Great Lakes Metros & New Opportunity Summit “Responding to the Foreclosure Crisis” Presented by: Arlo Monell Chase, Esq. SVP For Policy Initiatives at nyhomes. Goals of Presentation. Thanks-to Sarah Szurpicki, Mike and Aaron Bartley Introduction to nyhomes
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Great Lakes Metros & New Opportunity Summit
“Responding to the
Presented by: Arlo Monell Chase, Esq.
SVP For Policy Initiatives at nyhomes
OBAMA’S PLAN-Announced in February
3. Bankruptcy Reform for those not assisted by Loan Mods
5. NSP2-$2 billion-National competition, results in Fall
6. Refundable Tax Credit for first time homebuyers-$8000
Cons-Not address enough borrowers
Big questions remain unanswered
1. Great Lakes Region: Nothing in Obama plan addresses foreclosure problem in GL cities
Through the first 5 months of 2009, 32,000 new foreclosure actions were filed in New York State.
For complete info, see year end HALT Report
Addressing Neighborhood Effects of Foreclosures:
Neighborhood Stabilization Initiative (NSI)
Other Great Lakes Cities
Under NSP 1, Detroit allocated $47,137,690, Cleveland allocated $16,143,120. Buffalo-$0, Rochester $0