Volusia county neighborhood stabilization program guidelines june 4 2009
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1. Volusia County Neighborhood Stabilization Program guidelines June 4, 2009. 2. County Council action Review Neighborhood Stabilization Program Approve the NSP guidelines Set standards and provide staff flexibility and latitude in implementation Approve the attached resolution

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1

Volusia County

Neighborhood Stabilization Program

guidelines

June 4, 2009


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2

County Council action

Review Neighborhood Stabilization Program

Approve the NSP guidelines

Set standards and provide staff flexibility and latitude in implementation

Approve the attached resolution

Give authority to county manager/designee to purchase homes

Give authority to county chair to convey title


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NSP background

Housing and Economic Recovery Act (HERA) of 2008

Direct allocation of $5,222,831

18 months to spend – agreement executed March 3, 2009

Acquire/redevelop abandoned and foreclosed properties in target areas

For households with income up to 120 percent of the area median income (AMI)


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Primary/secondary local target areas

(Selected from HUD database based on census tracks/block groups with high foreclosure risk)


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NSP programs for Volusia County

Homeownership – 60 percent of budget

County acquisition, rehabilitation/sale with Homebuyer Assistance

Buyer walk-in – direct purchase/rehab

NSP rental housing – 25 percent of budget

Demolition/redevelopment – 5 percent

Administration – 10 percent


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Neighborhood Stabilization Program

process


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Inventory

Affordable homes – Listed price not to exceed $189,750

Type of home – Single-family residences, town homes, condominiums

Status of title – Lender-owned through foreclosure

Occupancy status – Vacant, unoccupied

Marketability – Marketable to a first-time homebuyer

Letter of interest

Federal requirement, determine if lender is interested in voluntary purchase through NSP


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Negotiation and contract

Purchase price limitation – $189,750

Home inspection

Appraisal

Acquisition price must be a discount from appraised value (5 percent - 25 percent)

Appraisal – Must be performed by county-selected appraisal company


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Due diligence

Environmental review – federal requirement – conducted by Community Assistance

Lead-based paint inspection – conducted by Community Assistance lead contractors

Title search, survey and status of title – title reviewed by Legal


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Closing – County purchase

County manager or his designee is authorized to execute the required documents to acquire the home

Attended by county manager designee, county staff

Post closing

County keeps the home maintained and secure


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Rehabilitation and repair

Procedures will mirror Community Assistance’s current rehabilitation process

Work write-up and bid

Selection of contractor

Inspection of process

Draw schedule for payments


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Marketing/sale to homebuyer

Marketed through various means, including listing with real estate broker

Conveying title – County manager or his designee is authorized to execute the required documents


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Homebuyer assistance

Similar to county’s existing program

Occupy as primary residence for 15 years

County’s mortgage has shared appreciation feature

Community Assistance will conduct outreach and training for NSP Affordable Housing Partners


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Assistance amounts

* Based on a family of two with $300 monthly debt, 6 percent interest, $1,500 property insurance and $700 property taxes.


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Shared appreciation – new requirement


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Closing – homebuyer purchase

Conveying title – county chair is authorized to execute the deed and other documents to sell the home

Proceeds of the sale – recycled into the NSP program


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County acquisition, rehabilitation, sale with homebuyer assistance

Inventory

Letter of interest

Appraisal

Negotiation/contract

Due diligence

Closing

Post closing

Rehabilitation

Homebuyer assistance

Marketing/selling

Eligible buyer

Back into program


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Buyer walk-in program –eligible buyer finds home

Homebuyer and NSP Affordable Housing Partner responsible to find home that meets NSP criteria

(same acquisition criteria as county)

Home is affordable to the buyer

Buyer meets the income guidelines of NSP program (income does not exceed 120 percent of area medium income)


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Buyer walk-in program –differences from county acquisition

Closing – homebuyer

Buyer purchases home

First mortgagee agrees to county providing rehabilitation

Buyer moves in

Buyer does not move into home until rehabilitation is completed


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Acquisition of NSP home buyer walk-in

Eligible buyer

home selection

Letter of interest

Appraisal

Negotiation/contract

Homebuyer assistance

Due diligence

Closing

Rehabilitation

Eligible buyer


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NSP rental housing

Partner selection – notice of funding availability

Must be nonprofit organization

Member of Volusia/Flagler Homeless Continuum of Care and/or

Locally-certified Community Housing Development Organization


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Demolition and redevelopment

Acquire foreclosed and abandoned homes which are blighted to be demolished for the purpose of redevelopment (public infrastructure, public facility, etc.)


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County Council action

Review Neighborhood Stabilization Program

Approve the NSP guidelines

Set standards and provide staff flexibility and latitude in implementation

Approve the attached resolution

Give authority to county manager/designee to purchase homes

Give authority to county chair to convey title