[Source: Teresa Brice, Local Initiatives Service Corp.] — Anticipating the magnitude of the bank-owned inventory in Arizona, Local Initiatives Support Corporation (LISC) convened a coalition of 14 community development corporations to form the Sustainable Home Ownership (SHO) coalition in 2008 in an effort to revitalize the local communities. The result is a long-term strategy to increase the capacity of the non-profit housing sector by creating a single-source solution to match qualified buyers with available properties.
SHO provides one single point of contact for jurisdictions, real estate owned (REO) servicers and buyers. Each of the 14 participating community development corporations brings a unique strength to the initiative, including: housing counseling, pre-purchase education, property rehabilitation, lending services, down payment assistance, and geographic reach.
The SHO initiative will provide ownership opportunities for buyers that are affordable at purchase and sustainable over the long-term which is “key to responsible communities.” Click here for information on becoming a new homeowner or to sign up for e-mail alerts.