Feds Want to Help Turn Foreclosed Properties Into Rentals

Feds Want to Help Turn Foreclosed Properties Into Rentals

The Chicago Tribune (2/2, Podmolik, 463K) reports, "The federal government announced on Wednesday the first phase of what could become a major program to help turn foreclosed homes into rental properties in hard-hit cities like Chicago." Called "the REO Initiative, the Federal Housing Finance Agency said investors who are interested in participating in the program could now take steps to pre-qualify their eligibility for the pilot phase and future parts of the program." The FHFA "said it is looking at investors' financial resources as well as their operational experience capability to manage properties in communities affected by the housing downturn."