WASHINGTON, Aug. 11 (UPI) — The Obama administration sought investors Wednesday to consider bulk purchases of foreclosed properties belonging to the U.S. government for rental conversion.
The invitation came in the form of a “request for information” issued by the Treasury Department, the Federal Housing Administration and the Department of Housing and Urban Development, The Washington Post reported. The agencies set a Sept. 15 deadline to submit plans to get foreclosed properties out of the government’s hands.
“It’s critical that we support the process of repair and recovery in the housing market,” Treasury Secretary Timothy F. Geithner said. “Exploring new options for selling these foreclosed properties will help expand access to affordable rental housing, promote private investment in local housing markets and support neighborhood and home price stability.”
Officials say for-profit development and financial companies, community groups and others can submit plans for public-private partnerships.