NorCalUrban

As many of you know, we've been working in collaboration with the EARN group and one of the Menlo Park City Councilmen to implement an innovative approach toward saving local homeowners in foreclosure. This approach effectively de-leverages local homeowners through an innovative investment of city redevelopment funds coupled with mortgage write down by local banks. We believe this approach is exceedingly fair to both the city and the homeowner and could end up saving 10 to 13 homeowners. Additionally, we're hoping this will serve as a pilot program to other cities. Tomorrow night the city council will host a study session for the plan. If passed, the city will allocate $1 million to this project, to be paid back to city coffers over time. If all goes well it will go to a vote on October 6th. We have had positive feedback from the council and staff members to this point. There are a few ways you can help: 1) You can attend the council session tomorrow night (Tuesday) at 7:00 pm ...

Editorial in the Almanac: "Quick Action Needed." See the article here. If you know one of the Menlo Park city council or government leaders, please reach out and indicate your support for NCUD and other's efforts.

As I mentioned in my post about about my 'blogcation' we've been working diligently on a shared equity or 'third sector' housing solution for our community. This has occupied much of my mental bandwidth, along with the important curriculum development project for our youth program, Future Profits. We're beginning to see some light. On April 24th the city of Menlo Park will vote on a proposal for funding for our housing project. If approved, we will have the funding to save around ten homes and families from foreclosure. This will happen through an investment of public funds as an equity partner and a write down of the current (underwater) mortgage by the lender to a level where, with the public funds, will place the homeowner in a fair mortgage with a payment they can afford. However, the homeowner will give up some of their future appreciation by which the city will be paid back it's funds. We're also looking at a similar project with private funding....