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Richmond Cares – Joint Powers Agreement

October 1, 2014

Grassroots Actions

richmondcares – excerpt

Richmond CARES™ – Community Action to Restore Equity and Stability – is a program of the City of Richmond that seeks to restore economic and social stability to the community… (more)

With the permission of the City and the homeowner CARES buys mortgages – the loans, not the homes – and reduces the amount owed by the homeowner to less than the value of the home. This “principal reduction” prevents foreclosures that harm the community.  There is no cost to the homeowner or the City.

CARES is VITAL : Foreclosures harm neighbors and communities. Richmond has suffered mightily from the housing crisis and unfortunately it is far from over. It is still the case today, that more than half of all homes Richmond with mortgages are underwater. Many of these underwater homeowners are in foreclosures that CARES can prevent.

Richmond is taking ACTION: The City has decided…

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