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NSP3 Action Plan Amendment

NSP3 Action Plan Amendment. Program Overview. $1.4 million federal grant to purchase/rehab/ resell/lease foreclosed or distressed homes Activity 1 – Purchase Assistance or Purchase/Resell

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NSP3 Action Plan Amendment

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  1. NSP3 Action Plan Amendment

  2. Program Overview • $1.4 million federal grant to purchase/rehab/ resell/lease foreclosed or distressed homes • Activity 1 – Purchase Assistance or Purchase/Resell • Buyer Driven Program with Purchase Assistance (up to $30k) and Rehabilitation Assistance Provided (up to $15k) • 7 Units Completed through Buyer Driven • 1 Unit Purchased/Resold through Non-Profit • Activity 2 – Purchase/Lease • Mandatory 25% Requirement Met • 3 Units Completed through Non-Profit • Activity 3 – Grant Administration

  3. Program Update – Overall • Met 50% Expenditure Deadline by March 2013 • Enlisted Non-Profit Partner to Purchase/Resale • Must meet 100% Expenditure Deadline by March 2014 Deadline • Option to utilized non-profit partner to purchase/resale available if homebuyers unable to purchase units

  4. Program Update – Financial

  5. Changing Market Conditions • Forty-Six (46) applicants have qualified for NSP3 Assistance • Feedback from applicants • Difficulty finding units • Competition from investors • Units with more rehabilitation needed • Price appreciation • Engaged National Community Stabilization Trust to provide market analysis

  6. Action Plan Amendment • Necessary to Meet Grant Contract Performance Measures (March 2014 Deadline) • Action Plan Amendment • Increase maximum home price from $150,000 to $175,000 • Increase maximum rehabilitation assistance from $15,000 to $30,000 • Expand Area of Greatest Need

  7. Current AGN

  8. AGN Expansion

  9. Recommendation • Staff recommend approval of Action Plan Amendment • Citizen’s Advisory Task Force recommend approval (7-0)

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