[Housing News]
NACA: African-Americans who have benefited from NACA…
Photo: Facebook screenshot
Protest action at Invitation Homes Stockholders’ Meeting Thursday in NYC…
On Thursday May 30th at 11:30 a.m., NACA (Neighborhood Assistance Corporation of America) and dozens of people will attend the Invitation Homes annual shareholder meeting at the offices of Simpson, Thacher & Bartlett LLP, located at 425 Lexington Ave, New York, NY 10017. With this action, NACA launches its Invitation Homes Neighborhood Stabilization Campaign, to hold Invitation Homes and its major investors accountable for their devastating impact on affordable homeownership and tenant abuses.
Invitation Homes, with over 80,000 properties in 17 markets, is the largest owner of single-family property rentals in the country. They significantly limit the supply of affordable homes in many major markets including Atlanta, Charlotte, Jacksonville, Las Vegas, Orlando, Chicago, Phoenix and other areas nationwide. Greedy Wall Street investors with access to tens of millions in cash, are muscling out first-time home buyers with renters who are not invested in the long-term stability of these neighborhoods. In addition, their objective is to squeeze as much profit from their tenants by any means possible by displacing existing tenants, conducting virtual evictions through extreme rent increases at lease renewal, and by minimizing maintenance and upkeep. As a result, many Invitation Homes tenants are forced to endure slumlord conditions that include shoddy maintenance if any, predatory fee stacking, unnecessary evictions, and outrageous unaffordable rent increases.
“Every one of the houses now owned and rented out by Invitation Homes were previously owner-occupied often by a low-to-moderate income families”, states Bruce Marks, NACA CEO. “They purchased many of these homes from lenders and investors who foreclosed on homeowners that were subject to predatory lending practices without the opportunity to save their homes”.
NACA will unite Invitation Homes tenants, along with NACA members and other local community members nationwide to demand changes to Invitation Homes’ business practices. These including: (1) Returning these homes to low-to-moderate income homebuyers; (2) Improved property maintenance; (3) Tenant oversight to ensure livable conditions; (3) Restriction of fees and rent increases and threats of evictions; and (4) Increased regulatory oversight .
NACA is the largest HUD certified non-profit home ownership and community advocacy organization. NACA is the most effective organization in modifying mortgages and provides the best mortgage in the country. NACA (www.naca.com)
