Case Studies | Housing Portal | Corporate Connection
The following are examples of organizations and financial institutions that have successfully worked with foreclosed properties or have programs specifically designated on behalf of foreclosed properties.
Explore the Housing Portal:
Habitat for Humanity has rehabilitated 1,210 homes received as donations or bought at distressed prices.
Bank of America has donated 150 foreclosed properties throughout the country. Recently the bank has announced a three-year commitment to make available up to 1,000 properties to nonprofit organizations and local government programs that provide homes for injured military veterans and first responders.
Already, more than two dozen homes have been donated under the program through the established relationships with Military Warriors Support Foundation and Operation Homefront. Bank of America is in discussions with other non-profit groups serving military veterans to broaden the outreach. In addition, homes will be provided through property donations to affiliates of Habitat for Humanity and other affordable housing organizations.
Wells Fargo donated up to $500,000 in bank-owned properties to help house military families. The bank provided the homes and other support as part of Operation Homefront’s “Homes on the Homefront” program.
In 2011, Wells Fargo Housing Foundation programs delivered a record $23.4 million, 697 discounted and 1245 donated properties to support local affordable housing and community revitalization programs.
Corporation for Supportive Housing: North Street Commons Veterans Housing: In Decatur, Ill., D&O Properties I, LLC is redeveloping a 12-unit abandoned apartment building & coach house, plus three single family homes, for a total of 16 units of supportive housing for homeless veterans and their families. Construction is wrapping up and the first tenants are expected in November. Referrals are coming from service agencies in the Decatur area but Lutheran Family Services will be providing on- and off-site services. Subsidies are being provided by Section 8 vouchers rather than the VA to enable them to house veterans who might not qualify for VA benefits.
Corporation for Supportive Housing: Clinton Hill: In Newark, N.J., HELP USA, a nonprofit that provides housing and supportive services to the homeless, is constructing a 56-unit supportive housing project on an abandoned lot. HELP USA is the developer, owner, and service provider. CSH provided technical assistance to HELP USA. The project relies on low-income housing tax credits; NSP funding; project-based housing vouchers; and other funding sources. Construction broke ground in February 2011.
Office of the Comptroller of the Currency: Great Lakes Capital Fund: In the Midwest, developers of permanent supportive housing for the homeless are working with Great Lakes Capital Fund and other organizations to give chronically homeless individuals a chance at better lives.
Office of the Comptroller of the Currency: Huntington National Bank Community Development Corporation (PDF): Huntington National Bank is using its resources to help provide affordable housing in Ohio and throughout the Midwest.
Learn more about these examples in the Office of the Comproller of the Currency Newsletter.
Clinton Global Initiative: National Community Reinvestment Coalition: National Community Reinvestment Coalition (NCRC) and its principal partners Chicanos Por La Causa and the AFL-CIO Building and Construction Trades Department committed to returning at least 4,100 units of distressed single-family housing to productive use while creating 5,000 jobs for local residents in the next four years. In addition to stabilizing neighborhoods by rehabbing distressed properties in seven states, this project will implement a nationally acclaimed pre-apprenticeship curriculum to train and place local residents in construction related jobs and union apprenticeships, with a target of training and placing at least 1,000 women.
Clinton Global Initiative: Urban Atlantic: Urban Atlantic committed to partner with the Philadelphia Housing Authority (PHA) to rehabilitate, retrofit, and reoccupy 200 vacant and publically owned single-family homes, creating 250 quality jobs for local residents. The project seeks to demonstrate replicable strategies that will deliver quality rental homes at affordable prices.
Clinton Global Initiative: Enterprise Community Partners; Waypoint Real Estate Group (PDF): Enterprise Community Partners and Waypoint Homes will launch a 2-year pilot program in Oakland, California, converting 100 foreclosed properties into affordable rental housing in low- and moderate-income neighborhoods. This groundbreaking partnership combines the capital and expertise of a national nonprofit and a private equity real estate group, serving as a model for affordable rental housing creation with little or no public subsidy.
Learn more about the Clinton Global Initiative at this link.
Promising practices (from 100,000 Homes Campaign):
- The District of Columbia secured a commitment from the VA for VASH vouchers for all 105 of the most vulnerable veterans found during their registry week.
- Santa Monica used HOME funds to create a flexible, local housing voucher
- New Orleans used CDBG funds to create a supportive service subsidy
- The District of Columbia used general funds to create a case management RFP. They then assigned providers a person-specific caseload of the most vulnerable people with the responsibility to help them obtain and maintain housing.
- Fort Worth and Orange County, CA, were able to recapture unused Shelter + Care resources that would have otherwise been returned to HUD by negotiating with their local HUD office. As long as services were matched, they were allowed to retain their housing vouchers. Fort Worth was able to house an additional 100 people this way.
- Denver’s Road Home leverages in significant private resources through their partnership with Mile High United Way.
- King County, WA allocated a fraction of a percent of local sales tax to pay for services in permanent supportive housing.