Grants Free Licenses to COVID-19 Foreclosure Prevention Model to Cities Nationwide
Parcel Revenue Corporation (PRC) announced it will design, deploy, and provide free online support for a free economic development model for local governments designed on its proprietary Virtual Land Bank Platform (“VLBP”). The model assists local governments by using analytics and artificial intelligence to prevent foreclosures and protect incoming tax revenues from both property taxes and income taxes.
The model received a provisional patent from the United States Patent and Trademark Office in April, 2020 and free licenses will be available to cities and counties on May 15, 2020.
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Because the VLBP uses complicated algorithms and processes to predict foreclosures years before they occur, it allows local governments to be proactive instead of reacting months or years after properties become foreclosed and/or vacant. The VLBP also alerts local government officials by email or text messages when incoming tax revenues may be at risk both today and 1-5 years in the future.
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“A health pandemic is an event a VLBP model can easily interpret because the entire VLBP system accurately predicts future financial stress on homeowners based on current life events found in public records. Currently, local governments are reacting to foreclosures. They need to be predictive and proactive,” said Darnell Fenderson, M.B.A, who works as a real estate analyst at PNC Bank in Troy, MI.
Fenderson, along with other leaders from the real estate, tech, and legal industries, has joined the committee overseeing the roll out.
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