Agency continues as private non-profit and begins to repay county
INLAND EMPIRE, Calif. (July 29, 2011)—The Inland Empire Economic Recovery Corporation (IEERC) announced today that the San Bernardino County Board of Supervisors approved an agreement to conclude the financial relationship between the county and the agency. The IEERC will continue to operate as a 501(c)(4) non-profit organization, and will be solely financed through private equity groups.
The IEERC’s original mission, created in part by county officials, will remain its driving force. Its mission is to lessen foreclosures and help stabilize real estate values in distressed inland neighborhoods by purchasing, renovating and reselling foreclosed properties.
In 2009, the county partnered with other local businesses to establish the IEERC. Since then the corporation has rehabilitated 45 homes, created 68 local jobs and stimulate local economic activity within the construction and mortgage industries. By reducing the number of foreclosed properties locally, the IEERC has also helped create more homeownership opportunities and keep properties out of the hands of absentee landlords.
“We are very grateful to San Bernardino County for its participation in helping us get this corporation off the ground,” said Robert Hooker, executive director of the IEERC. “The county’s support has been instrumental in ensuring IEERC’s success and growth, and now it is self-sufficient enough to stand on its own.”
The IEERC has begun to repay the county’s original financial investment. To date, the corporation has repaid approximately $900,000.
For more information about IEERC, contact Julie Harris at (909) 890-0841, or jharris@ieerc.org.
About IEERC
The Inland Empire Economic Recovery Corporation (IEERC) is a non-profit public, private partnership that was incorporated in January 2009 to prevent the spread of blight in neighborhoods experiencing high levels of foreclosures. The organization helps stabilize real estate values in distressed neighborhoods and provide more homeownership opportunities by purchasing, rehabilitating and selling foreclosed properties. Participating partners include the County of San Bernardino, San Bernardino Associated Governments, GBI Contractors and ABREI & Southern Cal Construction. For more information, visit www.ieerc.com.