Safeguard Properties

Syracuse Officials to Devote More Resources to Combat Vacant Property Problem

Posted on April 19, 2024 by Safeguard

One Community Update
April 11, 2024

City officials in charge of housing policy see vacant properties as a major obstacle to achieving safer, stronger neighborhoods. Vacant buildings disproportionately account for structure fires, attract crime, and drive down the value of the properties around it.

In recent years, more resources have been thrown at the issue. This year, the goal is to accelerate those efforts as the city takes on an ambitious overhaul of its aging housing stock.

“We’re trying to take what was once an eyesore and turn it into an asset or an amenity for the neighbors,” Katelyn Wright said.

Wright is the executive director of the Greater Syracuse Land Bank, charged with restoring vacant properties. In the 10 years since the Land Bank was established, Wright said that the number of vacant properties in the city has dropped by around 800; but there are still just over 1,000 left to handle. While Wright concedes there is a lot of work to do, the Land Bank’s efforts have returned about $2 million in property taxes annually to the city.

Local direct funding is somewhat modest; the city provides about $750k, and an additional approximate $250k comes from Onondaga County. Wright said that this money is used for critical day-to-day operations to help keep them afloat, like upkeep and security at the properties they own and maintain. That kind of work helps keep Land Bank properties from causing nuisances; according to Wright, only one of their properties caught fire last year compared to dozens of other vacant properties.

For the first time, there is a budget line specifically earmarked for Land Bank seizures in the 2025 fiscal year proposal from the Mayor’s Office; this would provide the Land Bank with $300k for that purpose if approved.

Additionally, Wright commended city officials for deploying new strategies to accelerate the process of foreclosing tax-delinquent properties.

For full report, please click the source link above.

Macon County Board to Address Abandoned, Derelict Properties

Posted on April 19, 2024 by Safeguard

One Community Update
April 12, 2024

Source: hearld-review.com

The Macon County Board has approved an agreement with Central Illinois Land Bank Authority to address abandoned and derelict properties in the county.

Most of the properties will be outside the Decatur city limits.

Director Mike Davis said the land bank’s goal is to assist communities with distressed properties but not tell them what to do.

“The community decides what they want to do,” Davis said.

The aim of the land bank, according to its website, is to revitalize neighborhoods, increase property values, stabilize real estate markets and redevelop properties. The land bank already works with Vermilion and Champaign counties.

“The idea of this land bank and others is to help deal with distressed properties,” Davis said at Thursday’s county board meeting. “We turn them into productive use and get them back on the tax rolls.”

The land bank wrote a grant for $337,000, he said, and he’ll be working closely with Macon County Administrator Tammy Wilcox to create a list of properties.

“My goal is, how do I add capacity to communities and bring in more resources and clean up the community and do good work?” Davis said.

In other business, the board approved a contract between Macon and the Macon County Sheriff’s Office for police services and issued a proclamation declaring April Child Abuse Prevention Month.

For full report, please click the source link above.

Casey, Capito Introduce Legislation to Revitalize Communities by Eliminating Blighted Property

Posted on April 19, 2024 by Safeguard

One Community Update
April 18, 2024

Source: casey.senate.gov

U.S. Senators Bob Casey (D-PA) and Shelley Moore Capito (R-WV) introduced the Neighborhood Revitalization and Land Banking Act to help public land banks acquire blighted properties which can then be repurposed for commercial, residential, or recreational use that improves the quality of living in communities and local economies across the United States. This bill would additionally invest in increasing expertise and research in the field of land banking through the Blighted Property Remediation Fellowship Program.

“Land banks help turn blighted properties into community assets by stepping in to acquire and repurpose the vacant or deteriorating properties that too often stand in the way of neighborhood revitalization,” said Senator Casey. “The Neighborhood Revitalization and Land Banking Act will invest in the land banks dedicating their services to rehabilitating blighted and vacant land, making it easier for communities to maximize their potential while creating a cleaner, safer place to live.”

