WASHINGTON (MNI) – The following is an excerpt from the speech by
Federal Reserve Board Governor Elizabeth Duke Wednesday to open the
Feds’ summit on neighborhood stabilization:
It is not sufficient, given current economic conditions and the
significant needs of our neighborhoods, to do things the way we have
always done them. Homeownership, long promoted by federal policy and
facilitated by local housing organizations, cannot and should not be the
only alternative for REO properties.
Indeed, redevelopment strategies profiled in the conference
publication include rental housing, lease-purchase, and even converting
owners to renters to avoid vacancies. Including rental options among the
mix of stabilization strategies makes particular sense at a time of high
unemployment. Even in the best of times, homeownership limits mobility
in the labor market.
** Market News International Washington Bureau: 202-371-2121 **
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