U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan recently announced a new agreement with the nation’s top mortgage lenders to offer selected state and local governments and nonprofit organizations right of first refusal to purchase foreclosed homes. Chicago is among the localities that will participate in the National First Look Program, a partnership between HUD and MacArthur grantee the National Community Stabilization Trust, in collaboration with national servicers Fannie Mae and Freddie Mac. The program is intended to give communities a brief, exclusive opportunity to purchase bank-owned properties in certain neighborhoods so the homes can be rehabilitated, rented, resold or demolished. The goal is to help communities address the negative effects that large numbers of foreclosed and vacant buildings have on property values and community vitality by getting the properties back into use more quickly.
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