The neighborhoods most impacted tend to be predominantly minority and lower-income
according to the report which was conducted by RCLCO (Robert Charles Lesser & Co), the
nation’s leading independent real estate advisory firm.

“Foreclosures are decimating neighborhoods across metro Atlanta,” said John O’Callaghan, president and CEO of ANDP. “Inflated property taxes in these communities are burdening existing homeowners and preventing future buyers from bringing new life to vacant and abandoned homes.”  Full Release     Full Report   
  

Local officials participate in the ANDP media briefing on the release of its tax analysis report

(L to R) DeKalb County Commissioner Connie Stokes, ANDP President John O'Callaghan, Atlanta City Councilwoman Joyce Sheperd, DeKalb County Commissioner Lee May and RCLCO Associate Dave Pierce.

Follow The Story 

►Study: Poor neighborhoods face unfair property taxes
by Kevin Duffy, Atlanta Journal-Constitution

►Study: Taxes on Foreclosed Properties Keep Out New Buyers
by Odette Yousef, WABE 90.1

►Tax Assessors Looking at Changing Formula
by Odette Yousef, WABE 90.1

If you would like to get involved, tell your story, or help in ANDP's advocacy efforts, visit our Action Center!



Are you facing foreclosure?

If you feel like you may be in danger of facing foreclosure, the time to call 888-995-HOPE™ is now - Homeowner's HOPE™, a counseling service provided by the Homeownership Preservation Foundation, can work with you to find a solution. The sooner you call, the sooner you can regain your peace of mind. Remember, you're not alone. Millions of people across the United States have trouble with their mortgage every year. Since 2002, our counselors have provided advice and education to more than 300,000 homeowners.

Stabilizing impacted neighborhoods
ANDP response to the foreclosure crisis

Our nation is facing a housing crisis unseen since the Great Depression of the 1930s! Georgia ranks sixth in the nation in foreclosures and the problem is of particular concern in the metro Atlanta region. Consider the following:

-- Since 2006, nearly 150,000 foreclosures have been filed in the 10-county region!

-- Foreclosures in the 5 core counties increased by more than 28% in 2007 and are on pace to increase by more than 50% in 2008!

-- A study by the Center for Responsible Lending of 80,000 subprime foreclosures showed that more than 630,000 surrounding homes will lose value. The resulting decrease in house values and tax bases totals $1.8 billion!

-- A recent study by Dan Immergluck of Georgia Tech has shown that a 1% increase in the foreclosure rate results in a 2.3% increase in crime!

Affordable housing advocates are seeing decades of revitalization being wiped away in many neighborhoods. And the problem extends into suburban Atlanta as well - as entire new subdivisions have been foreclosed.

We must act now to stabilize impacted neighborhoods! ANDP’s plan to address this growing crisis includes.  Read more about ANDP's plan to address the foreclosure crisis. Then visit our Action Center for the latest news and ways you can help!

 

Housing and Economic Recovery Act of 2008

On Wednesday, July 30, President Bush signed into law the Housing and Economic Recovery Act of 2008, H.R. 3221, which is widely viewed as the most significant housing legislation in a generation and aimed at supporting a portion of families impacted by the foreclosure crisis. 

The measure includes $300 billion in new loan authority for the government to back fixed rate mortgages for troubled homeowners; $3.9 billion for communities to rehabilitate foreclosed properties and stabilize neighborhoods; and $15 billion in tax cuts, including an expanded low-income housing tax credit and a credit of up to $7,500, to be repaid, for some first-time home buyers.