stability fisioterapia Federal Reserve Neighborhood Stabilization Video Reports

Phoenix, Arizona: Suburban Sustainability

Phoenix reminds us that the foreclosure crisis hit suburban as well as urban areas. The vacant homes here tend to be newer, but overbuilding has left house after house empty in communities unused to dealing with foreclosure issues.
Here public/private partnerships have reached out to realtors to help connect eligible families with affordable homes, with an emphasis on sustainability for the future.




Resources for Stabilizing Communities
http://www.federalreserve.gov/communi...

INTRO
Governor Elizabeth A. Duke
Phoenix reminds us that the foreclosure crises hit suburban as well as urban
neighborhoods. Although the houses may be newer, overbuilding has still resulted in a
high proportion of foreclosed homes amongst communities that have never had to deal
with this before. Here public private partnerships have reached out to realtors to help to
find eligible families and connect them with affordable homes.
SHOTS OF PHOENIX
SHOTS OF LOTS OF NEW HOUSING
Kate Kreitor:
"We way over built in Phoenix. We had four years of building far more homes than we
actually needed. So we have way too much supply."
Kate Kreitor:
"And what we are suffering from now? a five-fold increase in vacancies. We hardly
know what a vacant home is in Phoenix. Or if they're vacant, they're vacant for six
weeks—two months. Now they're vacant for two years. And, uh, this is a big issue for
us."
SCENE OF KATE AND REAL ESTATE MANAGER IN THE SIENNA VISTA
SUBDIVISION.
Kate Kreitor:
"The city of Phoenix has such a broad problem with foreclosures that we've designed our
program to have many prongs to it....our whole goal was to address the range of
foreclosure problems that we have with a foreclosure opportunity for all of the—the folks
who wouldn't have had a chance to buy in the market in 2006 when prices were sky
high."
Kate Kreitor:
We're getting NSP funds—Neighborhood Stabilization Funds from the stimulus programs
that will help us address only 1% of the foreclosures. So, that's not going to really
impact things unless we concentrate it. So, a subdivision gives us an opportunity to
concentrate some impact, really make a difference in a community."
Kate Kreitor:
Phoenix video transcript
2
"Many of the subdivisions that we are looking at are closer in. This one happens to be
less than a mile to a Park and Ride which gets you almost anywhere in the Valley for
employment so this is a good central location."
Kate Kreitor:
I think we can sell this too.
Real Estate Manager:
Oh, absolutely. This is a great house.
Kate Kreitor:
" We're gonna work with 500 families to buy a foreclosed home. And that's going to
make an impact. But to do that we have to work with probably as many as 3,000 families
to find the eligible ones who can close and buy a home."
Kate Kreitor:
"We needed every housing counselor and every realtor and every lender that would be
willing to participate with us. So, we needed a central point."
Beth Jo Zeitzer:
Welcome everyone to ROI Properties. My name is Beth Jo Zeitzer. We represent the
city of Phoenix and it's NSP program and we wanted to speak with you today a little bit
about the program.
Kate Kreitor:
"One of the reasons we hired ROI was because they are realtors. They're familiar with
foreclosures in and out."
Beth Jo Zeitzer:
"So, ROI Properties, umm, helps in the process by, uh, providing a liaison, umm, service.
We're kind of the front door to the city of Phoenix as far as individuals who are
interested in learning about the NSP Program, the dollars that are available to acquire
or to rehab these properties, how to work through the system, uh, whether it's, you know,
as a buyer, as a realtor, as a lender, uh, or other interested party."
Faith McCloone:
All of these funds focus on communities hardest hit by residential foreclosures and there
are 2 goals in mind. To help improve and stabilize neighborhoods and also help families
purchase homes.
Realtor:
If I have a homebuyer that's ready to start moving through this process how do I guide
them to get started?
Beth Jo Zeitzer:
Phoenix video transcript
3
"One of the things that we have found in our participation with this program is that ROI
Properties has basically provided an opportunity to kind of bridge the gap between
public and private. So, in many instances, realtors have not embraced public programs,
and through ROI's ability to translate what this program is all about and how to
participate, we've seen increased buyer participation, we've seen agents embrace the
program. And that's wonderful."
SCENE WITH REALTOR AND BUYER IN TOMAHAWK
BACK AT REALTOR TRAINING AT ROI
Faith McCloone:
Does that answer your question?
Realtor Sandra:
Yes it does, thank you.
BACK IN TOMAHAWK
Realtor Sandra:
So far so good?
Buyer:
So far so good.
HOMEBUYER TRAINING AT NHS

stability fisioterapia Federal Reserve Neighborhood Stabilization Video Reports
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