by The Federal Reserve System.
REO and Vacant Properties: Strategies for Neighborhood Stabilization is a joint summit and publication of the Federal Reserve Bank of Boston and Cleveland and the Federal Reserve Board. The summit will help communities and practitioners better understand current barriers, promising practices, and regional differences related to neighborhood stabilization and the disposition of real estate owned (REO) property.
In conjunction with the summit, the Federal Reserve will publish a new volume of papers that explores such regional differences and presents perspectives from the various participants involved in REO disposition-sellers, buyers, nonprofits, and municipalities.
The REO and Vacant Properties: Strategies for Neighborhood Stabilization publication contains seventeen articles that examine a variety of neighborhood stabilization issues. The collection highlights both areas of need--such as for data, technology, and collaboration--and promising solutions from communities across the country. Examples include the Cuyahoga County, Ohio, land bank that holds vacant properties until they can be returned to productive use, and Boston Community Capital's efforts to purchase foreclosed properties and sell them back to former owners or tenants using a licensed mortgage affiliate.