Affordable housing programs and land trust projects are additional attractions for investors in Oakland repossessed properties. These programs make Oakland neighborhoods more desirable for residents and out-of-state buyers as they add value to properties.
Oakland, which lies on the eastern side of the San Francisco Bay, is one of the busiest commercial centers in the state, as its ports serve international container ships.
The home ownership program of the Oakland Community Land Trust now includes fixing a chosen repossessed property for sale and then reselling it to a low-income family. It already has readied two units for its first beneficiary families, the first two of 130 units identified in neighborhoods hardest hit by foreclosure. Officers of the land trust said families who are renters and who cannot buy homes outside of the program will be given priority.
The California Reinvestment Coalition, meanwhile, conducted a survey of foreclosure counselors to help publicize and cut down the number of Oakland repossessed properties. It found that almost two-thirds of counselors surveyed said they have at least one client whose home was foreclosed and repossessed while in the process of seeking loan modification. The good news was that another 23 percent of counselors reported they were able to stop a foreclosure sale and that about 16 percent said they never faced a similar problem with lenders.
The affordable housing program launched by the San Francisco Federal Home Loan Bank is also another great project that can improve the housing market in Oakland. Among the Bay Area projects given funds was the 30-unit Fairmount Apartments in Oakland, which was built by Affordable Housing Associates. Grants amounting to $5.6 million have been set aside for Bay Area projects by the bank. The Ford Foundation is also set to provide up to $25 million to help improve housing and transportation program in the Bay Area.
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