Pre-filed Bill Would Extend Abilities of Alabama Land Banks

Industry Update
November 2, 2023

Source: News From The States

A bill filed for the Alabama Legislature’s 2024 session would give land banks more flexibility in acquiring properties and allow cities and counties to create joint land bank authorities for economic development.

SB 3, sponsored by Sen. Linda Coleman-Madison, D-Birmingham, said in an interview Wednesday that the bill would allow land bank authorities to acquire tax-delinquent properties, “which they have not had the opportunity to do.”

“We have a lot of properties, in Birmingham in particular because it is a more urbanized area, that are vacant and abandoned,” she said. “These properties are deteriorating and bringing the property values of communities down.”

Land banks are essentially an economic development tool that allow governments to acquire vacant or abandoned properties and turn them over to other entities with a goal of improving the land.

“You think about any community, you are riding down the street in an area of a neighborhood, you have got overgrown grass, you have got busted out windows, you have got any of the signs of decay,” said Brian Larkin, director of the National Land Bank Network with the Center for Community Progress, an organization that advises governments on this issue.

Larkin said that many times, governments are not interested in assuming control of these properties and managing them, preferring instead to turn them over to other groups who can use them for some purpose. A land bank is a tool to do so.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Butler County gets Another $2.5M to Eliminate Eyesores, Remediate Brownfields

Industry Update
November 2, 2023

Source: Yahoo! News

Butler County is receiving another $2.5 million cash infusion from the state to clear the way for redevelopment, similar to the windfall received to down the old Forest Fair Mall, which is a work in progress.

Gov. Mike DeWine announced this week applications are open for a new round of the Ohio Building Demolition and Site Revitalization Program, which provides $150 million in grants to raze dilapidated commercial and residential buildings.

Each of the 88 counties are guaranteed $500,000 and the rest of the money will be doled out on a first-come-first-served basis. The applications are due April 1 and the money must be spent by June 30, 2025.

“Blighted buildings have no place in our vision for Ohio’s future,” DeWine said. “These dilapidated eyesores continue to stand in the way of progress, and by helping local communities take them down, we can open these areas up for new economic development.”

Seth Geisler, executive director of the Butler County Land Bank, has been culling applications since the money was approved in the state budget in June, to ensure the county won’t leave any money of the table and can get in line for the remaining $106 million.

So far he has 23 applications for demolitions in Hamilton and Middletown that total around $300,000 but he is still collecting applications. The average price per take-down is $16,000.

“I do expect we’ll use the entire set aside,” Geisler said. “And I do hope to be awarded some above and beyond that. It depends on when I get the applications in from the cities and hopefully by the time we get it in all the funds aren’t used up.”

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

YNDC’s City Survey Shows Progress with Vacant Houses

Industry Update
November 2, 2023

Source: wytv.com

Efforts to clean up and demolish blighted properties in Youngstown appear to be paying off, according to the results of the Youngstown Neighborhood Development Corporation’s latest citywide survey.

The survey is completed biannually to keep track of the conditions of the city’s residential and commercial properties. The results of the survey are given to the Mahoning County Land Bank and city officials and are used to determine properties that may need to be demolished or repaired.

“I would say the primary takeaway this year is that vacant and abandoned properties continued to go down, so this year, we counted about 740 that we would characterize in that general range of vacant and abandoned that may merit demolition. Last time, we were at about 895 or so,” said Ian Beniston, executive director of YNDC.

Beniston’s team went out over the summer, taking photos of properties and looking for occupancy or exterior deficiencies. This is the first year that commercial properties were included in the survey.

Beniston said the decrease is significant, especially when compared to his first survey.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Fetterman Announces $1 Million in Funding for Blighted Properties in Reading

Industry Update
November 2, 2023

Source: wfmz.com

U.S. Senator John Fetterman (D – Pa.) announced $1 million in funding for blighted property acquisition in Reading after the U.S. Senate passed its first bipartisan FY24 appropriations bill Wednesday afternoon.

The legislative package includes millions in funding for projects in Pennsylvania ranging from agriculture research to homelessness assistance to veterans’ health care.

