Info Shared by Cleveland Fed

By Debra Mayes

March 7, 2014

The following was provided by thecommunity development team at Cleveland Fed-

Does your state handle foreclosures through its courts? A new study by Cleveland Fed researchers finds that fast-tracking foreclosures on vacant properties in these states could result in substantial cost savings. In fact, they estimate Ohio and Pennsylvania – two states with judicial foreclosure processes – could realize savings of at least $24 million annually. How? The savings would come from shortening the time vacant properties spend in foreclosure and reducing deadweight losses that lenders and communities incur from these troublesome properties. Read Estimating the Impact of Fast-Tracking Foreclosure on Vacant Properties in Ohio and Pennsylvania.

Speaking of vacant properties, on March 11 the Cleveland Fed is hosting a one-day program on ways to move stalled and vacant foreclosures forward. “Getting Back in Gear” features panels of experts representing a range of perspectives—communities that have dealt with these properties and their spillover effects, sometimes for years; servicers and lenders struggling to guide loans through overwhelmed courts; and courts that have devised innovative ways to handle these vexing cases. There will also be a panel on federal and state-level policy options. See the full agenda. On-site registration is full, but we are live streaming the entire program. We’ll also be tweeting at #backingear.

For the first time ever, the Midwest will be the site of the biennial National Interagency Community Reinvestment Conference. Join professionals from banks, CDFIs, nonprofits, and government agencies across the country March 30-April 2 in Chicago for this premier community development conference. (This video promo gives a nice feel for what to expect.) The 2014 program features innovations in policy and practice, CRA exam training, the National Community Development Lending School, and tours of several Chicago neighborhoods. Register by March 14.

And finally, “growth” and “opportunity” are two things that should know no boundaries. Our nation’s growing inequality, however, speaks to the challenge this statement presents. How can communities—particularly older industrial cities that are redefining themselves—promote economic growth in ways that benefit all residents? Plan to attend the 2014 Reinventing Older Communities conference, Bridging Growth and Opportunity, May 12-14 in Philadelphia. This biennial conference, sponsored by the Philadelphia Fed, draws hundreds of funders, practitioners, municipal leaders, and policymakers from across the country. The Cleveland Fed is one of several co-sponsors of the event.

www.clevelandfed.org/communitydevelopment

www.clevelandfed.org/communitydevelopment



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