Atlanta-based law firm Morris|Hardwick|Schneider (M|H|S) is helping to transform foreclosed properties from a challenge into an opportunity for low-income families. Through its office in Cleveland, Ohio, the law firm designed and is helping to implement a new program that transfers the titles of foreclosed and abandoned homes to low-income families. The first title transfers were closed this month.
Called The Hough Initiative because its focus is to re-build Clevelands Hough neighborhood, the program is a joint effort of several organizations, including Morris|Hardwick|Schneider, The 4KIDS Foundation, The Consortium for Community and Economic Development and The Lucian Development Group. Dean Talaganis, M|H|S Ohio district president, who runs the firms Cleveland office and is leading the law firms involvement in The Hough Initiative, designed the program in conjunction with Arthur Fayne, 4KIDS President, and William Roach, asset manager of Citi Residential Lending.
The pilot program in Hough is an exciting new model for transforming blighted urban neighborhoods. Im very proud of the work Dean and our Cleveland office are doing and honored that our firm is able to play a role in making this program a reality, said Nat Hardwick, M|H|S managing partner.
The strategy is not just to fix houses and donate them, said Fayne, whose 4KIDS Foundation supports the new homeowners through the process, educating them about the economic realities of owning real estate. We want families to learn how to participate in the process, to know what to expect in the future, to lead them to self-sufficiency, and, of course, to receive proper title to their new property.
There is no government funding of the Hough Initiative, as the program relies solely on the contributions of its private sponsors and partners. Morris|Hardwick|Schneider works with asset managers at participating banks to help identify and research land titles on properties which have been identified by the Consortium for Community and Economic Development, and The Lucian Development Group helps to secure the private equity funding and cooperation of lenders and donors to the program. The 4KIDS Foundation works directly with families and coordinates the efforts of the other partners in the program.
The Hough Initiative is just the beginning of what could be a nationwide effort, Hardwick continued. Beyond the immediate benefits of this program, which are tremendous, what is also exciting is that the lessons we are learning here can be implemented in other major U.S. cities. Since our firm has offices in so many different states, I could see us playing a role in helping this program to proliferate throughout the country.
Morris|Hardwick|Schneider, a Georgia limited liability company, is one of the largest real estate closings law firm in the United States. Together with its title company, LandCastle Title, M|H|S has 50 offices serving eight states. The firms participation in the Hough Initiative is part of its on-going commitment to give back to the communities in which it has offices. Through the firms non-profit organization, The LandCastle Foundation, it partners with local, regional and national non-profit organizations that provide shelter and health care to needy children, families and individuals. The Foundation carries out its mission by making financial donations, hosting annual fundraisers and coordinating volunteer opportunities for the employees, clients and friends of Morris|Hardwick|Schneider and LandCastle Title. To learn more, go to www.closingsource.net.