1. americanprogress.org Building a Sustainable Housing Recovery Neighborhood Investment Conference Atlanta, Georgia October 10, 2013 Sarah Edelman, Center for American Progress

2. Strategy for a Sustainable Housing Recovery I.Help homeowners stay in their homes II.Level playing field between owner-occupants, mission-driven organizations and cash investors III.Monitor and manage investors IV.Getting the mortgage market working for America’s families

3. I. Keeping homeowners in their homes Housing crisis continues Georgia among top five states with highest foreclosure rates Federal, state and local initiatives critical to address foreclosure crisis

4. II. Leveling the playing field Cash investors well positioned to buy - Access to inexpensive capital - Distressed homes sold in venues where cash investors have advantage - About 40 percent of homes last year were purchased in cash, according to Realty Trac

5. Why level the playing field?

6. americanprogress.org Benefits of homeownership Disparities in homeownership contribute to dramatic wealth disparities that have grown since the recession Homeownership leads to community investment

7. Opportunities for leverage FHA 203(k) loans Federal Housing Finance Agency distressed asset stabilization program Federal Housing Administration Reo-to-Rent pilot Not one non-profit bid accepted

8. americanprogress.org III. Monitor and manage investors Proactive code enforcement Monitoring investors who buy homes through federal sales

9. americanprogress.org IV. Getting the mortgage market working for America’s families Challenges facing homebuyers

10. americanprogress.org Challenges facing homebuyers, cont’d