FOR IMMEDIATE RELEASE
November 24, 2009
Contact: Dean DeBuck
OCC Community Developments Newsletter Focuses on Bank Stabilization Activities
The Office of the Comptroller of the Currency (OCC) today released the fall 2009 edition of Community Developments focusing on bank strategies to mitigate the impacts of foreclosed properties on communities across the country.
"Thanks in large part to new community partnerships, neighborhoods hard hit by foreclosures are being rebuilt and renewed," said Comptroller of the Currency John C. Dugan. "These initiatives provide the critical leadership, creativity and financing needed to help revitalize neighborhoods across the nation. Their efforts come at a critical time for financial institutions and the communities they serve."
This issue of Community Developments highlights the emerging work of innovative community partnerships and the tools and resources available to help them return foreclosed properties to the productive housing stock. It describes multiple strategies for managing and renewing real estate owned properties held by national banks and other lenders, including donations, discounted sales, and property rehabilitation. It also describes how federal funds are being used to stabilize neighborhoods nationwide. In some cases, the community stabilization efforts of national banks can also receive positive CRA consideration.
"The goal of all of these programs is to ensure that neighborhoods affected by foreclosures continue to be desirable and sustainable places to live. We hope that these examples and the other successes described in this newsletter will inspire the launch of new stabilization partnerships to serve other neighborhoods in need across the country," stated Comptroller Dugan.
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