“I am proud to have secured these critical funds for the people I was elected to represent during my first annual appropriations process. These projects will benefit our rural communities and farmers, our servicemembers and veterans, our unhoused population, and so many other Pennsylvanians,” said Senator Fetterman.

“Investing in these communities is critical. I ran for this Senate seat to fight for the people and places that are typically left behind by Washington. This funding is a good start to get this community what it needs and deserves, but it can’t be the end of our work here. I will never stop fighting for federal investment in Berks County, and communities all across the commonwealth.”

Fetterman said this project would help transform blighted properties in the City of Reading by allowing the city to either stabilize or demolish these buildings so they can be utilized for productive uses that serve city residen

There are currently hundreds of blighted and vacant properties throughout the city, an issue that local officials have been grappling with for some time.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FHA Extends Current Foreclosure Protections for Borrowers in Maui County, HI

Industry Update
November 2, 2023

Source: Federal Housing Administration

The Federal Housing Administration (FHA) today announced it is extending its existing disaster-related foreclosure moratorium in Maui County, HI, through May 6, 2024, for borrowers with FHA-insured single-family mortgages, including seniors with Home Equity Conversion Mortgages. This extension provides additional time for borrowers in the process of recovering from the unprecedented challenges of the catastrophic Maui wildfires to consult with mortgage servicers and housing counselors and to access federal, state, and local housing resources without also having to contend with the burden of an impending foreclosure action.

“When I visited Maui in September, I saw firsthand the damage inflicted by the devastating wildfires. The people of Maui are resilient, but they will need support for years to come to rebuild and recover,” said HUD Deputy Secretary Adrianne Todman. “With today’s announcement, we are assuring homeowners in Maui that HUD is here to support them as they navigate next steps with their family.”

FHA implemented an automatic 90-day foreclosure moratorium that required mortgage servicers to halt the initiation or completion of all foreclosure actions in Maui County on August 10, 2023, when the disaster occurred. The moratorium was originally set to expire on November 8, 2023. In addition to extending the foreclosure moratorium through May 6, 2024, FHA is also extending the deadline dates for servicers to perform certain legal actions related to foreclosure for an additional 180 days following the end of the foreclosure moratorium.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Zombie Foreclosures Rise in 4th Quarter Across U.S. as Lenders Pursue More Delinquent Mortgages

Industry Update
October 31, 2023

Source: www.prnewswire.com

ATTOM, a leading curator of land, property, and real estate data, today released its fourth-quarter 2023 Vacant Property and Zombie Foreclosure Report showing that 1.3 million (1,294,505) residential properties in the United States are vacant. That figure represents 1.27 percent, or one in 78 homes, across the nation – virtually the same as in the third quarter of this year.

The report analyzes publicly recorded real estate data collected by ATTOM — including foreclosure status, equity and owner-occupancy status — matched against monthly updated vacancy data. (See full methodology below).

The report also reveals that 320,765 residential properties in the U.S. are in the process of foreclosure in the fourth quarter of this year, up 1.7 percent from the third quarter of 2023 and up 12.8 percent from the fourth quarter of 2022. A growing number of homeowners have faced possible foreclosure following the nationwide moratorium on lenders pursuing delinquent homeowners was imposed after the Coronavirus pandemic hit in early 2020 and was lifted in the middle of 2021.

Among those pre-foreclosure properties, about 8,900 sit vacant as zombie foreclosures (pre-foreclosure properties abandoned by owners) in the fourth quarter of 2023. That figure also is up slightly from the prior quarter, by 1.4 percent, and up 15.3 percent from a year ago. The latest increase marks the seventh straight quarterly rise.

However, the fourth-quarter count of zombie properties represents only a tiny portion of the nation’s total housing stock – just one of every 11,412 homes around the U.S.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

US Serious Delinquency Rate Drops to All-Time Low in August

Industry Update
October 26, 2023

Source: CoreLogic

CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for August 2023.

In August 2023, 2.6% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 0.2 percentage point decrease compared with 2.8% in August 2022 and a 0.1 percentage point decrease from July 2023.

