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Implementing NSP-1 in Boston

Implementing NSP-1 in Boston. A presentation for the 2009 NCDA Annual Conference San Antonio, Texas. Before NSP. Hendry Street Foreclosure Intervention Team (FIT) designated by Mayor Menino City of Boston acquisition and disposition of foreclosed properties in Hendry Street FIT area

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Implementing NSP-1 in Boston

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  1. Implementing NSP-1 in Boston A presentation for the 2009 NCDA Annual Conference San Antonio, Texas

  2. Before NSP • Hendry Street Foreclosure Intervention Team (FIT) designated by Mayor Menino • City of Boston acquisition and disposition of foreclosed properties in Hendry Street FIT area • Designation of additional FIT areas in Dacia Street & Langdon St.

  3. HENDRY STREET – SPRING 2008

  4. HENDRY STREET – SPRING 2008

  5. City REO Acquisitions • 15 HENDRY, PURCHASED & SOLD FOR $69,000 • 17 HENDRY, PURCHASED FOR $100,000 & SOLD FOR $69,900 • 19 HENDRY, PURCHASED FOR $69,000 (3 condos @ $23,000) & SOLD AS 3-FAM FOR $87,050 • 21 HENDRY, PURCHASED FOR $69,000 (3 condos @ $23,000) & SOLD AS 3-FAM FOR $87,050 • 11 COLEMAN, NEGOGIATED PURCHASE PRICE OF $95,000 FOR DEVELOPER

  6. HENDRY STREET – SPRING 2009

  7. NSP-1 Allocation • Boston received a direct allocation from HUD of $4,230,191 • Boston is one of only 4 communities in New England that received direct allocations (all 4 in MA) • Boston also received a matching grant from the state’s NSP allocation

  8. NSP-1 Activities

  9. TURNKEY OWNERSHIP 1 MARION PLACE PURCHASE PRICE: $67,000 APPRAISED VALUE: $75,000 SELL PRICE: $67,000 *Not in NSP Target Area 22 ROCKWELL STREET PURCHASE PRICE: $192,000 APPRAISED VALUE: $170,000 SELL PRICE: $170,000

  10. REO PURCHASE/REHAB & SUPPORTIVE HOUSING 302 FULLER STREET PURCHASE PRICE: $176,000 50 BRADSHAW STREET PURCHASE PRICE: 5 CONDOS @ APPROX. $50,000 EACH

  11. DOWNPAYMENT ASSISTANCE 2999 WASHINGTON ST $15,000 – NSP 71 WEST COTTAGE $25,000 – NSP/DACIA FIT

  12. Change in Median Price, 2007-2008

  13. 42-44 WOODBINE STREET NEGOGIATED PURCHASE PRICE FOR LOCAL CDC: $89,000 WILL BE FEATURED ON THIS OLD HOUSE 21 DACIA STREET PURCHASED BY LOCAL CDC 42-44 WOODBINE STREET NEGOGIATED PURCHASE PRICE FOR LOCAL CDC: $89,000

  14. DRGR – Projects & Activities • All 8 budget programs (projects) set up in DRGR • Only 2 activities set up so far: • $9,999 for appraisals • $26,450 for 8-hour homebuyer education courses • Using City funds first, reimburse with NSP

  15. For More Information: Robert Gehret, Deputy Director City of Boston Department of Neighborhood Development 26 Court Street, 8thfloor Boston, MA 02018 Phone: 617-635-0242 E-mail: bgehret.dnd@cityofboston.gov

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