Foreclosure recovery to begin in Minneapolis

  • Article by: STEVE BRANDT , Star Tribune
  • Updated: March 27, 2009 - 8:17 PM

The City Council voted to award federal rehab money to nonprofit developers to begin work on foreclosed or abandoned properties.

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NoPistnsMar. 27, 09 8:30 PM

This looks like a win-win. I applaud the concept of selling the single family homes to owner-occupants. This will go a long way to stabilizing the neighborhoods that have been ravaged by high rental to owner-occupied ratios.

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crj333Mar. 27, 09 9:19 PM

Federal programs providing cheap money to lower income recipients so that they can get into homes that they may not be able to afford? And what exactly is a "non-profit" developer? Do they build a better product? Or provide a lower priced product because they are "non-profit"? Do their executives work for free? Is their salary controlled?

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jmlandryMar. 27, 0910:46 PM

Who are the "non-profit" developers and how much did they have to pay Ellison??? JML

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noggnbloggnMar. 28, 09 5:30 AM

Though "well-intentioned", the idea that these homes can only be set aside for low-income folks, condemns the area to continue to be a slum (even though the properties will be temporarily fixed up). Pride of ownership and enforcement of minimum standards might keep the homes decent, but they still have to keep the mortgage paid. Surrounding suburbs feel the pressure of low-income housing areas (higher crime, depressed property values, etc). Might be a good idea to keep the low-income folks in subsidized housing and let people with higher incomes qualify for these properties, or knock them down and start from scratch. Meddle, meddle, meddle... no wonder our society is such a mess. Nothing is simple.

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drhortonMar. 28, 0910:20 AM

Yes who are these non-profit developers ? Think there might be a little overcharging, and kickbacks going on? You betcha

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nikki88Mar. 28, 0910:46 AM

Plain and simple this money needed to be given to the people that are struggling everyday to keep their homes. Not to the cities and counties to buy these homes. This doesn't make any sense to me?? Families need to be HOME. We have lost our home after trying for over a year to work with the mortgage company, asking for help from the county and "help for homeowners" and several other options?? We were well established in our community and neighboorhood, and our children had a place to call home. Where are these children's bedrooms now? Where are their friends, parks, neighboors now?? Mommy I don't understand I want to go back home?? Ugh.... A better way to help the cities and counties keep people in their homes, just because it's the right thing to do!! The american dream right??

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designlinkMar. 28, 0910:55 AM

DesignLink is a community organization that provides affordable design and construction plans to non-profit organizations, contractors, and homeowners. In 2008 we provided the construction drawings to renovate over 100 foreclosed homes in minneapolis. www.wellsandcompany.info 612-669-2052

ganniecaMar. 28, 0910:57 AM

we are protesting the auctions. I work for a mortgage company and I know many people have lost their home to con man tactics. I know some bought houses to big, and many people where bombarded by advertisment and advice from fincial shows like CNBC into buying homes for investments.. and that they could be easily flipped. I am joining others protesting outside this auction. Look at how many brokers, appraisers and title staff are going to prison because they forged documents. These crooks causes 1000's of people out of their homes. 1 broker frauded over 200 people. One of those people were my neighbors who moved next to me at a rental because they lost their home of 40 years. The husband was 5 years from retirement. They had to file bankruptcy. The broker, apraiser, title worker all went to prison, but that doesn't help my neighbor or the other people who lost their homes.

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ganniecaMar. 28, 0911:01 AM

Minnesota Governor Pawlenty Vetoes Bill to Help Stop Foreclosures Giving into corporate efforts to protect banking interests, Minnesota Governor Tim Pawlenty vetoed SF 3396, which would have put a temporary hold on foreclosures while still requiring borrowers to make payments on their loans. The bill would have required homeowners with a sub-prime or negative amortization loan to pay either 65 percent of the payment owed when the loan defaulted, or the minimum monthly payment when the mortgage was first created, whichever is less, for a one-year foreclosure deferment period. The bill passed both chambers of the Minnesota Legislature with a wide margin, only to be vetoed (part of Pawlenty's record number of vetoes for a single session). In the meantime, home foreclosures are projected to increase 39 percent this year in Minnesota, with one out of every 31 Minnesota households experiencing a foreclosure between 2005 and the end of this year.

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donnytcbMar. 28, 0911:32 AM

The agencies that will get this money were hand picked way before the dollars hit the table. Again, the City of Minneapolis and Hennepin County bypasses business to pipeline directly to non-profits to create a "bailout" scenario. In November, citizens of Minneapolis need to change out our current political point people including Mayor R.T. Rybak, some city council members, Glidden, Samuels, Remington, Hofstade, Ostrow and all of the current Hennepin County Commissioners with the exception of M. Stenglien. The future holds more families loosing there homes because our local government doesn't understand the creation of wealth, independence and business. A vote of "No Confidence!"

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