“Removal of blighted, vacant, and abandoned properties is an important step in community revitalization efforts, and land banks serve a critical role in acquiring and encouraging reuse and redevelopment of these properties,” Senator Capito said. “I’m proud to introduce the Neighborhood Revitalization and Land Banking Act, which will play a key role in helping continue the success of land banks in West Virginia.”

“We thank Senator Casey and Senator Capito for recognizing the unique and varied challenges that vacant, abandoned, and deteriorated properties pose to communities in rural, urban, and suburban communities, for acknowledging the critical role of land banks serving these communities, and for developing targeted federal solutions through this important federal legislation,” said Kathleen J. Guillaume-Delemar, President and CEO of the Center for Community Progress, the only national nonprofit organization dedicated to addressing widespread vacancy and abandonment. “The Neighborhood Revitalization and Land Banking Act will support and scale up the innovative and impactful work that land banks around the country are already doing despite scarce resources, and will drive further innovation, expand critical data gathering, and build capacity in disinvested communities most in need of revitalization. It is particularly powerful that the champions of this bill are from Pennsylvania and West Virginia, two states with growing land bank movements making positive change possible across rural communities, small cities, and large metro areas alike.”

For full report, please click the source link above.

Top 10 ZIPS with Highest Foreclosure Rates in Q1 and March 2024

Posted on April 18, 2024 by Safeguard

Industry Update
April 12, 2024

Source: ATTOM

According to ATTOM’s newly released Q1 and March 2024 U.S. Foreclosure Market Report, there were a total of 95,349 U.S. properties with foreclosure filings in the first quarter. That figure was up 3 percent from the previous quarter but down less than 1 percent from a year ago.

ATTOM’s latest foreclosure activity analysis reported that nationwide one in every 1,478 properties had a foreclosure filing in Q1 2024. The report noted that states with the highest foreclosure rates in Q1 2024 were Delaware (one in every 894 housing units with a foreclosure filing); New Jersey (one in every 919 housing units); South Carolina (one in every 929 housing units); Nevada (one in every 961 housing units); and Florida (one in every 973 housing units).

The report also noted that among those 224 metro areas with a population greater than 200,000, those with the highest foreclosure rates in Q1 2024 were Columbia, South Carolina (one in every 569 housing units); Spartanburg, South Carolina (one in 597); Lakeland, Florida (one in 624); Atlantic City, New Jersey (one in 628); and Cleveland, Ohio (one in 662).

In this post, we take a more granular look by diving deep into the data behind ATTOM’s Q1 and March 2024 foreclosure report to uncover the top 10 U.S. zip codes with the highest foreclosure rates in Q1 2024. Among those larger zips with 1,000 or more housing units and 10 or more foreclosure filings in Q1 2024, those with the worst foreclosure rates include: 77327 – Cleveland, Texas (on in every 15 housing units); 93222 – Frazier Park, California (one in every 39); 83644 – Middleton, Idaho (one in every 68); 19462 – Plymouth Meeting, Pennsylvania (one in every 78); 33946 – Placida, Florida (one in every 81); 95542 – Garberville, California (one in every 102); 95454 – Laytonville, California (one in every 106); 95428 – Covelo, California (one in every 131); 95464 – Nice, California (one in every 141); and 77702 – Beaumont, Texas (one in every 155).

For full report, please click the source link above.

FHFA Releases Housing Mission Report for 2023

Posted on April 18, 2024 by Safeguard

Industry Update
April 17, 2024

Source: Federal Housing Finance Agency

The Federal Housing Finance Agency (FHFA) released its annual Housing Mission Report, describing the activities taken by Fannie Mae and Freddie Mac (the Enterprises) and the Federal Home Loan Banks (FHLBanks) in 2023 to promote access to financing for affordable, sustainable, and equitable housing and targeted economic development.

“FHFA maintains a keen focus on ensuring the entities we regulate fulfill their missions to support access to housing opportunities in a safe and sound manner,” said Director Sandra L. Thompson. “Ongoing affordability challenges throughout the country only heighten the importance of this responsibility.”

