Thursday, November 20, 2008

Abromowitz Highlights Success of Agencies and Programs That Have Helped Low- to Moderate-Income Homeowners

At a time where all housing news seems to be bad news, David M. Abromowitz, a senior fellow at the Center for American Progress and guest blogger for “Open House,” says otherwise.

Today, the Baltimore Sun published an opinion editorial by Abromowitz, in which he notes that little attention has been paid – both during the presidential campaign and otherwise – to solutions that have enabled families with average or below-average incomes to afford a home or rent a decent apartment. These solutions are what Abromowitz calls "Homeownership Done Right."

Abromowitz highlights several notable agencies and programs that have helped low- to moderate-income families across the country afford their homes, contributing to decreased incidences of default among this group. He cites the Massachusetts Affordable Housing Alliance and Self Help in North Carolina as two agencies who have been successful in aiding these homeowners.

Additionally, Abromowitz emphasizes the success of community land trusts in more than 100 working-class neighborhoods across the country – which report a less than 1 perfect foreclosure rate. He also notes the importance of pre-purchase homeownership education and fixed-rate loans to help low- to moderate-income families get into and keep their homes, resulting in decreased incidences of default.

Read the full article here.

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