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DID YOU KNOW?
Georgia ranks 4th in leveraging income from NSP out of 600+ national grantees!
Source: HUD Weekly 9/9/13
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Piece by Piece Update
October 17, 2013
Greetings!
Please take note of the following news and calendar updates:
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Neighborhood Investment Conference Update
 | | Aaron Edelheit, CEO, The American Home answers questions from attendees at the PBP Neighborhood Investment Conference |
Metro Atlanta is one of the leading national targets for institutional investors in search of low-priced single family rental homes for their short-, medium- and
long-term rental portfolios. Investors accounted for one in four home purchases in the metro area during the first quarter of this year, up from one in 10 a year earlier, according to the AJC. Understanding this trend and its long-term implications is a top priority for Piece by Piece.
Nearly 200 people attended last week's Neighborhood Investment Conference co-hosted by Piece by Piece, the Atlanta Regional Commission, and Enterprise Community Partners. The goal of the conference was to convene institutional investors, regional government leaders, affordable housing stakeholders and others for a collaborative discussion about recent real estate investment trends and strategies to ensure the long-term health and viability of our region's neighborhoods. Key agenda items included an overview of institutional investor activity in metro Atlanta's single family real estate market, a panel session of institutional investors with significant Atlanta presence, lessons in innovative code enforcement strategies and discussion about harnessing private capital to help stabilize vulnerable, hard-hit neighborhoods. Piece by Piece looks forward to ongoing discussions and the potential for new partnerships.
Didn't make it to the Conference? Audio files and PowerPoint files from the Neighborhood Investment Conference are available HERE.
The Saporta Report's David Pendered reported on the October 10 conference HERE
AJC reporter Arielle Kass provides a comprehensive overview of institutional investor activity in the region HERE
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A loosening of mortgage standards would boost economy
(Courtesy of Housing Matters) A ratcheting up of standards for mortgage borrowers has stalled the economy, and looser credit could boost home sales, construction, home prices and employment, according to a report by Jim Parrott, a senior fellow at the Urban Institute, and Mark Zandi, chief economist at Moody's Analytics. In addition, banks are lending less because of uncertainty about repurchasing loans that don't meet underwriting standards, the report says. MORE
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Chase reports donation property milestone
Chase reached an important milestone in August when they donated their 5,000th property under a targeted program to donate distressed properties, in designated areas, to community groups and non-profit housing providers. This program includes a special focus on providing homes to deserving veteran families.
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Vacant Homes are the Future
 (Courtesy of Salon) Countless homes remain vacant in both cities and suburbs. Over 10 percent of the 132 million housing units in the U.S. - 14 million homes - were vacant in 2011. Old-fashioned blight, compounded by the mortgage crisis, remains as much a problem as ever. At the center of the vacant property renaissance is the land bank, a city authority that can take control over thousands of abandoned homes and turn them into something the community needs, housing or otherwise. "In the past 24 months alone, five states have enacted comprehensive land bank legislation," says Frank S. Alexander, a professor at Emory Law School in Atlanta who helped write those laws. The land bank concept has an appeal that transcends geographic and economic borders. "New York, Pennsylvania, Georgia, Missouri, Nebraska. What do those states have in common? Absolutely nothing." MORE
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Halloween Report: Vampires and Zombies threaten housing market
(Courtesy of Housing Matters) RealtyTrac says the housing recovery gets a short-term boost but faces a longer-term threat from "vampire" foreclosures -- its term for bank-owned homes in which the prior owners still reside. These account for nearly half of bank-owned properties in the U.S., the company says, and they could slow the housing market's recovery as banks move to sell. The "vampire" properties will combine with so-called "zombie" foreclosures, or homes that owners abandon during the foreclosure process, many of which also have yet to make it to the market. MORE
