IEERC has been operating as a non-profit public, private partnership since its incorporation in January 2009. It has helped to prevent the spread of blight in neighborhoods experiencing high levels of foreclosures.
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.
Participating partners have included the County of San Bernardino, San Bernardino Associated Governments, GBI Contractors and ABREI & Southern Cal Construction.