Foreclosure and Neighborhood Stabilization in Jamaica, Queens

Client: Restored Homes Housing Development Fund Corporation and the Center for New York City Neighborhoods
Faculty: Kei Hayashi, Steven Jacobs
Team: Eleanor Atkins, Christian González-Rivera, Stephanie Rosoff, Michael Sandler
Year: 2012
Restored Homes (RH) Housing Development Fund Corporation was selected as the local nonprofit to implement the federal Neighborhood Stabilization Program (NSP) in New York City. NSP is a federal program created to address increases in home abandonment, blight, and crime, as well as the erosion of property values following the foreclosure crisis. Jamaica, Queens has been referred to as ground zero of the foreclosure crisis in New York City. RH uses $24 million in federal and city subsidies, and $32 million in private financing to purchase, rehabilitate, and resell HUD-owned and bank foreclosed properties to low-income buyers. RH partners with the Center for New York City Neighborhoods (CNYCN), which works to identify and assist homeowners who are in danger of losing their homes to foreclosure. The Capstone team investigated a small section of Jamaica, identifying the current state of physical and financial distress in each home to create recommendations to improve programs to address unmet neighborhood needs.