Restore Neighborhoods LA – RNLA
Restore Neighborhoods LA, Inc. is a non-profit real estate development and holding corporation that acquires foreclosed or abandoned single-family and multi-family residential properties in some of the more blighted or high-foreclosure stricken neighborhoods in the City of Los Angeles. They then restore or build new residential products on these properties with eco-friendly and sustainable materials. However, their mission is not to flip these properties solely for the profit like many do, but rather to improve the neighborhoods and create new affordable opportunities for homeownership for low to moderate-income households. RNLA‘s goal is to change these communities “one street, one family at a time.”
Urban One provided a broad range of services to RNLA including, acquisitions coordination; disposition coordination; coordination of relocation per state, federal, and local requirements; developing loan and associated financing requirements for dispositions; coordination of environmental clearance processes; coordination and implementation of requests for proposals/qualifications processes; grant writing and other fund opportunity applications; assistance with development of new business plans and models; project management and tracking systems administration; and other real estate development and project management services.
|Client||Restore Neighborhoods Los Angeles, Inc. (RNLA)|
|Location||Los Angeles, California|
|Project Facts||Miscellaneous project management and financial advisory services for the acquisition, redevelopment, and disposition of various single-family and multi-family properties|
Excerpt from RNLA’s website: “RNLA is a nonprofit 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 three years. RNLA is a subrecipient 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.