FHFA Announces Expansion of Neighborhood Stabilization Initiative
The Federal Housing Finance Agency (FHFA) announced an expansion of the Neighborhood Stabilization Initiative (NSI) to 18 additional metropolitan areas around the country. Effective December 1, local community organizations will be given the opportunity to review and purchase foreclosed properties owned by Fannie Mae or Freddie Mac in these 18 additional metropolitan areas prior to these properties being made publicly available for purchase. Sales prices will vary from market to market.
The Ohio metropolitan areas designated for NSI expansion include:
* Akron, OH
* Cincinnati, OH-KY-IN
* Cleveland-Elyria, OH
* Columbus, OH
* Dayton, OH
* Toledo, OH
These markets are Metropolitan Statistical Areas in which Fannie Mae and Freddie Mac each had at least 100 REO properties valued at less than $75,000. An interactive map, available on FHFA.gov, provides more detail about each of these metropolitan areas. For more information about becoming an NCST community buyer, please contact NCST.
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