3. Engaging Residents in Managing the Neighborhood

Residents can be a powerful force in softening the impact of foreclosures in their neighborhoods.

Residents have capacities that no other stakeholder has: 

• They see the physical conditions of property on a daily basis.
• They may know who is at risk of foreclosure.
• They often have relationships of trust with neighbors that puts them in a unique position to persuade them to seek help.
• They are in numbers that make it possible for them to accomplish a great deal if each takes on a small role.

• Residents, especially homeowners, have a self-interest in protecting their investments and their quality of life.
• By engaging residents in managing the neighborhood, we may have a greater ability to protect them against their own foreclosure risk.

Strategies include:

• Educating residents on the problem of foreclosures and what they can do about it; helping them develop a plan to weather the storm and thrive.
• Getting residents involved in preventing further foreclosures through outreach and intervention and providing tools to protect their investments.
• Engaging residents in maintaining the highest possible physical standards on all neighborhood property, including their own.
• Strengthening social connections among residents.
• Strengthening residents’ ability to manage other day-to-day issues.
• Engaging residents in marketing the neighborhood and the properties for sale.