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Receivership : a coordinated strategy to stabilize troubled properties

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Listed:
  • Chris Edell
  • Kai-yan Lee

Abstract

With the impact of municipal debt burdens, coupled with the effects of declining real estate prices and the US financial crisis, municipalities are looking for novel and cost-effective approaches to address abandoned, blighted and/or foreclosed properties that threaten the quality of life of their communities. Receivership, the use of statutory power to seize buildings and place properties under control of a judicially supervised 'receiver', can be an effective tool to tackle the problem of troubled properties which repeatedly violate safety and sanitary codes. Despite its potential, receivership requires significant coordination, as well as a committed team, in order to implement the intricate process of running a successful receivership strategy.

Suggested Citation

  • Chris Edell & Kai-yan Lee, 2010. "Receivership : a coordinated strategy to stabilize troubled properties," Public and Community Affairs Discussion Papers 2010-3, Federal Reserve Bank of Boston.
  • Handle: RePEc:fip:fedbpc:2010-3
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    File URL: http://www.bostonfed.org/commdev/pcadp/2010/pcadp1003.pdf
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    Keywords

    Foreclosure - Massachusetts ; Housing policy - Massachusetts;

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