Vacant Properties and Foreclosure Response

Introduction

Last year, LISC marked 30 years of helping revitalize disinvested communities. Unfortunately, many communities that have taken years—in some cases, decades—to renew, are now at risk of seeing hard-fought gains vanish in light of widespread mortgage foreclosures. In response to this crisis, LISC has made vacant properties and foreclosure response a national priority.

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Over the past four years, LISC has provided over $59 million in grants and loans to revitalize formerly vacant, abandoned, and foreclosed properties. This financing has helped create or renovate more than 4,450 affordable homes and leveraged over $114 million in U.S. Department of Housing and Urban Development Neighborhood Stabilization Program (NSP) funds. Our grants and loans have supported additional community efforts to respond to foreclosure, including capacity building, strategy development, foreclosure prevention and mitigation, and homeownership counseling. Nationally, LISC also provides data, expert consultants, best practices, and technical assistance for local foreclosure response initiatives across our footprint.

LISC also works with dozens of cities to design and implement NSP programs under a Federal Neighborhood Stabilization Program Technical Assistance (NSP-TA) grant from the U.S. Department of Housing and Urban Development.