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Neighborhood Stabilization Neighborhood Stabilization Program (NSP) UpdateProgram (NSP) Update
February 16, 2010
Presentation OutlinePresentation Outline
• Overview
• Program Implementation
• Marketing Strategy
• Additional NSP Activities
• Summary
Presentation OutlinePresentation Outline
• Overview
• Program Implementation
• Marketing Strategy
• Additional NSP Activities
• Summary
OverviewOverview
• NSP created by the Housing and Economic Recovery Act of 2008 to respond to rising residential foreclosures and property abandonment.
• Orange County allocated $27.9 million
• Board of County Commissioners approved the County’s NSP Plan on November 18, 2008.
• Grant agreements executed with HUD on March 9, 2009.
OverviewOverview
NSP Eligible Activities:
• Acquisition, rehabilitation, sale of foreclosed homes
• Acquisition, rehabilitation of foreclosed rental properties
• Demolition of abandoned, blighted properties
• Redevelopment of demolished or vacant properties
• Downpayment and closing cost assistance for Homebuyer
OverviewOverview
Significant 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
Presentation OutlinePresentation Outline
• Overview
• Program Implementation
• Marketing Strategy
• Additional NSP Activities
• Summary
Program Implementation Program Implementation Internal NSP TeamInternal NSP Team
Property Acquisition
Housing Rehabilitation
Marketing &Qualifying
Fiscal
Purchasing Division
Real Estate Division
Housing and Community Development DivisionMitchell Glasser, Manager
Frantz Dutes, Assistant Manager
CountyAttorney’s
Office
Program ImplementationProgram Implementation
External Partners • Orlando Regional Board of Realtors• Mortgage Brokers and Financial Institutions• Vendors:
• Contractors and trades• Appraisers• Surveyors• Title Companies
• Progress Energy (Energy saving audits)
Program ImplementationProgram Implementation
Sources for foreclosed properties:
• Multiple Listing Service
• Fannie Mae
• National Community Stabilization Trust
Program Implementation Program Implementation Option A:Option A: County Initiated Acquisition 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 ImplementationProgram Implementation Option A:Option A: County Initiated AcquisitionCounty Initiated Acquisition
• Buyers must be pre-qualified by lender.
• Buyers must have a realtor represent them.
• Available properties advertised in Multiple Listing Service and Orange County’s NSP web site.
Program ImplementationProgram Implementation Option A:Option A: County Initiated AcquisitionCounty Initiated Acquisition
Buyer Incentives:
• $20,000 Moderate
• $30,000 Low
• $35,000 Very Low
• Closing Costs paid by Orange County
• Buyer contributes 1.75% of contract price for FHA loans.
• 15 year non-amortized mortgage note at 0% interest
Program ImplementationProgram Implementation Option B:Option B: Realtor Initiated PurchasesRealtor Initiated Purchases
Realtor Participation:
• Identify suitable properties and buyers
• Coordinate purchase of foreclosed homes for eligible buyers
• Utilize NSP homebuyer assistance for homes in good condition
• Utilize NSP homebuyer assistance with FHA 203K program for homes needing repairs.
Program ImplementationProgram Implementation Option B:Option B: Realtor Initiated PurchasesRealtor Initiated Purchases
Buyer Incentives:
• Up to $35,000 down payment assistance to qualified buyers
• Closing costs paid by Orange County
• Buyer contributes 1.75% of contract price
Program ImplementationProgram ImplementationPerformance: AcquisitionPerformance: Acquisition
Properties acquired Option A 61
Properties acquired Option B 55
Properties under contract 19
Total number of homes 135
Expenditures Year to date
Total: $9,615,632
Program ImplementationProgram ImplementationPerformance: RehabilitationPerformance: Rehabilitation
Properties Completed 7
Under Construction 19
Out To Bid 6
Total Homes 32
Program ImplementationProgram ImplementationPerformance: SalesPerformance: Sales
Homes available for sale 7
Homes sold 2
Homes under contract 4
Presentation OutlinePresentation Outline
• Overview
• Program Implementation
• Marketing Strategy
• Additional NSP Activities
• Summary
Marketing StrategyMarketing Strategy
• Active NSP web site
• Access to Multiple Listing Service
• NSP for sale sign with home information flyers
Marketing StrategyMarketing StrategyAccess to Multiple Listing ServiceAccess to Multiple Listing Service
Marketing StrategyMarketing StrategyNSP For Sale Sign with Home Information FlyersNSP For Sale Sign with Home Information Flyers
Presentation OutlinePresentation Outline
• Overview
• Program Implementation
• Marketing Strategy
• Additional NSP Activities
• Summary
Additional NSP ActivitiesAdditional NSP Activities
• $7.0 million in NSP funds and $1,000,000 in SHIP funds allocated
• Acquisition and rehabilitation of foreclosed rental housing for very low income households
Issued a multi-family RFP for NSP
Additional NSP ActivitiesAdditional NSP ActivitiesDemolition of blighted structuresDemolition of blighted structures
Partnership with our Code Enforcement Division
Presentation OutlinePresentation Outline
• Overview
• Program Implementation
• Marketing Strategy
• Additional NSP Activities
• Summary
SummarySummaryComparativeComparative Performance ReviewPerformance Review
GranteeGrant
Amount Expenditure
Brevard County $ 5,269,667 0
Hillsborough County 19,132,978 $1,297,401
Jacksonville-Duval 26,175,317 2,700,162
Orange County 27,901,773 9,615,632
Orlando 6,730,263 245,283
Seminole County 7,019,514 3,129,437
Tampa 13,600,915 621,058
SummarySummaryPerformance ReviewPerformance Review
Expenditure Deadline: August 3, 2010
Grant Amount $27,901,773
Obligations 3,687,177
Expenditures to Date 9,615,632
Remaining Balance 14,598,964
Without RFP
SummarySummary
• Stabilizing neighborhoods
• Creating and retaining jobs
• Supporting green initiatives
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