Declare intent to contact lenders about nonprofit program preventing foreclosures
In Plain English
The city wants to reach out to banks and other lenders who own delinquent mortgages. A nonprofit program could buy these troubled loans to help homeowners avoid foreclosure. If approved, the city begins formal conversations about creating more affordable housing through this approach.
Auto-generated summary. Source: official agenda documents.
Votes
Adopt Resolution No. 16-15
6 to 0
Why This Vote Matters
The city unanimously approved a plan to explore helping homeowners avoid foreclosure by working with a nonprofit to buy troubled mortgages from banks. This approach could potentially create more affordable housing by preventing foreclosures and keeping families in their homes. The resolution authorizes city staff to begin formal discussions with lenders and nonprofit partners about how such a program would work. This continues the council's strong pattern of support for housing initiatives, with all members historically backing the vast majority of housing measures.
Auto-generated context. Source: official meeting records.
Community Discussion
This discussion was submitted to the City Clerk as part of the public record.
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Similar Discussions
5 related items found by meaning
Declare intent to contact lenders about nonprofit program to prevent foreclosures
Hire Mortgage Resolution Partners to help reduce foreclosure crisis using eminent domain
Hear presentation on program to buy troubled mortgages and prevent foreclosures
Direct staff to organize workshop helping Richmond homeowners with mortgage issues
Hear update on efforts to help nonprofits buy foreclosed homes before speculators
The Story So Far
10 prior discussions on this topic
Increase loan to $10.3 million for Civic Center homeless housing project
Receive presentation on banning corporate ownership of residential properties
Meeting Minutes
Approve $1.25 million contract for road striping and street signs
Meeting Minutes
Increase housing authority gutter replacement contract by $322,000 due to hidden damage
Pay $36,000 in overdue landscaping bills for emergency tree removal at public housing
Receive presentation on banning corporate purchases of residential properties
Hire 13 financial consulting firms to analyze real estate deals and development projects
Increase contract with development advisor by $160,000 for Homekey housing project oversight