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Neighborhood Stabilization Program (NSP) Orange County, Florida

Neighborhood Stabilization Program (NSP) Orange County, Florida. Presentation Outline. Overview Implementation Strategy Challenges and Opportunities Additional NSP Activities Summary. Presentation Outline. Overview Implementation Strategy Challenges and Opportunities

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Neighborhood Stabilization Program (NSP) Orange County, Florida

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  1. Neighborhood Stabilization Program (NSP)Orange County, Florida

  2. Presentation Outline • Overview • Implementation Strategy • Challenges and Opportunities • Additional NSP Activities • Summary

  3. Presentation Outline • Overview • Implementation Strategy • Challenges and Opportunities • Additional NSP Activities • Summary

  4. Overview • Orange County is one of the top foreclosure markets in the nation. • Orange County was allocated $27.9 million in NSP. • Grant agreements were executed with HUD on March 9, 2009.

  5. Overview Orange County Residential Foreclosures

  6. Overview

  7. Presentation Outline • Overview • Implementation Strategy • Challenges and Opportunities • Additional NSP Activities • Summary

  8. Implementation StrategyInternal NSP Team Housing and Community Development Division Mitchell Glasser, Manager Frantz Dutes, Assistant Manager County Attorney’s Office Purchasing Division Real Estate Division Property Acquisition Housing Rehabilitation Marketing & Qualifying Fiscal

  9. Implementation Strategy External Partners • Orlando Regional Board of Realtors • Mortgage Brokers and Financial Institutions • Vendors: • Contractors and trades • Appraisers • Surveyors • Title Companies

  10. Implementation Strategy External Partners • Progress Energy (Energy saving audits) • Fannie Mae (First Look process) • National Community Stabilization Trust (First look program)

  11. Implementation StrategyFannie Mae (First Look process) Fannie Mae, Homepath.com • “First Look” process for Governmental agencies and first time homebuyers • Daily alerts of available properties • 45 day closing • Escrow deposit waived

  12. J.P. Morgan Chase (Seller) Wells Fargo (Seller) Bank of America (Seller) Implementation StrategyNational Community Stabilization TrustFirst Look Program The Trust (Transfer) Orange County (Buyer)

  13. Implementation Strategy Option A:County Initiated Acquisition • Orange County will hold title to all the acquired properties and coordinate the following: • Acquisition, repair and sale of NSP homes • Private companies provide needed services • Realtors assist with acquisition and sales

  14. Implementation StrategyOption A:County Initiated Acquisition • Scope of repairs prepared by County inspectors • Rehabilitation work conducted by private companies • Energy audit results included in repair work • Inspections of rehab work conducted by County inspectors

  15. Implementation StrategyOption A:County Initiated Acquisition • Interested buyer list • Buyers must be pre-qualified by lender prior to being added to the interested buyer list • Buyers must have a realtor represent them. • Available properties will be advertised on Orange County’s web site.

  16. Implementation StrategyOption A:County Initiated Acquisition Buyer Incentives: • $20,000 Moderate • $30,000 Low • $35,000 Very Low • Closing Cost paid by Orange County • Buyer contribution 1.75% of contract price for FHA loans. • County note will be 15 year non-amortized note at 0% interest

  17. Implementation StrategyOption B:Realtor Initiated Purchases Realtor Participation: • Identify suitable properties and buyers • Coordinate purchase of foreclosed homes for eligible buyers • Utilize NSP homebuyer assistance for homes in good condition • Utilize NSP homebuyer assistance with FHA 203K program for homes needing repairs.

  18. Implementation Strategy Option B:Realtor Initiated Purchases Buyer Incentives: • Up to $35,000 homebuyer assistance to qualified buyers • Closing Cost paid by Orange County • Buyer contribution 1.75% of contract price

  19. Implementation StrategyOption B:Realtor Initiated Purchases • Applications processed expeditiously • Commitment letter issued by Orange County • Down payment assistance check made payable to buyer and the closing agent • $8,000 Tax Credit may be used

  20. NSP Properties • Identify • Acquire • Rehab Homebuyer • Outreach • Qualify • Down Payment Assistance HOMEOWNERSHIP

  21. Implementation StrategyPerformance

  22. Presentation Outline • Overview • Implementation Strategy • Challenges and Opportunities • Additional NSP Activities • Summary

  23. Challenges and Opportunities Challenges: • A warmer housing market • Inventory of homes for sale has decreased in half to 8.1 month supply • Number of homes sold in July 2009 up 45% from July 2008 • Investors are actively pursuing & buying foreclosed properties

  24. Challenges and Opportunities Opportunities: • Stabilization of neighborhoods • Job creation and retention • Support of green initiatives • Create permanent supportive housing for special need groups

  25. Presentation Outline • Overview • Implementation Strategy • Challenges and Opportunities • Additional NSP Activities • Summary

  26. Additional NSP Activities • Issued a multi-family RFP for NSP • $7.0 million in NSP funds allocated • Acquisition and rehabilitation of foreclosed rental housing for very low income households

  27. Additional NSP ActivitiesDemolition of blighted structures Partnership with our Code Enforcement Division

  28. Additional NSP ActivitiesCreated NSP Web Site

  29. $136,100 Additional NSP ActivitiesCreated NSP Web Site

  30. Presentation Outline • Overview • Implementation Strategy • Challenges and Opportunities • Additional NSP Activities • Summary

  31. Summary • NSP organizational structure in place • Additional activities under way • Addressing challenges and meeting milestones • Potential expansion of the program through NSP II competitive grant

  32. For More NSP Information:www. ocfl.net/housing

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