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.
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Votes
Motion · Official minutes
Adopt Resolution No. 16-15
6 aye · 0 nay
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 based on official minutes.
Related agenda records
Automatically matched by topic. Open an item to check its relevance and each motion’s outcome.
Troubled mortgages resolution
Mortgage Resolution Partners Advisory Services Agreement
Mortgage acquisition program presentation
Consumer Home Mortgage Workshop
Update on effort to get HUD, Fannie Mae, Freddie Mac and major banks to prioritize non-profits