View
219
Download
0
Category
Tags:
Preview:
Citation preview
NSP Program Basics• Established under the Housing & Economic Recovery Act of 2008 (not ARRA)• Based on CDBG regulations with numerous modifications and HOME affordability references• Beneficiaries up to 120% AMI; requires 25% of funds to target under 50% AMI• Created to mitigate the negative impact of the nation’s economic decline and housing market collapse.• Intended to stabilize and revitalize communities or areas hit the hardest
5 Eligible NSP Uses• USE A—Financing Mechanisms• USE B—Purchase and Rehabilitation of Abandoned or Foreclosed Homes• USE C—Land Banks• USE D—Demolition of Blighted Structures• USE E—Redevelopment of Demolished or Vacant Properties
• Get out there and do something with these properties!
HUD Defined Foreclosure Risk Factor Levels
•HUD Model Predictors: Unemployment, Vacancy, Sub-prime loans, Predicted foreclosures•HUD Foreclosure Risk Factor Levels measured from 1-10• As mapped: Low Risk Green – High Risk Red• High risk areas for Greensboro were primarily urban and low income• High concentration in the NE – SW crescent
Concentration in Low Mod Neighborhoods
• Areas outlined in blue meet the low and moderate income definition• High degree of overlap between foreclosure impacts and low mod areas
January 2007- June 2008 Foreclosure Sale Dates• Peak of the subprime foreclosure wave• High concentration of foreclosures in the areas predicted by the HUD model• Driven by sub-prime foreclosures• Less sub-prime concentration now – more Alt-A and job loss foreclosures
Local Ordinance Enforcement – Cases under order to repair (7/08)
• At the same time that homeowner units are being lost to foreclosure there are other elements of disinvestment occurring in the affected neighborhoods.
Focus of Greensboro NSP Response – Looking for the Gaps
• Repair Loans for Homebuyers• Partner with other homebuyer programs to
attract buyers to foreclosures needing repairs• Acquisition/Rehab/Resale• Concentrate the resources • Leverage other housing activities• Permanent Supportive Housing• Increase unit availability• Identified gap in Continuum of Care
Greensboro NSP ContactProgram Manager:
Cynthia BlueSr. Housing PlannerDepartment of Housing and Community DevelopmentPO Box 3136Greensboro, NC 27402(336) 433-7376
cynthia.blue@greensboro-nc.gov
Recommended