Strategic Priority:  Foreclosure Mitigation Network

Background:

The free-fall of the housing market, which is hitting families hard across Northern Virginia, will hurt the nonprofit sector in a number of ways.
-   More families in need, as they choose between mortgage payments and other essentials, and as families are evicted from foreclosed homes
-   Less funding for nonprofit service providers, as governments have less money from real estate taxes and begin to slash their budget expenses - - including funding for nonprofits
-   Less money for nonprofits as the fate of Fannie Mae and Freddie Mac, which together provided over 45 million dollars a year to the Washington region nonprofits, remains uncertain
-   Less money for nonprofits as individuals and corporations reduce donations as their capital assets shrink and they face an uncertain future

In the Summer of 2008, nonprofits and government representatives from across Northern Virginia met to discuss the foreclosure crisis.  While some areas of our region are hurt worse than others [notably Prince William, Loudon, and parts of Fairfax County], all felt the impact of the housing downturn and the effect on workers and businesses. 

Out of the meeting grew the Foreclosure Mitigation Network, an effort to focus on the people involved in this crisis and not just the bricks and mortar.    Nonprofit NoVA members, notably Mary Agee of Northern Virginia Family Services and Kerrie Wilson of Reston Interfaith, were central players in this effort.  Nonprofits understand that this housing crisis is and will increase demand across many sectors and that getting timely and accurate information out to the community was essential.

The more we can stablize families and communities, the quicker we will be able to recover from these difficult times and move forward.  With currently limited funding, Nonprofit NoVA has focused on creating an internet hub of information for anyone dealing with foreclosure issues.  This includes both families and agencies serving those families.   In particular, we are encouraging families to seek housing/foreclosure counseling as soon as they face increased mortgage payments or trouble in paying their housing expenses. 

Please check out our new website at www.novaforeclosurenetwork.org