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NSP3 Action Plan Amendment

Overview of a $1.4 million federal grant program to buy, rehab, and resell distressed homes, with buyer assistance, lease options, and grant administration update to meet performance measures. Amendment includes increasing home price and rehab assistance limits.

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NSP3 Action Plan Amendment

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  1. NSP3 Action Plan Amendment

  2. Program Overview • $1.4 million federal grant to purchase/rehab/ resell/lease foreclosed or distressed homes • Activity 1 – Purchase Assistance or Purchase/Resell • Buyer Driven Program with Purchase Assistance (up to $30k) and Rehabilitation Assistance Provided (up to $15k) • 7 Units Completed through Buyer Driven • 1 Unit Purchased/Resold through Non-Profit • Activity 2 – Purchase/Lease • Mandatory 25% Requirement Met • 3 Units Completed through Non-Profit • Activity 3 – Grant Administration

  3. Program Update – Overall • Met 50% Expenditure Deadline by March 2013 • Enlisted Non-Profit Partner to Purchase/Resale • Must meet 100% Expenditure Deadline by March 2014 Deadline • Option to utilized non-profit partner to purchase/resale available if homebuyers unable to purchase units

  4. Program Update – Financial

  5. Changing Market Conditions • Forty-Six (46) applicants have qualified for NSP3 Assistance • Feedback from applicants • Difficulty finding units • Competition from investors • Units with more rehabilitation needed • Price appreciation • Engaged National Community Stabilization Trust to provide market analysis

  6. Action Plan Amendment • Necessary to Meet Grant Contract Performance Measures (March 2014 Deadline) • Action Plan Amendment • Increase maximum home price from $150,000 to $175,000 • Increase maximum rehabilitation assistance from $15,000 to $30,000 • Expand Area of Greatest Need

  7. Current AGN

  8. AGN Expansion

  9. Recommendation • Staff recommend approval of Action Plan Amendment • Citizen’s Advisory Task Force recommend approval (7-0)

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