Key 2023 activities highlighted in this report include:

Together, the Enterprises purchased over 136,000 single-family mortgages for low- and moderate-income borrowers through their core affordable housing programs, HomeReady and Home Possible. Both Enterprises also introduced enhancements to these programs, adding a credit of $2,500 for very low-income borrowers that lenders must pass through to borrowers by applying it to the down payment or closing costs.

The Enterprises collectively purchased approximately 15,000 Special Purpose Credit Program (SPCP) loans through both lender-sponsored initiatives and their proprietary SPCPs, supporting homeownership for many borrowers in underserved communities.

Pursuant to their Equitable Housing Finance Plans, the Enterprises partnered with vendors responsible for collecting rent payment data from participating multifamily housing property owners and formatting it for dissemination to credit bureaus.

The Enterprises invested over $1.7 billion last year in Low-Income Housing Tax Credit (LIHTC) equity, including transactions that support housing in Duty to Serve-designated rural areas, preserve affordable housing, support mixed-income housing, provide supportive housing, or meet other affordable housing objectives.

Under the FHLBanks’ Affordable Housing Programs (AHP), LIHTC properties represented more than 43 percent of their total General Fund projects and 55 percent of their total General Fund rental projects.

The FHLBanks awarded $446.9 million through their AHPs in 2023, almost $180 million more than in 2022. This funding supported more than 33,000 housing units. The FHLBanks also funded approximately $4.2 billion in Community Investment Program (CIP) housing advances in 2023, supporting almost 32,000 units, representing 11,000 more units than in 2022.

For full report, please click the source link above.

FEMA Major Disaster Declaration – Oregon Severe Winter Storms, Straight-line Winds, Landslides and Mudslides

Posted on April 15, 2024 by Safeguard

FEMA Alert
April 13, 2024

FEMA has issued a Major Disaster Declaration for the state of Oregon to supplement state, tribal and local recovery efforts in areas affected by severe winter storms, straight-line winds, landslides and mudslides from January 10-22, 2024. The following counties have been approved for assistance:

Public Assistance:

Benton
Clackamas
Coos
Hood River
Lane
Lincoln
Linn
Multnomah
Sherman
Siletz Indian Reservation
Tillamook
Wasco

Oregon Severe Winter Storms, Straight-line Winds, Landslides and Mudslides (DR-4768-OR)

List of Affected Zip Codes

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

FEMA Major Disaster Declaration – California Severe Winter Storms, Tornadoes, Flooding, Landslides and Mudslides

Posted on April 15, 2024April 15, 2024 by Safeguard

FEMA Alert
April 13, 2024

FEMA has issued a Major Disaster Declaration for the state of California to supplement state, tribal and local recovery efforts in areas affected by severe winter storms, tornadoes, flooding, landslides and mudslides from January 31 – February 9, 2024. The following counties have been approved for assistance:

Public Assistance:

Butte
Glenn
Los Angeles
Monterey
San Luis Obispo
Santa Barbara
Santa Cruz
Sutter
Ventura

California Severe Winter Storms, Tornadoes, Flooding, Landslides and Mudslides (DR-4769-CA)

List of Affected Zip Codes

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

HUD Announces $10 Million Funding Opportunity for Community Revitalization Efforts

Posted on April 11, 2024 by Safeguard

Industry Update
April 9, 2024

Source: U.S. Department of Housing and Urban Development

Acting Secretary of the U.S. Department of Housing and Urban Development (HUD) Adrianne Todman announced a new notice of funding opportunity through the FY24 Choice Neighborhoods Planning Grant that will provide $10 million to support local planning efforts to revitalize communities. She made this announcement while addressing stakeholders at the annual National Association of Housing and Redevelopment Officials conference.

