Hope Is Rising From the Ashes of Foreclosures

Hope is rising form the ashes of foreclosures – the stuff that has made mankind conquer adversities since he lived in caves.

Nearly a year ago came into existence Living Cities – a philanthropic body supported by 21 jumbo foundations and financial bodies. The aim was to find out local solutions to the problem so as to limit its catastrophic impact on urban societies. The long term answer to the foreclosure problem, as with any other problem, does not lie with the experts, but with the people and their indomitable spirit and capacity to innovate.

One of the positive fruits of the foreclosure crisis is that it has brought out many innovations both in the public and the non-profit categories. Living Cities gives support to foreclosure prevention strategies in ten cities

In Chicago tradition was broken and acquisition of foreclosure properties was outsourced. Mercy Housing, a non-profit body, armed with proper authority began using the funds from Federal Stabilization Program to acquire, refurbish and resale or rent out foreclosed units.

The national affordable housing organizations (non-profit) that have often been criticized for failing in their endeavours have come forward in a big way to participate in a joint venture to tackle the foreclosure problem. It has resulted in a working partnership with National Community Stabilization Trust, Enterprise Community Partners, Housing Partnership Network, LISC, National Urban League and NeighborWorks. They are working with lenders with repossessed units representing over 60% of the foreclosed houses in the state. The trust has come into agreements with over 60 cities to broker the activities and bring back the derelict houses to use.

Devastated by the sub-prime crisis the cities are now trying to work out a different future for themselves. Cleveland has risen to the occasion in a big way. Cleveland has recently hit the headlines for the increasing number of foreclosures and job losses. The city is trying to grapple with the problem both on a short-term and long-term basis. Re-imagine a More Sustainable Cleveland was set up to speed up the change and bring back vibrant youth to the ageing city. The shrinking city is being planned to be brought back to the right size with a green buildings, clean technology and cultural outlets.

New York City is not far behind. Center for New York City Neighborhoods is a non-profit body that is working with speed to by vacant houses before absentee investors buy up the units in bulk and recreate another crisis.

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