Some elected officials and several non-profits in Queens are taking part in a new initiative aimed at helping homeowners get out of foreclosure and increasing affordable housing.
Under the "Foreclosure Buyback Pilot Program," non-profits can buy back distressed mortgages from federal government entities such as Freddie Mae and Freddie Mac, giving families the opportunity to refinance with the organization and stay in their homes.
If that's not possible, local non-profits or municipalities can bid on the distressed properties and then convert them into affordable housing.
Previously, only private equity and hedge funds could purchase these properties.
Councilors I. Daneek Miller, Ruben Wills, and Richards are involved in the program and say it is the first of its kind in the nation.