About the Homeownership Preservation Initiative
In Baltimore, public and private funders, lenders and nonprofit practitioners are working collaboratively as the Homeownership Preservation Coalition to develop and implement key programs and policies to reduce the incidence of foreclosure and high cost lending in Baltimore. The aim of this effort is to preserve and increase the assets of families, thereby supporting the revitalization of the neighborhoods in which they live and the city as a whole.
Foreclosure filings in Baltimore have declined in the last six years from more than 5,000 annually to about 3,600. However, current foreclosure levels are still very high relative to other cities. In addition, high-cost sub-prime and “flexible” adjustable rate and interest-only loans have a growing share of the mortgage market.
Preservation of affordable homeownership is an important policy issue. In Baltimore, more people are losing affordable housing through foreclosure each year than are gaining access to affordable housing through City and State incentive programs and nonprofit development. It is much more expensive to create affordable housing than to preserve it.
Our goal is to strengthen homeowner assets and neighborhood stability in Baltimore by helping troubled borrowers and by increasing homeownership education and other resources that foster good consumer borrowing choices and long-term financial and homeownership success.