To gain a complete view of the mortgage market and loan performance health, CoreLogic examines all stages of delinquency. In August 2023, the U.S. delinquency and transition rates and their year-over-year changes, were as follows:

  • Early-Stage Delinquencies (30 to 59 days past due): 1.3%, up from 1.2% in August 2022.
  • Adverse Delinquency (60 to 89 days past due): 0.4%, up from 0.3% in August 2022.
  • Serious Delinquency (90 days or more past due, including loans in foreclosure): 0.9%, down from 1.2% in August 2022 and a high of 4.3% in August 2020.
  • Foreclosure Inventory Rate (the share of mortgages in some stage of the foreclosure process): 0.3%, unchanged from August 2022.
  • Transition Rate (the share of mortgages that transitioned from current to 30 days past due): 0.6%, unchanged from August 2022.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Major Disaster Declaration – Kansas Severe Storms, Straight-line Winds, Tornadoes and Flooding

FEMA Alert
October 26, 2023 

***LAST UPDATED 1/2/24***

FEMA has issued a Major Disaster Declaration for areas of the state of Kansas to supplement state, tribal and local recovery efforts in the areas affected by severe storms, straight-line winds, tornadoes and flooding from July 14-21, 2023.  The following counties have been approved for assistance:

Public Assistance:

  • Allen
  • Barton
  • Clark
  • Comanche
  • Edwards
  • Finney
  • Ford
  • Greeley
  • Johnson
  • Kearny
  • Pawnee
  • Philips
  • Rawlins
  • Rice
  • Russell
  • Stafford
  • Thomas
  • Wallace
  • Wichita
  • Woodson
  • Wyandotte

 

Kansas Severe Storms, Straight-line Winds, Tornadoes and Flooding (DR-4747-KS)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for Kansas

Map of Affected Areas

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

Center for Community Progress and Land Trust Alliance Unveil Map Highlighting Collaborative Opportunities Between Land Banks and Conservation Land Trusts

Industry Update
October 17, 2023

Source: Center for Community Progress

In a joint effort to foster stronger, more resilient communities, the Center for Community Progress and the Land Trust Alliance are pleased to announce the launch of a new interactive map for leaders in community revitalization. The National Land Bank and CLT Map identifies shared service areas between land banks, conservation land trusts and community land trusts to promote collaboration between these entities and maximize their unique but complimentary skillsets.

The National Land Bank and CLT Map offers a comprehensive overview of areas where the work of land banks, conservation land trusts and community land trusts may intersect. By identifying these potential areas of shared services, the map aims to encourage collaboration, allowing these organizations to leverage each other’s strengths to achieve common goals.

Land banks can use their unique powers to acquire, stabilize and transfer vacant properties to a land trust. Community land trusts can use those properties to create lasting affordable homeownership opportunities, while conservation land trusts can restore vacant land parcels to provide clean water, protect habitat for wildlife and plants, and help fight the impacts of climate change. Working together, these entities can help communities reactivate vacant, abandoned and deteriorated properties, protect natural resources, and provide quality affordable housing for current and future generations.

Today, there are few examples of effective, sustained partnerships between land banks and land trusts. However, these partnerships hold great potential, and together, land banks and land trusts can leverage each other’s strengths to support a more resilient and equitable future in neighborhoods across the United States.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

City of Youngstown Applying for Competitive Grant to Address Housing Issues

Industry Update
October 19, 2023

Source: wkbn.com

The City of Youngstown’s Community Development Division is applying for funding that was recently announced by the U.S. Department of Housing and Urban Development (HUD) to address issues surrounding affordable housing.

The Pathways to Removing Obstacles to Housing (PRO Housing) program plans to provide $85 million in competitive grant funding for communities across the country to identify and remove barriers to affordable housing production and preservation.

Only 20 projects will receive federal funding through this competitive grant.

City officials presented their plans during a public meeting over Zoom on Thursday. Part of a requirement to apply for the funding is to give the community an opportunity to comment on the plans.

A draft of the city’s application is available on its website, and questions and comments can be submitted to jnoga@youngstownohio.gov.

