Stronger Evidence Renters are At-Risk, Too

You may remember Paola's excellent post back in February that noted tenants of multi-family buildings being foreclosed were being impacted by the crisis in our community. I've just now come across an article in Banker & Tradesman that finds strong evidence of this negative impact. They found there were 306 foreclosed properties in the first quarter of this year, with 131 (or 43%) involving two- and three-family homes. A further cause for concern is that 171 of the 306 foreclosed properties were in Dorchester, and the second highest number (31) occurred in Roxbury. This obviously is alarming considering these are two of Boston's most diverse communities with a history of economic challenges.

It's critical to follow this development as renters and low-income families appear to be increasingly affected. While the concern for homeowners is enough to justify action, we now can clearly see that the crisis has spread throughout our community. There have been many positive development recently, with the Department of Housing and Community Development issuing $2 million in foreclosure prevention funds throughout the state, and state and federal policies being debated as we speak.

As I'm writing this post, however, it occurs to me that I don't know if these policies and other state funds will assist families who are or were renting in these multi-family homes at risk of foreclosure. In a time like this, it seems that prevention resources, housing search and stabilization programs, and foreclosure prevention programs should be pulled together. Collaboration and responsiveness to the unique situations of individuals must be respected for a timely and effective response.