CalHFA's suite of programs to help California families at risk of foreclosure was recently approved by the U.S. Treasury Department. The $2 billion Keep Your Home California initiative includes four programs:
Unemployment Mortgage Assistance Program (UMA) - Intended to assist homeowners who have experienced involuntary job loss. UMA will provide temporary financial assistance in the form of a mortgage payment subsidy of varying size and term to unemployed homeowners who wish to remain in their homes but are in imminent danger of foreclosure due to short-term financial problems. These funds can provide up to six months of benefits with a monthly benefit of up to $3,000 or 100% of the existing total monthly mortgage, whichever is less.
Mortgage Reinstatement Assistance Program (MRAP) - Intended to assist homeowners who have fallen behind on their mortgage payments due to a temporary change in a household circumstance. MRAP will provide limited financial assistance in the form of funds to reinstate mortgage loans that are in arrears in order to prevent potential foreclosures. These funds can provide benefits of up to $15,000 per household.
Principal Reduction Program (PRP) - Intended to assist homeowners at risk of default because of an economic hardship coupled with a severe decline in the home's value. PRP will provide capital to reduce outstanding principal balances of qualifying borrowers with negative equity. Principal balances will be reduced in an effort to prevent avoidable foreclosures and promote sustainable homeownership. The principal reduction program will most likely be a prelude to loan modification. (Servicers that contribute through matching funds increase the benefit for homeowners).
Transition Assistance Program (TAP) - Intended to promote community stabilization by providing homeowners with relocation assistance when it is determined that they can no longer afford their home. TAP will be used in conjunction with a servicer-approved short sale or deed-in-lieu of foreclosure program in order to help homeowners transition into stable and affordable housing. Homeowners will be responsible to occupy and maintain the property until the home is sold or returned to the servicer as negotiated. Funds will be available on a one-time only basis.
On January 23, 2011, Junious Williams -- Board President of OakCLT and CEO of Urban Strategies Council -- appeared on ABC7's local program "Beyond the Headlines" to discuss the housing crisis, the changing demographics of Bay Area neighborhoods, and the work of the Oakland Community Land Trust. You can view the episode below (the segment with Junious begins at 17:56).
CLTs as a Successful Homeownership Strategy
On February 23, 2011, Anne Griffith - the Executive Director of the Oakland Community Land Trust - will be participating in a Brown-Bag Lunch Training at the Non-Profit Housing Association of Northern California in San Francisco!
Community Land Trusts as a Successful Homeownership Strategy
What: Learn how Community Land Trusts have been successful in providing stable, permanent affordable homeownership opportunities in a hot market and throughout this economic crisis. Community Land Trusts build a community's wealth and help to ensure that affordable homeownership always has a community advocate. Discussion topics include financing structures, policies, and homeownership support.
Panelists: Chris Doolittle, Mission Hills Mortgage Anne Griffith, Oakland Community Land Trust Heather Gould, Goldfarb & Lipman Attorneys
Presented by: Dev Goetschius, Housing Land Trust of Sonoma County
When: February 23, 2011, 11:30am to 2:00pm
Where: NPH, 369 Pine Street, Suite 350, San Francisco, CA 94104 (map)
Please join OakCLT staff and partners on January 22nd for refreshments and to learn about the exciting affordable homeownership opportunities we currently have available. Pick up a map so you can tour all the OakCLT homes for yourself! RSVP by clicking here.
According to a recent study released by the National CLT Network, community land trusts continue to defy the foreclosure trends ravaging the rest of the housing market in the United States. CLTs continue to outperform conventional housing in terms of both rates foreclosure and mortgage delinquency, further confirming the resilience and stability of the land trust model for homeowners. Click here to see the press release from the National CLT Network.
February 22nd Named OakCLT Day by Mayor Dellums
February 22, 2010
February 22, 2010 was officially named Oakland Community Land Trust Day by proclamation of Mayor Ron Dellums! See a pdf of the Mayor's Proclamation here.
Media Launch Event
February 22, 2010
We would like to invite you to join the Oakland Community Land Trust, its partners and allies for a media and launch event schedule from Monday, February 22nd, 9:00 am. The event will be held in East Oakland at 8000 Olive Street (corner of 80th and Olive Street), which is the first home that the land trust acquired. We will use this opportunity to begin blight removal and to share our rehabilitation plans with the community. We look forward to seeing you.