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Case-Shiller Nears 5-Year High
 Home prices rose in June to their highest levels in nearly five years, increasing 2.2 percent, according to the Case-Shiller Home Price Indices released at the end of August. The 20-city index was up 12.1 percent from a year earlier, and the companion 10-city index was up 11.9 percent. Economists surveyed by Bloomberg had expected the 20-city index to increase 2.3 percent from May and 12.2 percent from a year ago. Case-Shiller's National Index, reported quarterly by Standard & Poor's, was up 7.1 percent in the second quarter to 146.32, its highest level since third quarter 2008. More detail on the Atlanta market is available from MetroStudy's latest report HERE
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Baltimore's plan to demolish houses will speed revitalization
(Courtesy of Housing Matters) The Baltimore Sun writes in this editorial that Mayor Stephanie Rawlings-Blake's plan to speed demolition of Baltimore's vacant homes is essential to reclaiming the city's vibrancy. The plan directs $22 million to tearing down 1,500 abandoned houses over 2½ years, then turning the properties into parks or gardens in the short term and allowing developers to purchase them in the long term. MORE
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CredAbility, ClearPoint Agree to Merge
Combination creates second largest U.S. nonprofit counseling agency
 CredAbility and ClearPoint Credit Counseling Solutions announced that they have signed a definitive agreement to merge the two organizations, effective end of 2013. The combination will create the second largest nonprofit credit counseling organization in the nation, with 50 offices in 15 states from California to Florida. Together, the two agencies counseled nearly 2 million financially distressed households during the past five years. The name of the new organization will be ClearPoint Credit Counseling Solutions and its headquarters will be in Atlanta. MORE
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CALENDAR ITEMS
Share your calendar items with us! Please email Susan Adams at sadams@andpi.org with news of your upcoming events.
October 17: HomeSafe Georgia representatives to be at Paychecks for Patriots, Acworth, Augusta, Columbus, Savannah, and Warner Robins. For more information, please visit www.HomeSafeGeorgia.com. MORE
October 19: AHAND/Atlanta Voice Candidate Forum for Atlanta City Council; 10:00 a.m. - 12:30 p.m. Districts 1, 2, 5 and 12 to be featured. Venue has changed to GSU Student Center at the corner of Piedmont & Gilmer, Court Salon Room. Free parking in M Deck across Gilmer Street. MORE
October 23: Bankruptcy Community Education offered by Atlanta Legal Aid Society and Georgia State University's College of Law. Workshop to be held at Georgia State University, College of Law, 140 Decatur St SE, Room 652. Parking is free if you RSVP. MORE
October 24: HomeSafe Georgia representatives to be at National Disability Recognition Expo; 10 a.m. - 1 p.m.; St. Philip AME Church Family Life Administration Center, 240 Candler Road Atlanta. For more information, please visit www.HomeSafeGeorgia.com.
October 25: Georgia Stand-Up & Vote, 2013 Candidates Forum; IBEW Auditorium, 501 Pulliam St, Atlanta. MORE
October 29: AHAND/GSTAND Fall Affordable Housing Conference;
Registration is available at www.ahand.org. Joshua Silver, Vice President of Research and Policy National Community Reinvestment Coalition, is providing the keynote address. MORE
November 5, 2013; 1-4 PM; HomeSafe Georgia representatives to be at Telfair County Job Fair/Career Expo; Telfair County Recreation Building, 408 E. Oak Street, McRae. For more information, please visit www.HomeSafeGeorgia.com.
November 12; 2-5 p.m. HomeSafe Georgia representatives will be at the Veterans Appreciation Fair, Homeowners who are unemployed or underemployed may be eligible for temporary mortgage payment assistance and we encourage potential eligible homeowners to attend one of the events. For more information, please visit www.HomeSafeGeorgia.com.
November 21: Bankruptcy Community Education offered by Atlanta Legal Aid Society and Georgia State University's College of Law. Workshop to be held at Georgia State University, College of Law, 140 Decatur St SE, Room 659. Parking is free if you RSVP.
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Sincerely,
Susan Adams
Piece by Piece Coordinator
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