“reinvigorate our communities with housing choices and economic improvements. By providing a mechanism to purchase and restore additional homes through the Transformation Act, the state can provide hope and help. There has been so little of either, since the economic collapse of 2008.”
The Committee also heard S.2156, which authorizes lenders to bring summary actions to foreclose mortgages on vacant and abandoned residential properties.
Berger also commented on S.2156:
“This is a common sense approach to the problem of homes that are abandoned when homeowners are underwater, and choose to walk away. These buildings can quickly deteriorate, becoming both eyesore and dangerous structures in neighborhoods. Beyond the physical safety issues in communities, these properties harm the economic security of our most people’s biggest investment – their home. A Temple University study found that a single abandoned property has been shown to drag down the value of its surrounding property by 15%.”