City, County Weigh Land Bank Proposal

Industry Update
June 5, 2023

Source: The Tifton Gazette

Tifton and Tift County are joining together to find a solution to tackling abandoned and destitute properties in the Tift area.

The governing bodies of the city and county came together for a special meeting May 30 to consider jointly forming a land bank to handle properties that had been abandoned, or are in disrepair, to repurpose them into assets for the community.

Government representatives of Ty Ty and Omega did not attend though residents from those communities participated.

County and city officials requested the insight of Odetta MacLeish-White and Sara Toering, respectively the director of Georgia Initiatives for Community Progress and a senior fellow for the Center for Community Progress, a national nonprofit that works to help strengthen communities through finding new uses for vacant or abandoned properties.

MacLeish-White reported experience in affordable housing and equitable transit-oriented development, while Toering assured she is extremely familiar with land banking, with her mentor being with the Georgia Land Bank Act, which is how the city and county would create a land bank if approved.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Mixed Economic News Shows Rise in Mortgage Delinquencies, but Big Drop in Foreclosures

Industry Update
May 24, 2023

Source: thecapitolist.com

According to a new report released by Jacksonville-based Black Knight, Inc., a mortgage data and analytics company, the national mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) rose by 13 percent in April. While this indicates a notable month-over-month increase, the figure also represents a 2.11 percent rise year-over-year.

However, the end of April falling on a Sunday impacted the processing of payments made on the last calendar day, which helped worsen the rise in early-stage delinquencies (borrowers 30 days late). This led to an increase by 200,000 (+25%), which aligns with the impacts of previous similar calendar-related events.

Despite this rise in early-stage delinquencies, the report showed significant improvement in serious delinquencies, defined as loans 90 or more days past due. In 45 states, accounting for 90% of the nation, plus the District of Columbia, the number of such loans saw a reduction.

Meanwhile there was good news on the foreclosure front. April saw a 23% decrease in foreclosure starts to 25,000 for the month – the lowest since September 2022. This figure stands 45 percent below the pre-pandemic level of April 2019. In addition, the percentage of foreclosure actions initiated on serious delinquencies in April remained more than four percentage points below the monthly average before the pandemic.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Zombie Foreclosures Keep Increasing but Remain a Tiny Presence Around Most of U.S.

Industry Update
May 24, 2023

Source: attomdata.com

ATTOM, a leading curator of land, property, and real estate data, today released its second-quarter 2023 Vacant Property and Zombie Foreclosure Report showing that 1.3 million (1,285,633) residential properties in the United States are vacant. That figure represents 1.3 percent, or one in 79 homes, across the nation.

The report analyzes publicly recorded real estate data collected by ATTOM — including foreclosure, equity, and owner-occupancy status — matched against monthly updated vacancy data. (See full methodology below). Vacancy data is available for U.S. residential properties at Marketing Lists – Property & Homeowners Lists | ATTOM (attomdata.com).

The report also reveals that 311,508 residential properties in the U.S. are in the process of foreclosure in the second quarter of this year, up 4.3 percent from the first quarter of 2023 and up 20.2 percent from the second quarter of 2022. A growing number of homeowners have faced possible foreclosure since a nationwide moratorium on lenders pursuing delinquent homeowners, imposed after the Coronavirus pandemic hit in early 2020, was lifted in the middle of 2021.

Among those pre-foreclosure properties, 8,752 sit vacant as zombie foreclosures (pre-foreclosure properties abandoned by owners) in the second quarter of 2023. That figure is up 7.5 percent from the prior quarter and up 15.6 percent from a year ago. The count of zombie properties has grown in each of the last five quarters, dating back to early in 2022.

Still, the number of zombie foreclosures remains historically low, with little impact on the nation’s total stock of 101.3 million residential properties.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Major Disaster Declaration – Commonwealth of the Northern Mariana Islands Typhoon Mawar

FEMA Alert
June 2, 2023

***LAST UPDATED 7/26/23***

FEMA has issued a Major Disaster Declaration for the Commonwealth of the Northern Mariana Islands to supplement commonwealth and local recovery efforts in the areas affected by Typhoon Mawar beginning May 22, 2023 and continuing.  The following areas has been approved for assistance:

Public Assistance:

  • Rota
  • Saipan
  • Tinian

 

Commonwealth of the Northern Mariana Islands Typhoon Mawar (DR-4716-MP)

President Joseph R. Biden, Jr. Approves Disaster Declaration for Commonwealth of the Northern Mariana Islands

Map of Affected Area

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 – Soboba Band of Luiseno Indians Severe Storm and Flooding

FEMA Alert
May 25, 2023

FEMA has issued a Major Disaster Declaration for the Soboba Indian Reservation in California to supplement tribal recovery efforts in areas affected by a severe storm and flooding from March 11-16, 2023.  The following areas have been approved for assistance:

Public Assistance: 

  • Soboba Indian Reservation

 

Soboba Band of Luiseno Indians Severe Storm and Flooding (DR-4714)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for the Soboba Band of Luiseno Indians

Map of Affected Area

List of Affected Zip Codes

Please note: Only properties located in the Soboba Indian Reservation are approved for assistance under declaration DR-4714.