The city is applying for $10 million to be used for increasing home ownership as well as affordable rentals in the city.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

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CEO

Alan Jaffa

Alan Jaffa is the Chief Executive Officer for Safeguard Properties, steering the company as the mortgage field services industry leader. He also serves on the board of advisors for SCG Partners, a middle-market private equity fund focused on diversifying and expanding Safeguard Properties’ business model into complimentary markets.

Alan joined Safeguard in 1995, learning the business from the ground up. He was promoted to Chief Operating Officer in 2002, and was named CEO in May 2010. His hands-on experience has given him unique insights as a leader to innovate, improve and strengthen Safeguard’s processes to assure that the company adheres to the highest standards of quality and customer service.

Under Alan’s leadership, Safeguard has grown significantly with strategies that have included new and expanded services, technology investments that deliver higher quality and greater efficiency to clients, and strategic acquisitions. He takes a team approach to process improvement, involving staff at all levels of the organization to address issues, brainstorm solutions, and identify new and better ways to serve clients.

In 2008, Alan was recognized by Crain’s Cleveland Business in its annual “40-Under-40” profile of young leaders. He also was named a NEO Ernst & Young Entrepreneur Of The Year® Award finalist in 2013.

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Esq., General Counsel and EVP

Linda Erkkila

Linda Erkkila is the General Counsel and Executive Vice President for Safeguard Properties, with oversight of legal, human resources, training, and compliance. Linda’s broad scope of oversight covers regulatory issues that impact Safeguard’s operations, risk mitigation, strategic planning, human resources and training initiatives, compliance, insurance, litigation and claims management, and counsel related to mergers, acquisition and joint ventures.

Linda assures that Safeguard’s strategic initiatives align with its resources, leverage opportunities across the company, and contemplate compliance mandates. She has practiced law for 25 years and her experience, both as outside and in-house counsel, covers a wide range of corporate matters, including regulatory disclosure, corporate governance compliance, risk assessment, compensation and benefits, litigation management, and mergers and acquisitions.

Linda earned her JD at Cleveland-Marshall College of Law. She holds a degree in economics from Miami University and an MBA. Linda was previously named as both a “Woman of Influence” by HousingWire and as a “Leading Lady” by MReport.

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COO

Michael Greenbaum

Michael Greenbaum is the Chief Operating Officer of Safeguard Properties, where he has played a pivotal role since joining the company in July 2010. Initially brought on as Vice President of REO, Mike’s exceptional leadership and strategic vision quickly propelled him to Vice President of Operations in 2013, and ultimately to COO in 2015. Over his 14-year tenure at Safeguard, Mike has been instrumental in driving change and fostering innovation within the Property Preservation sector, consistently delivering excellence and becoming a trusted partner to clients and investors.

A distinguished graduate of the United States Military Academy at West Point, Mike earned a degree in Quantitative Economics. Following his graduation, he served in the U.S. Army’s Ordnance Branch, where he specialized in supply chain management. Before his tenure at Safeguard, Mike honed his expertise by managing global supply chains for 13 years, leveraging his military and civilian experience to lead with precision and efficacy.

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CFO

Joe Iafigliola

Joe Iafigliola is the Chief Financial Officer for Safeguard Properties. Joe is responsible for the Control, Quality Assurance, Business Development, Marketing, Accounting, and Information Security departments. At the core of his responsibilities is the drive to ensure that Safeguard’s focus remains rooted in Customer Service = Resolution. Through his executive leadership role, he actively supports SGPNOW.com, an on-demand service geared towards real estate and property management professionals as well as individual home owners in need of inspection and property preservation services. Joe is also an integral force behind Compliance Connections, a branch of Safeguard Properties that allows code enforcement professionals to report violations at properties that can then be addressed by the Safeguard vendor network. Compliance Connections also researches and shares vacant property ordinance information with Safeguard clients.

Joe has an MBA from The Weatherhead School of Management at Case Western Reserve University, is a Certified Management Accountant (CMA), and holds a bachelor’s degree from The Ohio State University’s Honors Accounting program.

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Business Development

Carrie Tackett

Business Development Safeguard Properties