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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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Homeownership project management rescuing and re using homes

Homeownership Project ManagementRescuing and Re-Using Homes

A little about us

  • HUD’s Community Planning and Development Program

  • Kentucky Housing Corporation

  • ICF International


  • 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

  • With whom will you discuss these opportunities?

  • What is your next steps with your community?

  • ??

  • ??