HomeNet Program Reports Zero Foreclosures

For More Information: 

Kelly R. Williams

For Immediate Release
Release Date: 
Mon, 06/23/2008

Norfolk, VA (June 23, 2008) – In spite of surging residential mortgage defaults, Norfolk Redevelopment and Housing Authority’s HomeNet program reports zero foreclosures among its low to moderate income first-time homebuyer clients. Over the course of seven years, HomeNet has served over 300 clients.

June is federally recognized as National Homeownership Month, highlighting the
benefits of homeownership and encouraging citizens to become responsible homeowners.

The HomeNet program, a partnership between NRHA, local lending institutions, housing developers, real estate firms, financial counselors as well as local, state and federal housing agencies, serves as a housing resource center, linking families to the many housing choices in Norfolk, as well as to the resources needed to make their dream home a reality.

The first week of June, the Mortgage Bankers Association reported, “U.S. home
foreclosures and the rate of homes entering the foreclosure process rose to record highs in the first quarter with increases across many loan classes.”

While a national trend of foreclosures continues to climb, low to moderate buyers
utilizing the HomeNet program are staying in their homes, according to LaShawn Fortes, HomeNet Manager. These buyers usually qualify for financial assistance, such as below market mortgages, if they successfully complete HomeNet’s training program.

Data is not available for HomeNet’s market rate buyers, as a second deed of trust is only required for buyers who receive subsidies. A bank would then notify NRHA if a client with a second deed is in default.

The mission of the HomeNet Homeownership Center is to demystify the home buying process and empower participants to make informed decisions during the often complex home buying process. The program includes credit and purchase counseling, a VHDAapproved first-time home buyer education class, qualified lenders, realtors and attorneys and SPARC interest rate discount.

About NRHA: 

Founded in 1940, NRHA is a national leader in community revitalization and fostering sustainable mixed-income communities. As the largest redevelopment and housing authority in Virginia, NRHA plays a key role in making Norfolk the city of choice to build, work, live and play.

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