ThinkProgress Highlights BCC's "Stability-Oriented" Approach to Foreclosure Crisis
Alan Pyke, deputy economic policy editor for ThinkProgress, interviewed BCC CEO Elyse Cherry about the ongoing effects of foreclosure in low-income communities for his piece, "The Forgotten Crisis Every Presidential Candidate Should Be Talking About In Nevada." The piece, posted last week, highlights approaches to combating blight and vacancy as a result of foreclosure, including BCC's Stabilizing Urban Neighborhoods Initiative (SUN).
“Many middle- and upper-class communities have rebounded, but in low-income communities, home prices have stagnated,” Cherry said. “And people who got mortgages during the bubble tend to be seriously underwater. So what SUN does is find homeowners who are in default or foreclosure who can’t afford to pay a mortgage at the bubble price, but can pay one at the current market price.”
Pyke also emphasizes the significance of strong housing policy proposals from presidential candidates, suggesting that housing, including foreclosure, should be a major part of the conversation throughout the primaries.