Housing group meets to study, reduce foreclosures
Minneapolis Community Planning and Development Department is participating in the Foreclosure Prevention Funders Council, a new group of housing professionals that began meeting in January 2007 to study residential foreclosures in an effort to develop tools to keep people from losing their homes and minimize destabilizing effects to the community when they do.
The Family Housing Fund, a nonprofit organization whose mission is to preserve and produce affordable housing in the seven-county metro area, established the council in January 2007. The council also includes representatives from St. Paul Planning and Economic Development, the Minnesota Home Ownership Center, Minnesota Housing, the Emerging Markets Homeownership Initiative, HousingLink, the Greater Metropolitan Housing Corporation, the Dakota County Community Development Agency, and Fannie Mae.
The council will review a sample of cases to reveal root causes of foreclosure, meet with lenders to begin flagging homeowners for prevention assistance, and seek solutions to the problems of boarded and vacant buildings while properties are in repossession. The council will also look at the results of the sampling and develop new finance products to address causes of foreclosures.
While many families are already losing their homes, a new surge of foreclosures was projected for March 2007 when the rates of many adjustable mortgages were scheduled to increase. In Minneapolis, homeowners at risk of foreclosure can call 3-1-1 to connect to counseling agencies for help and advice. Minneapolis 311 agents are available by call 3-1-1 weekdays, 7 a.m.-11 p.m. or by emailing Minneapolis311@minneapolismn.gov.
Published Mar. 29, 2007