In 2009 HomeFree-USA launched Project Rebound, an REO acquisition and rehabilitation initiative for non-owner occupied housing held by Banks.
The program does two things. First it stabilizes neighborhoods by acquiring, renovating and returning REO to the market as affordable properties for purchase, lease to own or rentals. Secondly, it positions the HomeFree-USA affiliated nonprofits to play a significant role in the REO process.
2,000 units have been delivered in urban markets thus far by HomeFree-USA and twenty-two (22) of its affiliated agencies nationwide.
The program's mission is to improve the quality of life and housing in the communities we serve. It's objectives are to:
- Stabilize moderate-to-low income communities by acquiring, renovating, and reselling foreclosed properties for resale or lease.
- Increase availability of quality affordable housing.
- Further enhance homeowner affordability by making energy efficient improvements that will reap a return on investment through long-term utility cost savings.
The success of Project Rebound centers around four elements:
- The ability to form relationships with lenders/servicers that provide a first look at the properties and offer properties as a gift or at a substantial discount.
- The capability to effectively manage the rehabilitation proces.
- Access to mortgage-ready homebuyers positioned to purchase the property immediately upon completion of rehabilitation.
- The achievement of a favorable net income/gross revenue ratio.
HomeFree-USA works directly with neighborhood stakeholders with the ability to conduct grassroots outreach in each targeted community. Our network of partners has the hands-on experience of building, maintaining, and managing housing and community development activities.
The success of Project Rebound has produced a targeted initiative in the State of Maryland - Move Up in Maryland.