The city of Minneapolis and the city of St. Paul will be the first 2 cities to pilot the National First Look Program, which “coordinate the transfer of real estate-owned properties from financial institutions nationwide to local housing organizations, in collaboration with state and local governments”. Basically allows communities to purchase foreclosed homes from banks participating in the program after the redemption period, but before they come on the market for public sale. Should be a great way for some cities to attempt to “reclaim” some of the neighborhoods that have been devestated by the current run of foreclosures recently. City of Minneapolis website has a good ‘press release’ with some more info on The First Look Program.
