FHFA Expands Its Neighborhood Stabilization Initiative to More Areas
Last week, the Federal Housing Finance Agency (FHFA) announced an expansion of the Neighborhood Stabilization Initiative (NSI). According to FHFA, NSI provides a sales platform to present real estate-owned (REO) properties to nonprofit community groups for purchase before the property is made available on the open market.
This initiative was introduced in Detroit in July 2014, expanded to Cook County, IL, in April, and last week reached an additional 18 metropolitan statistical areas that continue to struggle with their recovery from the housing crisis.
The additional neighborhoods are in Florida, Ohio, New Jersey, New York, Michigan, Missouri, Georgia, and Illinois. Fannie Mae and Freddie Mac each have at least 100 REO properties valued at less than $75,000 in every one of these markets. An interactive map, available on FHFA.gov, provides more detail.