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
Maui's Vacation Rental Debate Turns Ugly
Verbal attacks, misinformation campaigns and fistfights plague a high-stakes debate to convert thousands of vacation rentals into long-term housing.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
San Francisco Suspends Traffic Calming Amidst Record Deaths
Citing “a challenging fiscal landscape,” the city will cease the program on the heels of 42 traffic deaths, including 24 pedestrians.
Adaptive Reuse Will Create Housing in a Suburban Texas Strip Mall
A developer is reimagining a strip mall property as a mixed-use complex with housing and retail.
Study: Anti-Homelessness Laws Don’t Work
Research shows that punitive measures that criminalized unhoused people don’t help reduce homelessness.
In U.S., Urban Gondolas Face Uphill Battle
Cities in Latin America and Europe have embraced aerial transitways — AKA gondolas — as sustainable, convenient urban transport, especially in tricky geographies. American cities have yet to catch up.
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.
Heyer Gruel & Associates PA
JM Goldson LLC
Custer County Colorado
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
Jefferson Parish Government
Camden Redevelopment Agency
City of Claremont