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Learn about Orange County's NSP implementation, accomplishments, and plans to combat foreclosures. Discover the program's impact on stabilizing neighborhoods and supporting communities.
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Neighborhood Stabilization Program (NSP) Orange County, Florida
Presentation Outline • Background • Program Implementation • Program Accomplishments • NSP 3 Plan • Action Requested
Presentation Outline • Background • Program Implementation • Program Accomplishments • NSP 3 Plan • Action Requested
Neighborhood Stabilization Program (NSP) created by Congress to respond to rising residential foreclosures Orange County awarded $27.9 million Grant agreements executed with HUD March 2009 Primary goals were: Rapidly reduce vacant and abandoned homes in target areas Stabilize neighborhoods impacted by foreclosures Background
Background Orange County Foreclosure Filings Clerk of the Courts Office Orange County, Florida
Background NSP Program Requirements • Program must serve low to moderate income families • 25% of program funds must serve very low income families • Properties must be purchased at a 1% discount from current appraised value • Selection of target areas with greatest need
Background NSP Activities • Acquisition, rehabilitation, sale of foreclosed homes • Acquisition, rehabilitation of foreclosed rental properties • Demolition of abandoned, blighted properties • Downpayment assistance for Homebuyers
Presentation Outline • Background • Program Implementation • Program Accomplishments • NSP 3 Plan • Action Requested
Program Implementation Internal 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
Program ImplementationExternal Partners • Orlando Regional Board of Realtors • Mortgage Brokers and Financial Institutions • Vendors: • Contractors and trades • Appraisers • Surveyors • Progress Energy (Energy saving audits)
Program ImplementationAcquisition of NSP Homes • Two paths for acquiring properties • Option A: County Initiated Acquisition - Option B: Realtor Initiated Purchases
Program ImplementationOption A:County Initiated Acquisition • Orange County coordinates the acquisition, repair and sale of NSP homes • Realtors assist with acquisition and sales • Rehabilitation work conducted by private companies • Energy audit results included in repair work • Inspections of rehab work conducted by County inspectors
Program ImplementationOption B:Realtor Initiated Purchases Realtors Role: • Identify suitable properties and buyers • Coordinate purchase of foreclosed homes for eligible buyers • Utilize NSP downpayment assistance
Program ImplementationOption A & B: Buyer Incentives: • $10,000 Moderate • $15,000 Low • $20,000 Very Low • Closing cost assistance • 15 year non-amortized note at 0% interest
Program Implementation NSP Marketing • Conducted workshop trainings for Realtors and Lenders • Community outreach meetings for Contractors & Trades • Use of the media: • Print media • Multiple Listing Service (MLS) • Web site
Program Implementation NSP Marketing-Web Sitewww.OCFL.net/NSP
Program Implementation NSP Web SiteHome Detail Page
Presentation Outline • Background • Program Implementation • Program Accomplishments • NSP 3 Plan • Action Requested
Program Accomplishments Total Expenditures to Date: $19.8 Million
Program Accomplishments Rehabilitation
Program Accomplishments Home Sales
Presentation Outline • Background • Program Implementation • Program Accomplishments • NSP 3 Plan • Action Requested
September 2010- HUD announced additional NSP funding to local governments Authorized as part of Dodd-Frank Act July 2010 Orange County was awarded $11.5 million referred to NSP 3 Funding requires an NSP 3 Plan due to HUD by March 1, 2011 NSP 3 Plan
NSP 3 Plan NSP 3 Requirements - 50% expenditure within two years • 100% expenditure within three years • Very low income targeting requirement 25% of NSP allocation • Amend Action Plan for Community Development programs to include NSP 3 • Selection of target area with the greatest need
Foreclosures in Target Areas 2006-2010 Realty Trac
NSP 3 Plan Selection of Target Area: • Pine Hills is the area with the greatest need in terms of foreclosures • Pine Hills has a larger: • Percent of houses delinquent on mortgages or in foreclosure • Percent of high cost mortgages • Number of vacant houses
Summary • Stabilizing neighborhoods • Creating & retaining jobs • Supporting green initiatives • Reinvesting program income ($10.5 million) into the four other target areas
Presentation Outline • Background • Program Implementation • Program Accomplishments • NSP 3 Plan • Action Requested
Action Requested Approval of an Amendment of the 2010-2011 Annual Action Plan to include the Neighborhood Stabilization Program 3; approval of all required Certifications and Applications for Federal Assistance