320 likes | 558 Views
Neighborhood Stabilization Program (NSP) Orange County, Florida. Presentation Outline. Overview Implementation Strategy Challenges and Opportunities Additional NSP Activities Summary. Presentation Outline. Overview Implementation Strategy Challenges and Opportunities
E N D
Neighborhood Stabilization Program (NSP)Orange County, Florida
Presentation Outline • Overview • Implementation Strategy • Challenges and Opportunities • Additional NSP Activities • Summary
Presentation Outline • Overview • Implementation Strategy • Challenges and Opportunities • Additional NSP Activities • Summary
Overview • Orange County is one of the top foreclosure markets in the nation. • Orange County was allocated $27.9 million in NSP. • Grant agreements were executed with HUD on March 9, 2009.
Overview Orange County Residential Foreclosures
Presentation Outline • Overview • Implementation Strategy • Challenges and Opportunities • Additional NSP Activities • Summary
Implementation StrategyInternal NSP Team Housing and Community Development Division Mitchell Glasser, Manager Frantz Dutes, Assistant Manager County Attorney’s Office Purchasing Division Real Estate Division Property Acquisition Housing Rehabilitation Marketing & Qualifying Fiscal
Implementation Strategy External Partners • Orlando Regional Board of Realtors • Mortgage Brokers and Financial Institutions • Vendors: • Contractors and trades • Appraisers • Surveyors • Title Companies
Implementation Strategy External Partners • Progress Energy (Energy saving audits) • Fannie Mae (First Look process) • National Community Stabilization Trust (First look program)
Implementation StrategyFannie Mae (First Look process) Fannie Mae, Homepath.com • “First Look” process for Governmental agencies and first time homebuyers • Daily alerts of available properties • 45 day closing • Escrow deposit waived
J.P. Morgan Chase (Seller) Wells Fargo (Seller) Bank of America (Seller) Implementation StrategyNational Community Stabilization TrustFirst Look Program The Trust (Transfer) Orange County (Buyer)
Implementation Strategy Option A:County Initiated Acquisition • Orange County will hold title to all the acquired properties and coordinate the following: • Acquisition, repair and sale of NSP homes • Private companies provide needed services • Realtors assist with acquisition and sales
Implementation StrategyOption A:County Initiated Acquisition • Scope of repairs prepared by County inspectors • Rehabilitation work conducted by private companies • Energy audit results included in repair work • Inspections of rehab work conducted by County inspectors
Implementation StrategyOption A:County Initiated Acquisition • Interested buyer list • Buyers must be pre-qualified by lender prior to being added to the interested buyer list • Buyers must have a realtor represent them. • Available properties will be advertised on Orange County’s web site.
Implementation StrategyOption A:County Initiated Acquisition Buyer Incentives: • $20,000 Moderate • $30,000 Low • $35,000 Very Low • Closing Cost paid by Orange County • Buyer contribution 1.75% of contract price for FHA loans. • County note will be 15 year non-amortized note at 0% interest
Implementation StrategyOption B:Realtor Initiated Purchases Realtor Participation: • Identify suitable properties and buyers • Coordinate purchase of foreclosed homes for eligible buyers • Utilize NSP homebuyer assistance for homes in good condition • Utilize NSP homebuyer assistance with FHA 203K program for homes needing repairs.
Implementation Strategy Option B:Realtor Initiated Purchases Buyer Incentives: • Up to $35,000 homebuyer assistance to qualified buyers • Closing Cost paid by Orange County • Buyer contribution 1.75% of contract price
Implementation StrategyOption B:Realtor Initiated Purchases • Applications processed expeditiously • Commitment letter issued by Orange County • Down payment assistance check made payable to buyer and the closing agent • $8,000 Tax Credit may be used
NSP Properties • Identify • Acquire • Rehab Homebuyer • Outreach • Qualify • Down Payment Assistance HOMEOWNERSHIP
Presentation Outline • Overview • Implementation Strategy • Challenges and Opportunities • Additional NSP Activities • Summary
Challenges and Opportunities Challenges: • A warmer housing market • Inventory of homes for sale has decreased in half to 8.1 month supply • Number of homes sold in July 2009 up 45% from July 2008 • Investors are actively pursuing & buying foreclosed properties
Challenges and Opportunities Opportunities: • Stabilization of neighborhoods • Job creation and retention • Support of green initiatives • Create permanent supportive housing for special need groups
Presentation Outline • Overview • Implementation Strategy • Challenges and Opportunities • Additional NSP Activities • Summary
Additional NSP Activities • Issued a multi-family RFP for NSP • $7.0 million in NSP funds allocated • Acquisition and rehabilitation of foreclosed rental housing for very low income households
Additional NSP ActivitiesDemolition of blighted structures Partnership with our Code Enforcement Division
$136,100 Additional NSP ActivitiesCreated NSP Web Site
Presentation Outline • Overview • Implementation Strategy • Challenges and Opportunities • Additional NSP Activities • Summary
Summary • NSP organizational structure in place • Additional activities under way • Addressing challenges and meeting milestones • Potential expansion of the program through NSP II competitive grant