The White House said Wednesday that the country’s biggest mortgage lenders have agreed to give nonprofit organizations and local governments the chance to buy foreclosed homes before they are snapped up by private investors, the Associated Press writes.

The Obama administration said Bank of America, Wells Fargo, and other major lenders have agreed to give local nonprofit groups 48 hours to evaluate foreclosed properties ahead of private buyers.

Congress allocated $7-billion for charities and local officials to buy such homes, but they are often outbid by speculators who make minimal improvements or sit on the properties, waiting for the housing market to pick up. Housing and Urban Development Secretary Shaun Donovan said the deal with banks “helps us level the playing field to give communities a better chance to stabilize these neighborhoods.”