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Homeownership Project Management Rescuing and Re-Using Homes

Homeownership Project Management Rescuing and Re-Using Homes. A LITTLE ABOUT US …. HUD’s Community Planning and Development Program Kentucky Housing Corporation ICF International. Overview. Why rescue/re-use homes? Identify neighborhood/community Program designs Finding properties

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Homeownership Project Management Rescuing and Re-Using Homes

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  1. Homeownership Project ManagementRescuing and Re-Using Homes

  2. A LITTLE ABOUT US … • HUD’s Community Planning and Development Program • Kentucky Housing Corporation • ICF International

  3. Overview • Why rescue/re-use homes? • Identify neighborhood/community • Program designs • Finding properties • Finding partners • Leveraging resources • Finding buyers

  4. Why Rescue/Re-Use? • Maintains the character of existing neighborhoods • Stimulates neighborhoods and stabilizes communities • Removes blighted and potential dangerous properties • Improves tax base • Available properties in most KY localities

  5. Why Rescue/Re-Use? (cont) • Addresses community concerns vacant, abandoned properties • Acquisition cost to acquire is typically low • Increase number of units made lead-free and/or lead safe (if pre 1978) • Increase number of green built, energy efficient, and ENERGY STAR homes (new construction or substantial rehab)

  6. KY HOME and AHTF Guidelines • Priority for homeownership • New construction, could be for existing properties for demolition and reconstruction • Acquisition, rehab, and sale of existing properties • Priority for rescuing and re-using properties • Match requirement incentivizes property donation, materials, etc. appropriate for rescuing KY homes from further deterioration

  7. Identify Neighborhood/Community • Identify tipping point neighborhoods/streets • Where can you make the most impact? • Where is there existing investment? • Map/inventory community • Ownership, tenancy, and property condition • Hold neighborhood, stakeholder and community meetings as necessary • Who needs to be invited? • What should be discussed?

  8. Identify Neighborhood/Community (cont) • Ask for feedback on potential re-use of properties • Designs, colors, amenity packages • Develop holistic plan (mini “homeownership zone”) • Homeownership: acquisition, rehab and sale • Homeowner rehabilitation: remaining units

  9. Program Design Options • Typical options, could be hybrid of both • Developer driven • Identify properties • Rehabilitate • Identify buyers • Homebuyer driven • Identify buyers • Identify properties • Rehabilitate

  10. Program Design Options (cont) • Developer financing • Hard costs • Acquisition • Site prep • Rehabilitation, including substantial rehabilitation, OR demolition/reconstruction • Soft costs • Title fees • Appraisals • Developer fee • Homebuyer counseling

  11. Program Design Options (cont) • Homebuyer financing • Loans of all types (interest bearing, forgivable, etc.) allowed • Soft second mortgages • Downpayment assistance/closing costs • Homebuyer affordability requirements • Recapture provision, subject to net proceeds • Repayments (all of HOME due back), principal residency requirement

  12. Finding Properties • Existing vacant, detached single family homes • Smaller homes, add bedrooms and bathrooms to compete in local market and with today’s homebuyers • Reconstruction • Should have policy on when to reconstruct • Typically if rehabilitation is greater than 75% of the value of the property

  13. Finding Properties (cont) • Non-foreclosed properties • Private citizens • Realtors • Nonprofit organizations • Churches, other religious organizations • Foreclosed properties • KY Department of Revenue Tax foreclosure sales

  14. Finding Properties (cont) • Foreclosed properties • Fannie Mae • http://www.homepath.com/state/ky.html • FHA • http://fha.foreclosure.com/state/KY.html • National Community Stabilization Trust (NCST) • http://www.stabilizationtrust.com/ • Working with Department for Local Government (DLG) and Louisville

  15. Finding Partners • Yourself! Through local program incentives • Tax relief, low interest loans, etc. • The rest of the village • Developers: • Community Housing Development Organizations (CHDOs) • Habitat for Humanity • Over 50 affiliates in the state of KY • For profits, builders, etc. • Housing Counseling Agencies

  16. FindingPartners (cont) • Community leaders • Political alliances • Neighborhood associations • Social service organizations • Community Action Agencies/Partnership (CAA or CAP), 23 affiliates in KY working in all 120 counties • Religious organizations

  17. Leveraging Resources • General revenue • KHC (non-HOME/HTF) • ARC • Weatherization • Department for Local Government • CDBG • NSP • US Department of Agriculture (USDA) • Homeownership/rehabilitation assistance

  18. Finding Buyers • Direct marketing approaches • Brochures • Street signs • Websites • Presentations to organizations, public, etc. • Indirect marketing approaches • Housing counseling agencies • Lenders • Realtors

  19. Program Design Example • Steve Ervin, City of Paducah • Fountain Avenue Neighborhood

  20. Questions/Brainstorming • With whom will you discuss these opportunities? • What is your next steps with your community? • ?? • ??

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