Mission Possible: Cuyahoga Land Bank Battles Blight to Improve Neighborhoods

One Community Update
September 1, 2024

Source: wkyc.com

Broken, vacant and forgotten: that’s how neighbors near this block of Northfield Ave in East Cleveland feel about these abandoned homes. A drain on area property values and a safety problem. A story too often repeated in Cuyahoga County.

“That’s what vacant properties cause; they make people feel like nobody cares about their community,” said Adam Stalder, the director of community stabilization for the Cuyahoga Land Bank.

That’s where the Cuyahoga Land Bank steps in, acquiring vacant properties and bringing them back to productive reuse to improve the quality of life for residents. It’s their mission today, as it was 15 years ago when this work began.

“They understood that vacancy and abandonment and blight was an issue that our community was going to be dealing with for the long term. And we needed a vehicle to be able to help assess that problem and remediate that problem,” said Cuyahoga Land Bank Interim President, Ricardo León.

The Land Bank just completed their 10,000th demolition and has redeveloped 3,000 properties. Now, a recent $23 million state grant will allow them to improve even more neighborhoods.

“We will be knocking down over 1,100 properties of a mix of single-family to three-family residential, all the way up to commercial industrial blight,” León said.

Including abandoned homes on Northfield Ave, and the largest project on the list, the former Huron Place Apartments on Terrace Road, a 13-story building that’s been empty and rundown for over ten years.

“It’s just a big building that overlooks the entire community,” said Stalder. “And it acts as a billboard for blight in East Cleveland.”

Another $45 million state grant allows the Land Bank to decontaminate and clear seven commercial industrial sites in Cleveland, Middleburg Heights and cities to attract jobs.

“The reality is that now business can start coming back into the county,” said León. “We can start making the county more attractive for long term economic development and start reversing some of that trend of seeing our jobs, leaving the county.”

The millions in funding come at a bittersweet time. Founder, President and visionary Gus Frangos passed away unexpectedly in August. But his mission carries on.

“In my neighborhood, I live next to an abandoned house, and I know how that feels,” said Stalder. “So, I’m happy to do this work.”

“Anytime we see some of these buildings come down, particularly big ones, it’s just a win for the neighbors. We see parties, we see folks celebrating on social media,” said León. “That’s a win for the residents of our county, and that’s a win for our mission.”

 

 

For full report, please click the source link above.

FEMA Fire Management Assistance Declaration – California Boyles Fire

FEMA Alert
September 8, 2024  

FEMA has issued a Fire Management Assistance Declaration for the state of California to supplement state, tribal and local recovery efforts in areas affected by the Boyles Fire on September 8, 2024.  The following counties have been approved for assistance:

Public Assistance:

  • Lake

 

California Boyles Fire (FM-5536-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

FEMA Fire Management Assistance Declaration – Oregon Rail Ridge Fire

FEMA Alert
September 7, 2024  

FEMA has issued a Fire Management Assistance Declaration for the state of Oregon to supplement state, tribal and local recovery efforts in areas affected by the Rail Ridge Fire on September 2, 2024.  The following counties have been approved for assistance:

Public Assistance:

  • Crook
  • Grant
  • Wheeler

 

Oregon Rail Ridge Fire (FM-5534-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 Fire Management Assistance Declaration – California Line Fire

FEMA Alert
September 7, 2024  

FEMA has issued a Fire Management Assistance Declaration for the state of California to supplement state, tribal and local recovery efforts in areas affected by the Line Fire on September 5, 2024.  The following counties have been approved for assistance:

Public Assistance:

  • San Bernardino

 

California Line Fire (FM-5535-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

FEMA Fire Management Assistance Declaration – Nevada Davis Fire

FEMA Alert
September 7, 2024  

FEMA has issued a Fire Management Assistance Declaration for the state of Nevada to supplement state, tribal and local recovery efforts in areas affected by the Davis Fire on September 7, 2024.  The following counties have been approved for assistance:

Public Assistance:

  • Washoe

 

Nevada Davis Fire (FM-5533-NV)

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 Fire Management Assistance Declaration – Oregon Copperfield Fire

FEMA Alert
September 2, 2024  

FEMA has issued a Fire Management Assistance Declaration for the state of Oregon to supplement state, tribal and local recovery efforts in areas affected by the Copperfield Fire on September 1, 2024.  The following counties have been approved for assistance:

Public Assistance:

  • Klamath

 

Oregon Copperfield Fire (FM-5532-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 Fire Management Assistance Declaration – Wyoming House Draw Fire

