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Neighborhood Stabilization Program (NSP) Quarterly Report

Neighborhood Stabilization Program (NSP) Quarterly Report. August 25, 2009. Presentation Outline. Background Implementation Strategy Performance Review Challenges and Opportunities Additional NSP Activities Summary. Presentation Outline. Background Implementation Strategy

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Neighborhood Stabilization Program (NSP) Quarterly Report

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  1. Neighborhood Stabilization Program (NSP)Quarterly Report August 25, 2009

  2. Presentation Outline • Background • Implementation Strategy • Performance Review • Challenges and Opportunities • Additional NSP Activities • Summary

  3. Presentation Outline • Background • Implementation Strategy • Performance Review • Challenges and Opportunities • Additional NSP Activities • Summary

  4. Background • NSP was created by the Housing and Economic Recovery Act of 2008 to respond to rising residential foreclosures and property abandonment. • Orange County was allocated $27.9 million • Board of County Commissioners approved the County’s NSP Plan on November 18, 2008. • Grant agreements were executed with HUD on March 9, 2009.

  5. Background Orange County Residential Foreclosures

  6. Background

  7. Background NSP Eligible Activities: • Acquisition, rehabilitation and sale of foreclosed homes • Acquisition and rehabilitation of foreclosed rental properties • Demolition of abandoned and blighted properties • Redevelopment of demolished or vacant properties • Downpayment and closing cost assistance for Homebuyer

  8. Background Significant program requirements: • Purchase foreclosed property at a discount from current appraised value • Changed from 5% to 1 % discount for all purchases • Program must serve low to moderate income families • Twenty-five percent of program funds must serve very low income families

  9. Presentation Outline • Background • Implementation Strategy • Performance Review • Challenges and Opportunities • Additional NSP Activities • Summary

  10. 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

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

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

  13. 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)

  14. NSP Properties Homebuyer Qualify Identify Acquire Outreach Down Payment Assistance Rehab Homeownership Implementation StrategyOrange County’s NSP Model

  15. Presentation Outline • Background • Implementation Strategy • Performance Review • Challenges and Opportunities • Additional NSP Activities • Summary

  16. Performance Review As of August 18, 2009

  17. Performance ReviewComparative Analysis of NSP Grantees Expenditures As of August 18, 2009

  18. Presentation Outline • Background • Implementation Strategy • Performance Review • Challenges and Opportunities • Additional NSP Activities • Summary

  19. 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

  20. Challenges and Opportunities Opportunities: • Stabilization of neighborhoods • Job creation and retention • Support of green initiatives • Ensuring long term homeownership

  21. Presentation Outline • Background • Implementation Strategy • Performance Review • Challenges and Opportunities • Additional NSP Activities • Summary

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

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

  24. Additional NSP ActivitiesCreated NSP Web Site

  25. $136,100 Additional NSP ActivitiesCreated NSP Web Site

  26. Presentation Outline • Background • Implementation Strategy • Performance Review • Challenges and Opportunities • Additional NSP Activities • Summary

  27. 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

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

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