homeownership project management rescuing and re using homes
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Homeownership Project Management Rescuing and Re-Using Homes. A LITTLE ABOUT US …. HUD’s Community Planning and Development Program Kentucky Housing Corporation ICF International. Overview. Why rescue/re-use homes? Identify neighborhood/community Program designs Finding properties

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Presentation Transcript
a little about us
A LITTLE ABOUT US …
  • HUD’s Community Planning and Development Program
  • Kentucky Housing Corporation
  • ICF International
overview
Overview
  • Why rescue/re-use homes?
  • Identify neighborhood/community
  • Program designs
  • Finding properties
  • Finding partners
  • Leveraging resources
  • Finding buyers
why rescue re use
Why Rescue/Re-Use?
  • Maintains the character of existing neighborhoods
  • Stimulates neighborhoods and stabilizes communities
  • Removes blighted and potential dangerous properties
  • Improves tax base
  • Available properties in most KY localities
why rescue re use cont
Why Rescue/Re-Use? (cont)
  • Addresses community concerns vacant, abandoned properties
  • Acquisition cost to acquire is typically low
  • Increase number of units made lead-free and/or lead safe (if pre 1978)
  • Increase number of green built, energy efficient, and ENERGY STAR homes (new construction or substantial rehab)
ky home and ahtf guidelines
KY HOME and AHTF Guidelines
  • Priority for homeownership
    • New construction, could be for existing properties for demolition and reconstruction
    • Acquisition, rehab, and sale of existing properties
  • Priority for rescuing and re-using properties
  • Match requirement incentivizes property donation, materials, etc. appropriate for rescuing KY homes from further deterioration
identify neighborhood community
Identify Neighborhood/Community
  • Identify tipping point neighborhoods/streets
    • Where can you make the most impact?
    • Where is there existing investment?
  • Map/inventory community
    • Ownership, tenancy, and property condition
  • Hold neighborhood, stakeholder and community meetings as necessary
    • Who needs to be invited?
    • What should be discussed?
identify neighborhood community cont
Identify Neighborhood/Community (cont)
  • Ask for feedback on potential re-use of properties
    • Designs, colors, amenity packages
  • Develop holistic plan (mini “homeownership zone”)
    • Homeownership: acquisition, rehab and sale
    • Homeowner rehabilitation: remaining units
program design options
Program Design Options
  • Typical options, could be hybrid of both
    • Developer driven
      • Identify properties
      • Rehabilitate
      • Identify buyers
    • Homebuyer driven
      • Identify buyers
      • Identify properties
      • Rehabilitate
program design options cont
Program Design Options (cont)
  • Developer financing
    • Hard costs
      • Acquisition
      • Site prep
      • Rehabilitation, including substantial rehabilitation, OR demolition/reconstruction
    • Soft costs
      • Title fees
      • Appraisals
      • Developer fee
      • Homebuyer counseling
program design options cont1
Program Design Options (cont)
  • Homebuyer financing
    • Loans of all types (interest bearing, forgivable, etc.) allowed
      • Soft second mortgages
      • Downpayment assistance/closing costs
  • Homebuyer affordability requirements
    • Recapture provision, subject to net proceeds
    • Repayments (all of HOME due back), principal residency requirement
finding properties
Finding Properties
  • Existing vacant, detached single family homes
    • Smaller homes, add bedrooms and bathrooms to compete in local market and with today’s homebuyers
  • Reconstruction
    • Should have policy on when to reconstruct
    • Typically if rehabilitation is greater than 75% of the value of the property
finding properties cont
Finding Properties (cont)
  • Non-foreclosed properties
    • Private citizens
    • Realtors
    • Nonprofit organizations
    • Churches, other religious organizations
  • Foreclosed properties
    • KY Department of Revenue Tax foreclosure sales
finding properties cont1
Finding Properties (cont)
  • Foreclosed properties
    • Fannie Mae
      • http://www.homepath.com/state/ky.html
    • FHA
      • http://fha.foreclosure.com/state/KY.html
    • National Community Stabilization Trust (NCST)
      • http://www.stabilizationtrust.com/
      • Working with Department for Local Government (DLG) and Louisville
finding partners
Finding Partners
  • Yourself! Through local program incentives
    • Tax relief, low interest loans, etc.
  • The rest of the village
    • Developers:
      • Community Housing Development Organizations (CHDOs)
      • Habitat for Humanity
        • Over 50 affiliates in the state of KY
      • For profits, builders, etc.
    • Housing Counseling Agencies
finding partners cont
FindingPartners (cont)
  • Community leaders
    • Political alliances
    • Neighborhood associations
  • Social service organizations
    • Community Action Agencies/Partnership (CAA or CAP), 23 affiliates in KY working in all 120 counties
  • Religious organizations
leveraging resources
Leveraging Resources
  • General revenue
  • KHC (non-HOME/HTF)
    • ARC
    • Weatherization
  • Department for Local Government
    • CDBG
    • NSP
  • US Department of Agriculture (USDA)
    • Homeownership/rehabilitation assistance
finding buyers
Finding Buyers
  • Direct marketing approaches
    • Brochures
    • Street signs
    • Websites
    • Presentations to organizations, public, etc.
  • Indirect marketing approaches
    • Housing counseling agencies
    • Lenders
    • Realtors
program design example
Program Design Example
  • Steve Ervin, City of Paducah
    • Fountain Avenue Neighborhood
questions brainstorming
Questions/Brainstorming
  • With whom will you discuss these opportunities?
  • What is your next steps with your community?
  • ??
  • ??
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