Real Estate Owned Program (REO) RFQ for Community Partners, Architects, and Contractors- Restored Homes

Real Estate Owned Program (REO) Requests for Qualifications for Community Partners, Architects, and Contractors

Restored Homes HDFC (Restored Homes) is issuing Requests for Qualifications (RFQ) to determine the eligibility of experienced Community Partners, Architects, and Contractors to participate in the rehabilitation and sale of vacant foreclosed 1 to 4 family homes to low and moderate income families in New York City.

In 2008, Congress passed the Housing and Economic Recovery Act (HERA), which created the National Neighborhood Stabilization Program (NSP). The NSP provides grants to States and localities for the redevelopment of foreclosed and abandoned homes. The grants are intended to prevent further declines in neighborhoods most severely impacted by foreclosures. The City of New York's Department of Housing Preservation and Development (HPD) received a direct allocation of NSP funds which will be used to implement its 2008 Consolidated Plan: Addendum - Neighborhood Stabilization Program, focusing on acquiring, rehabilitating, and re-selling lender-owned real estate (REO) properties in the five boroughs.

Restored Homes, through an affiliate organization Restoring Urban Neighborhoods LLC (RUN LLC), is working in collaboration with HPD, NYS Housing Finance Authority, the National Community Stabilization Trust and lenders/servicers to facilitate the transfer of REO property to qualified owner-occupants to help alleviate the destabilizing effects that the growing stock of vacant homes is having on many New York City neighborhoods. Restored Homes will purchase and redevelop approximately 95 REO properties over a 36 month period. In order to create the largest positive impact, the REO Program targets the areas of greatest need, based on the highest percent of foreclosures, high cost loans and lis pendens filings, for property acquisition, rehabilitation, and marketing of homes.

In addition to accepting applications for the REO Program, Restored Homes will continue to accept applications for the Asset Control Area (ACA) Program. Through the ACA Program, Restored Homes will purchase, rehabilitate and re-sell up to 90 FHA-foreclosed properties from the U.S. Department of Housing and Urban Development (HUD). The ACA properties will be located in specific HUD-designated Revitalization Areas which are defined as neighborhoods in need of economic and community development where there is already a strong commitment by the local governments to address preservation of existing housing. Applicants found eligible may be working in both programs simultaneously.


If you have any questions, please call at 212-584-8981 Ext. 0.