Implementing NSP-1 in Boston - PowerPoint PPT Presentation

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Implementing NSP-1 in Boston

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  1. Implementing NSP-1 in Boston A presentation for the 2009 NCDA Annual Conference San Antonio, Texas

  2. 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.

  3. HENDRY STREET – SPRING 2008

  4. HENDRY STREET – SPRING 2008

  5. 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

  6. HENDRY STREET – SPRING 2009

  7. 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

  8. NSP-1 Activities

  9. 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

  10. REO PURCHASE/REHAB & SUPPORTIVE HOUSING 302 FULLER STREET PURCHASE PRICE: $176,000 50 BRADSHAW STREET PURCHASE PRICE: 5 CONDOS @ APPROX. $50,000 EACH

  11. DOWNPAYMENT ASSISTANCE 2999 WASHINGTON ST $15,000 – NSP 71 WEST COTTAGE $25,000 – NSP/DACIA FIT

  12. Change in Median Price, 2007-2008

  13. 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

  14. 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

  15. 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