City efforts are being revved up further to manage Minneapolis distressed properties. Despite having already among the most effective foreclosure management programs in the country, Twin Cities officials are still finding better ways to contain foreclosures.
Officials are again concerned because of the recent uptick in foreclosure activity in the Minneapolis area. Last year, officials were encouraged because filings plunged sharply by 27 percent compared to 2008 filings. But in the first three months of this year, filings surged. They could have been driven by the rising number of jobless homeowners, according to local housing analysts.
One proposal is for the nonprofit Twin Cities Community Land Bank to purchase repo properties ahead of flippers and other investors that rent out properties without repairing them. The land bank, according to housing advocates, has the power and flexibility to overcome red tape and acquire Minneapolis distressed properties directly from lenders.
If city agencies and nonprofits can convince more lenders to grant them rights of first refusal, finding distressed homes for sale that could be offered at much lower prices to families would be easier.
Housing Link, a local housing nonprofit, has been working with Mayor R.T. Rybak, city housing officials and nonprofit leaders to ensure that investors do not snap up distressed homes and then convert them into rental units without getting the proper licenses and performing needed repairs. The city has instituted a home inspection program to track these rental conversions.
Another agency helping contain distressed properties in Minnesota, particularly in the Twin Cities area, is the Twin Cities Habitat for Humanity. Since 1993, the nonprofit has already helped more than 5,000 families through its Mortgage Foreclosure Prevention program.
All its services are offered free to all types of neighborhoods and income levels in the Minneapolis area. With the experiences and trainings of counselors, they are able to help troubled homeowners choose wisely from among the options available to them.
Managing Minneapolis distressed properties not only helps families and neighborhoods; it also helps responsible investors attain their financial and social goals.
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