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One strategy that commonly arose was packaging single-family homes to be managed in a scattered site rental program. The Federal Housing Finance Agency (FHFA) recently announced the pilot stage of a program to sell a portion of Fannie Mae’s REO properties in bulk, and community leaders emphasize that the new owners of these properties need to be responsive to community priorities.

 

Chicago area organizations are at the forefront of scattered site rental initiatives. At the Trust’s and RHOPI’s discussion, Andy Geer of Enterprise Community Partners said that Enterprise is working on demonstration projects for scattered site single family rental programs in Oakland, Atlanta, and Chicago.  A large property manager involved in the FHFA’s program hired 180 Properties, which trains disadvantaged job seekers to maintain vacant homes in foreclosure,  as a vender for its Chicago properties.. The Resurrection Project, a nonprofit developer, is diving into scattered site rental in Chicago’s Back of the Yards neighborhood, while Chicago Metropolitan Housing Development Corporation is launching a program in south suburban Cook County, and Hispanic Housing Development Corporation is working in Chicago’s Belmont Cragin neighborhood.

 

Participants shared other innovative projects for putting large quantities of vacant homes back to productive use, such as through land banking, receivership, and  the Neighborhood Stabilization Program. Learn more about them in the white paper.