An Atlanta city councilwoman is trying to launch an affordable-housing program based on leveraging homes abandoned due to the mortgage-lending crisis.
Thousands of southwest Atlanta homes have been vacated because of the explosion of mortgage fraud during the recent housing boom. "It's those homes that (Mary) Norwood, one of Atlanta City Council's three at-large members, sees as the big fix to the city's affordable housing crunch."
"During the past year, Norwood has begun forming a loose network of mortgage financiers, construction trade groups and housing nonprofits with the goal of bringing these homes, in the most distressed neighborhoods, back to life. The initiative, known as the Neighborhood Housing Coalition, will tap the private sector almost exclusively."
"Under (Norwood's) plan, foreclosed and vacant homes owned by banks and other mortgage lenders will be inspected and appraised, with contractors and engineers evaluating what rehabilitation work those homes will need. Then, the neighborhoods with the vacant homes will market the properties to employees working at companies inside the city core."
Read the full story: An affordable housing fix?
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