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Implementing NSP-1 in Boston. A presentation for the 2009 NCDA Annual Conference San Antonio, Texas. Before NSP. Hendry Street Foreclosure Intervention Team (FIT) designated by Mayor Menino City of Boston acquisition and disposition of foreclosed properties in Hendry Street FIT area

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Implementing nsp 1 in boston

Implementing NSP-1 in Boston

A presentation for the

2009 NCDA Annual Conference

San Antonio, Texas


Before nsp

Before NSP

  • Hendry Street Foreclosure Intervention Team (FIT) designated by Mayor Menino

  • City of Boston acquisition and disposition of foreclosed properties in Hendry Street FIT area

  • Designation of additional FIT areas in Dacia Street & Langdon St.


Implementing nsp 1 in boston

HENDRY STREET – SPRING 2008


Implementing nsp 1 in boston

HENDRY STREET – SPRING 2008


City reo acquisitions

City REO Acquisitions

  • 15 HENDRY, PURCHASED & SOLD FOR $69,000

  • 17 HENDRY, PURCHASED FOR $100,000 & SOLD FOR $69,900

  • 19 HENDRY, PURCHASED FOR $69,000 (3 condos @ $23,000) & SOLD AS 3-FAM FOR $87,050

  • 21 HENDRY, PURCHASED FOR $69,000 (3 condos @ $23,000) & SOLD AS 3-FAM FOR $87,050

  • 11 COLEMAN, NEGOGIATED PURCHASE PRICE OF $95,000 FOR DEVELOPER


Implementing nsp 1 in boston

HENDRY STREET – SPRING 2009


Nsp 1 allocation

NSP-1 Allocation

  • Boston received a direct allocation from HUD of $4,230,191

  • Boston is one of only 4 communities in New England that received direct allocations (all 4 in MA)

  • Boston also received a matching grant from the state’s NSP allocation


Nsp 1 activities

NSP-1 Activities


Implementing nsp 1 in boston

TURNKEY OWNERSHIP

1 MARION PLACE

PURCHASE PRICE: $67,000

APPRAISED VALUE: $75,000

SELL PRICE: $67,000

*Not in NSP Target Area

22 ROCKWELL STREET

PURCHASE PRICE: $192,000

APPRAISED VALUE: $170,000

SELL PRICE: $170,000


Implementing nsp 1 in boston

REO PURCHASE/REHAB & SUPPORTIVE HOUSING

302 FULLER STREET

PURCHASE PRICE: $176,000

50 BRADSHAW STREET

PURCHASE PRICE: 5 CONDOS @

APPROX. $50,000 EACH


Implementing nsp 1 in boston

DOWNPAYMENT ASSISTANCE

2999 WASHINGTON ST

$15,000 – NSP

71 WEST COTTAGE

$25,000 – NSP/DACIA FIT


Implementing nsp 1 in boston

Change in Median Price, 2007-2008


Implementing nsp 1 in boston

42-44 WOODBINE STREET

NEGOGIATED PURCHASE

PRICE FOR LOCAL CDC: $89,000

WILL BE FEATURED ON

THIS OLD HOUSE

21 DACIA STREET

PURCHASED BY LOCAL CDC

42-44 WOODBINE STREET

NEGOGIATED PURCHASE

PRICE FOR LOCAL CDC: $89,000


Drgr projects activities

DRGR – Projects & Activities

  • All 8 budget programs (projects) set up in DRGR

  • Only 2 activities set up so far:

  • $9,999 for appraisals

  • $26,450 for 8-hour homebuyer education courses

  • Using City funds first, reimburse with NSP


For more information

For More Information:

Robert Gehret, Deputy Director

City of Boston

Department of Neighborhood Development

26 Court Street, 8thfloor

Boston, MA 02018

Phone: 617-635-0242

E-mail: bgehret.dnd@cityofboston.gov


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