CSNDC staff had a sense that our service area was one of the neighborhoods hardest hit by foreclosures in the city.
In order to better respond to and address the foreclosure crisis faced by our neighborhood, Codman Square Neighborhood Development Corporation (CSNDC) sought to first understand the impact of this crisis with clear and concrete data .
How many foreclosures are happening in our neighborhood
Have we reached the peak of the crisis
What are some of the reasons for foreclosure
Who is buying foreclosed properties, and what is happening to that housing stock
Are there any foreclosure “hot spots” in our neighborhood
State, City, and Local Foreclosure Deeds (A foreclosure deed is the final stage in the foreclosure process.) Number of Foreclosure Deeds per Year 2007 2008 2009 Massachusetts 7653 12,430 9269 Boston 703 1215 776 Dorchester 348 628 358 Codman Square Service Area 128 277 172
How many foreclosures have occurred in Codman Square? 2007: 128 foreclosure deeds 2008: 277 foreclosure deeds 2009: 172 foreclosure deeds
While the foreclosure crisis shows signs that it has peaked in terms of the number of foreclosure deeds issued, the lasting impact that these foreclosures will have on our neighborhood is still uncertain.
Why? Let’s look at what has been happening with the foreclosed housing stock…
In this map, which plots all foreclosures from 2006 through November 2009, we begin to see areas with higher incidences of foreclosure, although nearly all of our service area has been impacted by this crisis.
Condo Units in this Browning Avenue home are in various stages of foreclosure. Unfortunately, Browning avenue is plagued by a number of privately-owned, ill-cared for vacant lots. This home sits next to 3 large vacant parcels.
Require investors to set and keep a timeline for the rehabilitation and reoccupation of vacant or foreclosed properties.
Incentivize large-scale property renovations through new or improved funding programs.
Provide more financial resources, such as low-interest rehab loans through the Housing Services Rehab Program, for local landlords of both owner-occupied and investor-owned homes to rehabilitate and manage their properties.
Provide community-wide incentives for homebuyers and investors to rehabilitate and maintain their properties.