 

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 – Guam Typhoon Mawar

FEMA Alert
May 25, 2023

FEMA has issued a Major Disaster Declaration for the territory of Guam to supplement territorial and local recovery efforts in areas affected by Typhoon Mawar beginning May 22, 2023 and continuing.  The following areas has been approved for assistance:

Individual Assistance:

  • Guam

Public Assistance: 

  • Guam

 

 

Guam Typhoon Mawar (DR-4715-GU)

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

Map of Affected Area

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

Governor Hochul Announces an Additional $146 Million Awarded through the Restore New York Communities Initiative

Industry Update
May 22, 2023

Source: governor.ny.gov

Governor Kathy Hochul today announced more than $112.9 million has been awarded to 70 projects through the Restore New York Communities Initiative. Restore New York supports municipal revitalization efforts across the state, helping to remove blight, reinvigorate downtowns and generate economic opportunity in communities statewide. The program, administered by Empire State Development, is designed to help local governments revitalize their communities and encourage commercial investment, improve the local housing stock, put properties back on the tax rolls and increase the local tax base.

“These Restore New York grants will help to reimagine downtowns across our state and transform vacant, blighted and underutilized buildings into vibrant community anchors,” Governor Hochul said. “Thanks to a more than $146 million state investment, we are breathing new life into communities from Hudson to North Hempstead, jumpstarting new economic activity and helping ensure that New York State continues to be a place where people come to live, work and raise their families.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Naturally Lewis Awards $690,965 to Vacant Property Revitalization Projects

Industry Update
May 19, 2023

Source: romesentinel.com

Naturally Lewis, in partnership with Lewis County, created the Vacant Property Revitalization (VPR) Program to target vacant and potentially unsafe or blighted properties within downtown and surrounding areas to turn them into usable spaces for business development opportunities. The Lewis County Development Corporation (LCDC), through its round 1 application process, approved nine projects, granting a total of $690,965 in Vacant Property Revitalization Program funds.

The Vacant Property Revitalization Program will have immediate effects on our downtowns and surrounding areas, enhancing communities, driving business development, and attracting new residents and tourists. By focusing on bringing these buildings back to life, the community will see an increase in the property tax base, the creation of local construction jobs, future employment within businesses, and an enhanced quality of life.

“We are excited to empower our property and business owners through funding and staff support to help turn vacant, blighted and underutilized buildings into usable spaces that will lead to great economic and community impacts. Once all projects are complete, this program will have led to $7.7 million in total project investment across Lewis County,” stated Tim Petersen, chairman of the Lewis County Development Corporation Board of Directors.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Kokomo Sending Delegation to Blight Training Program

Industry Update
May 21, 2023

Source: Kokomo Tribune

The city of Kokomo is one of 10 cities in three nearby states that will send a delegation to the 2023 Vacant Property Leadership Institute (VPLI).

VPLI is a training program that equips leaders with the skills to address vacant, abandoned and deteriorated properties for the benefit of their communities. The delegation will receive in-person training Nov. 7-10 in Austin, Texas, from top experts on urban policy and equitable community revitalization.

Immediately following VPLI, Community Progress will invite participating cities to apply for a Technical Assistance Award to make the lessons from VPLI actionable. A total of 1,000 hours of customized, expert guidance from a technical assistance team will be divided among the awarded communities to help each community shape and sustain policy, practice and process changes to address vacancy and abandonment.

“I am excited for the Kokomo delegation to learn best practices for addressing vacant, abandoned and deteriorated properties in our community,” Kokomo Mayor Tyler Moore said in a prepared statement. “The VPLI’s program will provide us the tools needed to make our community safer and more attractive.”

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Emergency Declaration – Guam Typhoon Mawar

FEMA Alert
May 22, 2023

FEMA has issued an Emergency Declaration for the territory of Guam to supplement territorial and local response efforts due to emergency conditions resulting from Typhoon Mawar beginning May 22, 2023 and continuing.  The following areas has been approved for assistance:

Public Assistance:

  • Guam

 

Guam Typhoon Mawar (EM-3594-GU)

President Joseph R. Biden, Jr. Approves Emergency Declaration for Guam

Map of Affected Area

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