| I came across an article in the San Diego Union | | | | seed capital and private investment capital to buy |
| Tribune that was very thought provoking. The article | | | | foreclosed homes and fix them up for lower income |
| discussed some novel ways which cities were | | | | people who have been priced out of the home |
| brainstorming to solve the problem of foreclosed | | | | markets in recent years and then sell these homes |
| homes and the blight they create when they sit on | | | | when the markets return is a total win for everyone. |
| the market. How will cities deal with rows and rows | | | | Variations of this such as rent to own for those who |
| of foreclosed homes lowering the value of homes | | | | would like to get into the market at a later date |
| near them and inviting squatters or worse. One | | | | when homes have reached price equilibrium is another |
| solution being explored by the San Diego City-County | | | | great possibility. |
| Reinvestment Task Force is to create a regional | | | | Who Wins |
| bank. A new agency would be created that would | | | | 1. The city that maintains vibrant neighborhoods |
| buy up these homes before they became city blight | | | | rather that shuttered homes that are a blight, an |
| or a speculators dream and instead create affordable | | | | invitation to crime and a potential health hazard |
| housing. The proposal was much more far reaching, | | | | 2. Real estate agents that see less property on the |
| but what intrigues me is the use of these homes to | | | | market |
| solve other growing problems. Heres what they said: | | | | 3. Rows of foreclosed homes can only lower the |
| "Form a regional land bank to buy foreclosed | | | | value of neighboring homes |
| properties to create affordable buying opportunities | | | | 4. Affordable housing is a community benefit |
| while guarding against neighborhood blight. Purchased | | | | 5. According to Task force member Robert F. |
| homes could be rented at affordable rates and later | | | | Adelizzi, a retired banker and chair of the |
| sold at affordable prices." | | | | subcommittee that rafted the recommendations, this |
| Wow! The idea of creating a bank using Government | | | | can be both profitable and socially beneficial. |