Hear update on efforts to help nonprofits buy foreclosed homes before speculators
In Plain English
Federal agencies and banks currently sell bundles of foreclosed loans to whoever bids highest, often speculators who flip houses for profit. The city wants these agencies to prioritize nonprofit organizations that would keep homes affordable for Richmond residents. If approved, city staff writes letters requesting lists of foreclosed properties in Richmond so nonprofits can compete for them.
Auto-generated summary. Source: official agenda documents.
Votes
Heard the update and directed staff to write letters to the agencies
PassedCommunity Discussion
This discussion was submitted to the City Clerk as part of the public record.
Comments are submitted to the Richmond City Clerk before the meeting. By commenting, you agree to have your name and comment included in the public record.
Similar Discussions
5 related items found by meaning
Declare intent to contact lenders about nonprofit program to prevent foreclosures
Declare intent to contact lenders about nonprofit program preventing foreclosures
Review proposals to address the city's foreclosure crisis
Create program to fix up blighted and vacant houses
Call for 6-month pause on home foreclosures by mortgage companies
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