Our nation is facing a housing crisis unseen since the Great Depression of the 1930s! Georgia ranks sixth in the nation in foreclosures and the problem is of particular concern in the metro Atlanta region. Consider the following:

-- Since 2006, nearly 150,000 foreclosures have been filed in the 10-county region!

-- Foreclosures in the 5 core counties increased by more than 28% in 2007 and are on pace to increase by more than 50% in 2008!

-- A study by the Center for Responsible Lending of 80,000 subprime foreclosures showed that more than 630,000 surrounding homes will lose value. The resulting decrease in house values and tax bases totals $1.8 billion!

-- A recent study by Dan Immergluck of Georgia Tech has shown that a 1% increase in the foreclosure rate results in a 2.3% increase in crime!

Affordable housing advocates are seeing decades of revitalization being wiped away in many neighborhoods. And the problem extends into suburban Atlanta as well - as entire new subdivisions have been foreclosed.

We must act now to stabilize impacted neighborhoods! ANDP’s plan to address this growing crisis includes.  Read more about ANDP's plan to address the foreclosure crisis. Then visit our Action Center for the latest news and ways you can help!

 

The measure includes $300 billion in new loan authority for the government to back fixed rate mortgages for troubled homeowners; $3.9 billion for communities to rehabilitate foreclosed properties and stabilize neighborhoods; and $15 billion in tax cuts, including an expanded low-income housing tax credit and a credit of up to $7,500, to be repaid, for some first-time home buyers.  MORE