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This presentation outlines the background, implementation strategy, performance review, challenges, and opportunities of the Neighborhood Stabilization Program (NSP) in Orange County. NSP was created in response to rising foreclosures and property abandonment. Key activities include acquiring and rehabilitating foreclosed properties, providing down payment assistance, and demolishing blighted structures. The implementation strategy involves collaboration with internal and external partners, such as realtors, financial institutions, and energy companies. Challenges include a warming housing market, while opportunities include neighborhood stabilization and job creation. Additional activities include issuing a multi-family RFP, allocating funds for rental housing rehabilitation, and creating an NSP website. The summary highlights the program's progress, ongoing activities, and potential expansion through NSP II. For more information, visit www.ocfl.net/housing.
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Neighborhood Stabilization Program (NSP)Quarterly Report August 25, 2009
Presentation Outline • Background • Implementation Strategy • Performance Review • Challenges and Opportunities • Additional NSP Activities • Summary
Presentation Outline • Background • Implementation Strategy • Performance Review • Challenges and Opportunities • Additional NSP Activities • Summary
Background • NSP was created by the Housing and Economic Recovery Act of 2008 to respond to rising residential foreclosures and property abandonment. • Orange County was allocated $27.9 million • Board of County Commissioners approved the County’s NSP Plan on November 18, 2008. • Grant agreements were executed with HUD on March 9, 2009.
Background Orange County Residential Foreclosures
Background NSP Eligible Activities: • Acquisition, rehabilitation and sale of foreclosed homes • Acquisition and rehabilitation of foreclosed rental properties • Demolition of abandoned and blighted properties • Redevelopment of demolished or vacant properties • Downpayment and closing cost assistance for Homebuyer
Background Significant program requirements: • Purchase foreclosed property at a discount from current appraised value • Changed from 5% to 1 % discount for all purchases • Program must serve low to moderate income families • Twenty-five percent of program funds must serve very low income families
Presentation Outline • Background • Implementation Strategy • Performance Review • 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 (Streamline acquisition process) • National Community Stabilization Trust (First look program)
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)
NSP Properties Homebuyer Qualify Identify Acquire Outreach Down Payment Assistance Rehab Homeownership Implementation StrategyOrange County’s NSP Model
Presentation Outline • Background • Implementation Strategy • Performance Review • Challenges and Opportunities • Additional NSP Activities • Summary
Performance Review As of August 18, 2009
Performance ReviewComparative Analysis of NSP Grantees Expenditures As of August 18, 2009
Presentation Outline • Background • Implementation Strategy • Performance Review • 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 • Ensuring long term homeownership
Presentation Outline • Background • Implementation Strategy • Performance Review • Challenges and Opportunities • Additional NSP Activities • Summary
Additional NSP Activities • Issuance of a multi-family RFP • $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 • Background • Implementation Strategy • Performance Review • 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