Inland Empire recovery plan presented in Washington, D.C.
Members of the recently formed Empire Economic Recovery Corporation (IEERC met with legislators and policy makers in Washington, D.C. this week to educate them about their efforts to tackle the Inland Empire's foreclosure and economic woes by buying foreclosed properties with public and private money.
"The timing of us being here is incredibly important," said San Bernardino County Second District Supervisor Paul Biane in a news release. He proposed the formation of the IEERC last month and serves as chairman of the agency's board of directors. "Things are changing by the minute, by the hour, by the day as to what the stimulus package is going to look like."
The IEERC plans to contract with local businesses such as painters, plumbers, real estate agents, mortgage brokers, property managers, etc. to rehabilitate and sell foreclosed properties nce they are purchased. Profits generated through the sales of homes will be recycled into the corporation to purchase and renovate additional foreclosure properties.
The corporation will ensure foreclosure properties are purchased for primary residences, and it will also help prevent speculative buying by out-of-town investors, who would likely turn homes into rentals or board them up until the housing market returns.
The corporation's efforts include hosting foreclosure prevention seminars across the region to give struggling homeowners an opportunity to speak directly with their lenders and agencies such as HUD that may be able to provide assistance. The first seminar is scheduled for March 28 at the Jessie Turner Community Center in Fontana.
This week, San Bernardino Associated Governments - which represents all of the County's 24 cities as well as the County of San Bernardino - approved a work plan that will provide $50,000 to help IEERC and HUD host the home foreclosure prevention seminars.
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