Ms Solis has provided an updated summary document on the status of these initiatives and the development of new innovative approaches to the foreclosure crisis.

Included in the summary;

Pilot Programs for Community Stabilization:

• Expansion of HUD's Asset Control Area (ACA) Program, which Enterprise worked with Congress and HUD to create in the late 1990s.

• Efforts to adapt the ACA program to the non-FHA-insured mortgage arena including REO servicers

Developing and Advocating Public Policies

• Consider REO property disposition toward banks' CRA responsibilities when they donate real estate to a qualified nonprofit organization or state or local agency.
  
• Expand the Asset Control Area program to other localities and provide additional flexibilities in the most distressed communities.
  
• Authorize a special allocation of both CDFI grant/loan funds to local CDFIs and the highly successful New Markets Tax Credit program to provide capital to qualified Community Development Entities (CDEs). 
  
• Modify the Community Development Financial Institutions Bank Enterprise Awards program to target award funds to FDIC-regulated financial institutions' activities that specifically address foreclosure prevention and/or mitigation as well as REO stabilization. 
  
• Create a temporary "Neighborhood Stabilization Tax Credit"
  
• Authorize an emergency allocation of CDBG resources for the rehab/resale or rental and, when circumstances merit it, demolition of vacant properties. 

Potential New Financing Vehicles

• Creation of a state and separate county land bank. Bring in private and public subsidies in order to make the program work.

• Examination of the potential use of a shared equity mortgage product to help homeowners stay in their homes.

The summary concludes with a review of initiatives being undertaken with the US Conference of Mayors

To view the summary in its entirety, please click here. 

About Safeguard
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, OH  and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with over 450 employees.  Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.