In an effort to stabilize neighborhoods and reduce the glut of foreclosures in the marketplace, Fannie Mae is beginning to sell foreclosed properties in bulk to investors to test the market for rental homes, write Alan Zibel and Nick Timiraos.
In an effort to soften the blow of widespread foreclosures, Fannie Mae is piloting a program to sell homes en masse to investors willing to manage them as rental properties. The Federal Housing Finance Agency, which oversees Fannie, announced the first round of sales on Monday, which will include 2,490 homes throughout eight urban regions.
"Investors will be able to submit bids on the entire portfolio of properties," report Zibel and Timiraos, "but also will be able to submit offers on all the properties in any given market." Those markets include Los Angeles and Riverside, Atlanta, Phoenix, Las Vegas, Chicago, and three regions in Florida.
FHFA Acting Director Edward DeMarco explained that the program was "designed to reduce taxpayer losses, stabilize neighborhoods and home values, shift to more private management of properties, and reduce the supply of [foreclosed] properties in the marketplace."
All of the 2,500-odd homes up for sale were already being rented when they were foreclosed, and about five-sixths are currently occupied. If the pilot is successful, Fannie Mae will begin selling homes that have yet to be converted to rentals.
FULL STORY: Fannie Mae Begins Marketing Foreclosed Homes as Rentals
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Chicago’s Ghost Rails
Just beneath the surface of the modern city lie the remnants of its expansive early 20th-century streetcar system.
Amtrak Cutting Jobs, Funding to High-Speed Rail
The agency plans to cut 10 percent of its workforce and has confirmed it will not fund new high-speed rail projects.
Ohio Forces Data Centers to Prepay for Power
Utilities are calling on states to hold data center operators responsible for new energy demands to prevent leaving consumers on the hook for their bills.
MARTA CEO Steps Down Amid Citizenship Concerns
MARTA’s board announced Thursday that its chief, who is from Canada, is resigning due to questions about his immigration status.
Silicon Valley ‘Bike Superhighway’ Awarded $14M State Grant
A Caltrans grant brings the 10-mile Central Bikeway project connecting Santa Clara and East San Jose closer to fruition.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Caltrans
City of Fort Worth
Mpact (founded as Rail~Volution)
City of Camden Redevelopment Agency
City of Astoria
City of Portland
City of Laramie