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
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