Initiative to help S.C. Homeowners Proactively Prevent Foreclosure
April 30th, 2007
South Carolina Association of Community Development Corporations Announces
Joint Foreclosure Initiative for South Carolina
Initiative to help S.C. Homeowners Proactively Prevent Foreclosure
Charleston, S.C. - The South Carolina Association of Community Development Corporations (SCACDC) recently established a partnership with Family Services, Inc., NeighborWorks® America, and the Federal Reserve Bank of Richmond to launch the South Carolina Foreclosure Initiative. SCACDC is a trade association and funding intermediary for local community development corporations. The purpose of the initiative is to educate target audiences about preventing foreclosures in the state of South Carolina and to connect homeowners vulnerable to foreclosure to the various institutions who have established resources to help those who are threatened by foreclosure. The first activity of the Initiative was the convening of a taskforce comprised of key members of the mortgage and housing industry to lay out the next steps in this effort.
Family Services, Inc. seeks to provide a secure environment to strengthen the values of individuals and families. The human service company intentionally seeks new opportunities to provide quality and innovative services to consumer problems through qualified and compassionate professionals who create and restore the realization of dreams.
NeighborWorks America is a national nonprofit organization created by Congress to provide financial support, technical assistance, and training for community-based revitalization efforts. Since 1978, NeighborWorks America has successfully built healthy communities. Together with national and local partners, NeighborWorks creates new opportunities for residents while improving communities.
The Federal Reserve System comprises the Board of Governors in Washington D.C. and 12 Federal Reserve Districts located nationwide. The Fifth District, which is headquartered in Richmond, Va., serves the District of Columbia, Maryland, Virginia, North Carolina, South Carolina and most of West Virginia. As the nation’s central bank, the Federal Reserve sets monetary policy, supervises and regulates member financial institutions and provides an array of financial services.
“We are delighted to have these three leaders in community economic development recognize the challenges we face in South Carolina, but also the opportunities to build wealth and serve as a leader in community economic development in the region,” said Bernie Mazyck, President and CEO of SCACDC.
The SCACDC has pursued a wealth building strategy for the last 12 years and through the Foreclosure Initiative seeks to protect the assets that families and communities have built over that period of time. Through the Individual Development Account (IDA) program, over 150 families have secured 56 new homes, 53 persons have established new businesses, and 41 persons have returned to school. A current development snapshot of CDC activity finds these local community-based development organizations with 430 units of affordable housing under development, 184,000 square feet of retail space and total development activity valued at $60 million. With funding from the S.C. General Assembly, Enterprise Community Partners and the Mary Reynolds Babcock Foundation, SCACDC has assisted in deploying over $1 million to 14 CDCs.
Along with Enterprise Community Partners, the Babcock Foundation, the S.C. General Assembly, NeighborWorks America and the Federal Reserve Bank of Richmond, Carolina First Bank, and Wachovia Bank are also leadership supporters of SCACDC and member development corporations in 2007.
For more information on foreclosures, see the reports listed below. You may also contact SCACDC offices at (843) 579-9855.
Foreclosure Report - Executive Summary
Where Subprime Delinquencies are getting Worse