Coordinated Plan to Address Foreclosures in Minnesota
The number of mortgage foreclosures in Minnesota jumped from 6,500 in 2005 to nearly 27,000 in 2008, displacing thousands of families and leaving vacant structures to devastate surrounding property values and frustrating community reinvestment and recovery.
In response to this crisis, Family Housing Fund joined the Minnesota Foreclosure Partners Council, which published this plan to address foreclosures in Minnesota. The plan highlights successes to date and presents next steps and calls to action in the areas of data collection, homebuyer and tenant counseling, targeted outreach, product development, neighborhood and community recovery, and legislative and legal strategies.
Because of the gravity of the foreclosure crisis, it was necessary to identify, fund, and implement coordinated statewide policies and programs that effectively addressed the impact of foreclosures on families, neighborhoods, and communities. Family Housing Fund and others took specific, innovative, and collaborative actions and encouraged changes in policies and practices for the provision of resources.