Community Champions partners with local governments on the registration of their abandoned and foreclosed properties. The registry helps communities deal with blight by making sure the mortgagee and the servicers take care of their responsibilities related to foreclosed and abandoned properties.
While partnering on property registration Community Champions recognized that many properties in foreclosure were being abandoned by both the owner and the mortgagee, a situation commonly referred to as a “Zombie Foreclosure”. These properties regularly have multiple code violations and security risks creating significant issues for the community.
In July, 2013 the Community Revitalization Program (CPR) was launched to help communities deal with “Zombie Foreclosures” and other blighted property concerns. The mission of the CPR program is to revitalize distressed properties. In developing the CPR program Community Champions recognized a great way to accomplish the goal of community revitalization was to partner with local nonprofit organizations who were focused on property revitalization.
These local nonprofits have first-hand knowledge of their blighted neighborhoods. They also have working relationships with the local government leadership, local contractors and other needed rehab services.
What was needed was funding.
Community Champions, through the CPR program, began offering funding to a select group of nonprofits. These funds were specifically for the purchase and rehabilitation of distressed properties in their communities.
These funds are in the form of mortgage loans on each property, which allows the partnering nonprofit to buy and rehab a distressed property for resale to families.