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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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Presentation Transcript
presentation outline
Presentation Outline
  • Overview
  • Implementation Strategy
  • Challenges and Opportunities
  • Additional NSP Activities
  • Summary
presentation outline1
Presentation Outline
  • Overview
  • Implementation Strategy
  • Challenges and Opportunities
  • Additional NSP Activities
  • Summary
overview
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.
overview1
Overview

Orange County Residential Foreclosures

presentation outline2
Presentation Outline
  • Overview
  • Implementation Strategy
  • Challenges and Opportunities
  • Additional NSP Activities
  • Summary
implementation strategy internal nsp team
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

implementation strategy
Implementation Strategy

External Partners

  • Orlando Regional Board of Realtors
  • Mortgage Brokers and Financial Institutions
  • Vendors:
    • Contractors and trades
    • Appraisers
    • Surveyors
    • Title Companies
implementation strategy1
Implementation Strategy

External Partners

  • Progress Energy (Energy saving audits)
  • Fannie Mae (First Look process)
  • National Community Stabilization Trust (First look program)
implementation strategy fannie mae first look process
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
implementation strategy national community stabilization trust first look program

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)

implementation strategy option a county initiated acquisition
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
implementation strategy option a county initiated acquisition1
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
implementation strategy option a county initiated acquisition2
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.
implementation strategy option a county initiated acquisition3
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
implementation strategy option b realtor initiated purchases
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.
implementation strategy option b realtor initiated purchases1
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
implementation strategy option b realtor initiated purchases2
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
slide20

NSP Properties

  • Identify
  • Acquire
  • Rehab

Homebuyer

  • Outreach
  • Qualify
  • Down Payment Assistance

HOMEOWNERSHIP

presentation outline3
Presentation Outline
  • Overview
  • Implementation Strategy
  • Challenges and Opportunities
  • Additional NSP Activities
  • Summary
challenges and opportunities
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
challenges and opportunities1
Challenges and Opportunities

Opportunities:

  • Stabilization of neighborhoods
  • Job creation and retention
  • Support of green initiatives
  • Create permanent supportive housing for special need groups
presentation outline4
Presentation Outline
  • Overview
  • Implementation Strategy
  • Challenges and Opportunities
  • Additional NSP Activities
  • Summary
additional nsp activities
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
additional nsp activities demolition of blighted structures
Additional NSP ActivitiesDemolition of blighted structures

Partnership with our Code Enforcement Division

slide29

$136,100

Additional NSP ActivitiesCreated NSP Web Site

presentation outline5
Presentation Outline
  • Overview
  • Implementation Strategy
  • Challenges and Opportunities
  • Additional NSP Activities
  • Summary
summary
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