August was super busy. Work kept me in Washington DC, family in New York and then a week of chilling out on the California Coast. But it's September and time to be back in North Bay Village.
I'm going to ease back in with a note about tomorrow's commission meeting. The first item on the new business agenda is an ordinance to establish a foreclosure registry. It's a simple concept. When a mortgage holder begins a foreclosure process, they will be required to register that process with the city and pay a small fee.
It has two major benefits:
- The city has an accurate count of distressed properties. Knowing this makes the city eligible for additional assistance from Housing and Urban Development, helps the homeowner as the city can now target home retention resources to the people who most need them and lets the condos know what issues are up in their building.
- The city has a revenue source to keep basic maintenance up on properties that have fallen into foreclosure which helps all our values.
Foreclosure registries have sadly become a key tool in the fight to maintain properties across the country and we have needed one for at least four years. Occasionally, very narrow minded real estate interests object because they want the problem kept under wraps but the truth is, the lenders know. The city needs that knowledge too.
Kevin Vericker
September 10, 2012
North Bay VillageREG COM MTG 09-11-2012">
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