“These resources support the creation and preservation of housing, and enhances community amenities, like grocery stores and parks,” said Acting Secretary Todman. “Paired with meaningful community engagement and thoughtful planning, this funding opportunity will help leaders and neighbors improve quality of life and attract the partners and resources that communities deserve.”

Choice Neighborhoods Planning Grants support the development of comprehensive neighborhood revitalization plans which focuses on directing resources to address three core goals: Housing, People and Neighborhoods. To achieve these goals, communities must develop and implement a comprehensive neighborhood revitalization strategy, or Transformation Plan. The Transformation Plan will then become the guiding document for the revitalization of the public and/or assisted housing units while simultaneously directing the transformation of the surrounding neighborhood and positive outcomes for families.

“Choice Neighborhoods Planning Grants lead to real results for public housing communities,” said Richard Monocchio, Principal Deputy Assistant Secretary for Public and Indian Housing. “Planning Grants are a great first step to bringing partners and significant resources to distressed communities – and they better position communities to pursue the funding necessary to bring a community’s vision to life.”

Approximately 20 communities will be selected for Planning Grant funding, continuing the expansion of HUD’s Choice Neighborhoods program. These grants may provide funding to communities of all sizes, including small towns, mid-sized cities, large urban areas, and tribal communities. Planning Grantees will receive additional points and priority in future Implementation Grant applications. Choice Neighborhoods Implementation Grants provide up to $50 million to implement the community Transformation Plan.

For full report, please click the source link above.

FHFA Names Tracy Stephan as Chief Artificial Intelligence Officer

Posted on April 11, 2024April 11, 2024 by Safeguard

Industry Update
April 9, 2024

Source: National Mortgage Professional

The Federal Housing Finance Agency (FHFA) announced Tracy Stephan will assume the role of Chief Artificial Intelligence Officer (CAIO), in addition to continuing her role leading the FHFA Office of Financial Technology.

“Establishing a Chief AI Officer underscores FHFA’s commitment to understanding new developments in technology and the marketplace and incorporating those insights into our day-to-day work,” said FHFA Director Sandra Thompson. “Through her role leading the Office of Financial Technology, Tracy has been a leader in FHFA’s work on AI and she is well prepared to lead this into the future.”

Per a release from the FHFA, the CAIO will manage AI risk, promote AI innovation, and lead effective AI governance per the Executive Order 14110 on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence, as well as the related Office of Management and Budget Memo on Advancing Governance, Innovation and Risk Management for Agency Use of Artificial Intelligence.

Stephan, a 25-year veteran in mortgage technology, currently leads FHFA’s Office of Financial Technology. Stephan leads a team responsible for supporting the Agency’s efforts to identify technology-driven developments in housing finance, understanding the associated risks, and facilitating the development of responsible innovation in FHFA’s regulated entities.

Previously, Stephan worked for Fannie Mae in a variety of positions overseeing Enterprise Innovation, Data, Software Engineering, and Product Management. Stephan holds a bachelor’s degree in Decision Science and Information Systems from George Mason University.

For full report, please click the source link above.

U.S. Foreclosure Activity Increases Quarterly in Q1 2024

Posted on April 11, 2024April 11, 2024 by Safeguard

Industry Update
April 10, 2024

Source: ATTOM

ATTOM, a leading curator of land, property, and real estate data, released its Q1 2024 U.S. Foreclosure Market Report, which shows a total of 95,349 U.S. properties with a foreclosure filings during the first quarter of 2024, up 3 percent from the previous quarter but down less than 1 percent from a year ago.

The report also shows a total of 32,878 U.S. properties with foreclosure filings in March 2024, down less than 1 percent from the previous month and down 10 percent from a year ago.

“Q1 2024’s foreclosure data reveals a market in transition, with slight increases in filings and starts, alongside a notable decrease in REO properties,” explains Rob Barber, CEO at ATTOM. “While foreclosures remain relatively stable, we’re closely monitoring these trends. Homeowners continue to hold significant equity, contributing to a persistently hot housing market.”

For full report, please click the source link above.