The recent rise in foreclosures—particularly in states such as Arizona, California and Nevada—has been sudden and substantial.  According to one estimate, in these three states alone, more than 25,000 homes entered foreclosure in the first two months of 2008.  While much attention has rightfully focused on preventing foreclosures, local governments are already struggling with the fallout from widespread foreclosure: vacant buildings, diminished tax revenue, and displaced residents.

Addressing these negative impacts—both on borrowers and communities—is critical.  But what models and strategies are available to both help borrowers and convert REO properties into affordable homeownership or rental units?  How might these strategies need to be adapted for high-cost real estate markets?  What are the challenges that governments and nonprofits face in acquiring, rehabilitating, and managing foreclosed properties? And how can governments and nonprofits work with servicers and lenders to successfully convert foreclosed properties into community assets?

In this symposium, we will bring together national experts to answer these questions and to share best practices for stabilizing communities and for mitigating the negative impacts of foreclosure on borrowers.  The workshops and plenary sessions are designed for local practitioners who are working to develop solutions to the foreclosure crisis: community development organizations, housing counselors, affordable housing developers, government officials, policy-makers, servicers, and lenders.