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Revision to the Down Payment Assistance Program (DPA)

Revision to the Down Payment Assistance Program (DPA). Funded by The State Housing Initiative Partnership (SHIP) Program. Presentation Outline. Overview Housing Market Trends Downpayment Assistance Program Proposed Revisions to the Downpayment Assistance Program Action Requested.

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Revision to the Down Payment Assistance Program (DPA)

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  1. Revision to theDown Payment Assistance Program (DPA) Funded by The State Housing Initiative Partnership (SHIP) Program

  2. Presentation Outline • Overview • Housing Market Trends • Downpayment Assistance Program • Proposed Revisions to the Downpayment Assistance Program • Action Requested

  3. Presentation Outline • Overview • Housing Market Trends • Downpayment Assistance Program • Proposed Revisions to the Downpayment Assistance Program • Action Requested

  4. Overview State Housing Initiatives Partnership Program (SHIP) • Established 1992 • Funding source - Documentary Stamp Revenues • 67 Counties and 48 Municipalities participate • 5th Largest Recipient of SHIP Funds in the State • Orange County received $5.2 million for Fiscal Year 2008-2009 • And will receive $0 for FY 2009-2010

  5. Overview State Housing Initiatives Partnership Program (SHIP) Activities • Multi-Family Rehabilitation/Construction • Single Family Rehabilitation/Construction • Impact Fee Subsidy • Down Payment Assistance

  6. Presentation Outline • Overview • Housing Market Trends • Downpayment Assistance Program • Proposed Revisions to the Downpayment Assistance Program • Action Requested

  7. Housing Market Trends • July 2007 Metro Orlando reached a record high median sales price of $264,436 • May 2009 the median price of existing homes in Metro Orlando dropped to $130,000 • The last time the median sales price was at this level was in 2002

  8. Housing Market TrendsUnit Availability 19,123 Total Listings in Orange County Source: Orlando Board of Realtors - MLSJune 3, 2009

  9. Presentation Outline • Overview • Housing Market Trends • Downpayment Assistance Program • Proposed Revisions to the Downpayment Assistance Program • Action Requested

  10. Downpayment Assistance Program • First-time income eligible homebuyers • Property must be located within Orange County excluding City Limits of Orlando • Homebuyers are required to complete Homebuyer education class

  11. Downpayment Assistance Program Current Levels of DPA Assistance Very Low Income $35,000 Low Income $30,000 Moderate Income $20,000

  12. Downpayment Assistance Program • Average Down Payment Assistance Loan: $25,000 • Average number of households assisted: 325 per year • Current budget will be expended by early 2010

  13. Downpayment Assistance Program

  14. Presentation Outline • Overview • Housing Market Trends • Downpayment Assistance Program • Proposed Revisions to the Downpayment Assistance Program • Action Requested

  15. Proposed Downpayment Assistance Program • Current affordability level of housing market • Reduction or elimination in SHIP Funding • Doing more with less

  16. Proposed Downpayment Assistance Program Staff recommendation to decrease DPA subsidies • Conducted consultation with industry providers • Affordable Housing Advisory Board (AHAB) approved the recommendation on May 27, 2009

  17. Proposed Downpayment Assistance Program

  18. Presentation Outline • Overview • Housing Market Trends • Downpayment Assistance Program • Proposed Revisions to the Downpayment Assistance Program • Action Requested

  19. Action Requested Approval of a revision to the State Housing Initiative Partnership (SHIP) Program to decrease the level of assistance under the Down Payment Assistance Program (DPA).

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