San Diego City-County Reinvestment Task Force wants to help prevent a possible neighborhood blight by having a new plan.San Diego’s Councilman Tony Young co-chair of the task force has presented the City Council and Board of Supervisors of San Diego with some imposing and sweeping new recommendations to prevent a possible blight in some of the poorer communities.Some of the communities that make up San Diego have been hit hard by the number of recent foreclosures. As part of the task force recommendations it is being proposed to create a Regional Land Bank funded a by private investors to be able to purchase a large number of these foreclosed properties. The properties, once purchased could then be turned around to create affordable rentals and real buying opportunities.
“The proliferation of Subprime loans and increased foreclosed properties represents a threat to the quality of life in our neighborhoods”, said Tony, ” this is a critical issue for our communities”.
In addition to a Regional Land Bank the other significant recommendations include:
- To assist nonprofits to help create workout programs with the major lenders to to help prevent more foreclosures. When the rates next reset.
- Develop city and county ordinance to encourage the owners of foreclosed properties to maintain them to better and higher standards.
- To encourage the legislature to increase the lending capacity for FHA loans.
- To provide increased funding for nonprofits to be able to provide counseling for families facing foreclosures. It is believed that these Non-Profits might also help to prevent it some of the foreclosures.
The foreclosures attributed to the Subprime crisis has had a heavy impact on the homeowners who have already lost their homes. The increase of abandoned and neglected properties are beginning to blight these affected areas. The task forces goal would be to seize the opportunities now and try to turn these areas around and to further help sustain the longer term value in these areas.