance boards.
Rebuilding Together is a nonprofit working to preserve affordable home ownership and revitalize neighborhoods by providing extensive rehabilitation and modification services to those in need at no cost to those served.
NeighborWorksAmerica creates opportunities for people to improve their lives and strengthen their communities by providing access to homeownership and to safe and affordable rental housing.
The National Community Stabilization Trust is a nonprofit organization that was created to help revitalize neighborhoods affected by the foreclosure crisis. Formed in 2008, Stabilization Trust builds the capacity of state and local governments, and community-based housing organizations to acquire, manage, rehab, and sell foreclosed properties.