FEMA Alert
August 22, 2024  

FEMA has issued a Fire Management Assistance Declaration for the state of Wyoming to supplement state, tribal and local recovery efforts in areas affected by the House Draw Fire on August 22, 2024.  The following counties have been approved for assistance:

Public Assistance:

  • Johnson

 

Wyoming House Draw Fire (FM-5531-WY)

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 – New York Severe Storm, Tornadoes, and Flooding

FEMA Alert
August 29, 2024  

FEMA has issued a Major Disaster Declaration for the state of New York to supplement state, tribal, and local recovery efforts in areas affected by a severe storm, tornadoes, and flooding from July 10-11, 2024.  The following counties have been approved for assistance:

Public Assistance:

  • Cortland
  • Essex
  • Hamilton
  • Lewis
  • St. Lawrence

 

New York Severe Storm, Tornadoes, and Flooding (DR-4814-NY)

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

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

FHFA Proposed 2025-2027 Housing Goals for Fannie Mae and Freddie Mac

Industry Update
August 22, 2024

Source: Federal Housing Finance Agency

The Federal Housing Finance Agency (FHFA) issued a proposed rule that would establish the housing goals for 2025-2027 that Fannie Mae and Freddie Mac (the Enterprises) would be required to meet on an annual basis. FHFA is requesting comments on all aspects of the proposed rule during the 60-day public comment period.

The housing goals ensure that the Enterprises, through their mortgage purchases, responsibly promote equitable access to affordable housing that reaches low- and moderate-income families, minority communities, and other underserved populations.

“Given persistent challenges in the housing market, FHFA is proposing benchmark levels that reflect these dynamics and continue to ensure that the Enterprises remain focused on supporting key affordable housing segments while operating in a safe and sound manner,” said FHFA Director Sandra L. Thompson. “The goals proposed today offer a meaningful and realistic calibration that takes into account current and forecasted economic factors.”

For the single-family housing goals categories, the Enterprises must meet the benchmark level established in the final rule or meet the actual market level determined retrospectively for the year based on Home Mortgage Disclosure Act (HMDA) data.

The proposed rule would establish a new process for evaluating compliance with the housing goals. Under the current regulation, if an Enterprise fails to meet a feasible housing goal, FHFA may require the Enterprise to submit a housing plan describing the steps that it will take to improve its performance. The proposed rule would provide that FHFA will not require a housing plan if the Enterprise’s performance met the level required by newly-defined Enforcement Factors. These Enforcement Factors address, in part, the uncertainty in forecasting the market several years in advance as well as the time lag in determining the actual market level retrospectively.

For the multifamily housing goals categories, the Enterprises must meet the benchmark level established in the rule. Each Enterprise must purchase mortgages on multifamily properties with the target share of units affordable to families in each goal category, as well as meet a subgoal for low-income families in small (5-50 units) multifamily properties.

Differences in the proposed benchmark levels relative to prior housing goals are primarily attributable to changes in projected macroeconomic factors that impact market levels for the different affordable housing segments.

 

 

For full report, please click the source link above.

 

ICE: 32% Jump in Foreclosures in July Not a Sign of Market Stress

Industry Update
August 26, 2024

Source: MortgageOrb

There were about 30,000 foreclosure starts in July, an increase of 32% compared with June and up 14% compared with July 2023, according to ICE Mortgage Technology’s First Look report.

However, the increase is partially a byproduct of starts hitting a multi-year low the month prior, rather than a sign of underlying stress in the market, the firm says.

The U.S. mortgage delinquency rate was 3.37% in July, down 3.46% compared with June but up 4.8% in July 2023, according to the report.

As of the end of July there were about 1.82 million homes 30 days or more past due on the mortgage, down about 61,000 from June but up about 112,000 compared with a year earlier.

Delinquencies declined in all major markets except Houston, where Hurricane Beryl resulted in an estimated 10,000 mortgage holders falling behind on payments as a result of the storm, ICE says in its report.

About 435,000 mortgages were seriously delinquent, an increase of 5,000 compared with June but down about 33,000 compared with July 2023.

The foreclosure pre-sale inventory rate was 0.35% – up about 1% compared with the previous month but down 16% compared with a year earlier.

As of the end of the month there were about 188,000 homes in the foreclosure pre-sale inventory, an increase of about 2,000 compared with June but down about 32,000 compared with July 2023.

The monthly prepayment rate was 0.6% – an increase of 11.6% compared with June and up nearly 20% from July 2023.

 

 

For full report, please click the source link above.