Restore Neighborhoods La

RNLA is a not for profit holding and development corporation created in January 2009 to purchase foreclosed or abandoned properties at a discount from lenders and loan servicers for resale to qualified owners. The Los Angeles Housing Department (LAHD) worked closely with Enterprise Community Partners to establish RNLA as a “community based development organization”. LAHD signed a Neighborhood Stabilization Program (NSP) agreement with the Department of Housing and Urban Development (HUD) in February 2009 for a total of $32.8 million and is expected to obligate the entire amount within 18 months. In January 2010, LAHD was awarded a second NSP allocation of $100 million to be spent within 3 years. RNLA is a sub recipient agency contracting with LAHD to carry out the bulk purchase of foreclosed properties using these NSP funds. RNLA is also working in collaboration with the National Community Stabilization Trust (NCST) to acquire foreclosed properties from lending institutions. NCST is a newly formed national nonprofit organization whose mission is to provide an efficient and cost-effective mechanism for transferring foreclosed properties from lenders, servicers, investors, and government sponsored enterprises to local programs working to stabilize communities from foreclosures