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Neighborhood Stabilization Program (NSP)
Quarterly Report
August 25, 2009
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Presentation Outline
• Background
• Implementation Strategy
• Performance Review
• Challenges and Opportunities
• Additional NSP Activities
• Summary
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Presentation Outline
• Background
• Implementation Strategy
• Performance Review
• Challenges and Opportunities
• Additional NSP Activities
• Summary
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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.
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Background
Orange County Residential Foreclosures
19,063
5,067
11,351
26,131
0
5,000
10,000
15,000
20,000
25,000
30,000
2006 2007 2008 Up to July2009
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Background
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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
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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
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Presentation Outline
• Background
• Implementation Strategy
• Performance Review
• Challenges and Opportunities
• Additional NSP Activities
• Summary
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Implementation StrategyInternal NSP Team
CountyAttorney’s
Office
Property Acquisition
Housing Rehabilitation
Marketing &Qualifying
Fiscal
Purchasing Division
Real Estate Division
Housing and Community Development DivisionMitchell Glasser, Manager
Frantz Dutes, Assistant Manager
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Implementation Strategy
External Partners
• Orlando Regional Board of Realtors
• Mortgage Brokers and Financial Institutions
• Vendors:
– Contractors and trades
– Appraisers
– Surveyors
– Title Companies
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Implementation Strategy
External Partners
• Progress Energy (Energy saving audits)
• Fannie Mae (Streamline acquisition process)
• National Community Stabilization Trust (First look program)
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Implementation Strategy National Community Stabilization TrustFirst Look Program
Wells Fargo(Seller)
J.P. Morgan Chase(Seller)
Bank of America(Seller)
The Trust(Transfer)
Orange County(Buyer)
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Implementation Strategy Orange County’s NSP Model
Homeownership
Outreach Qualify
DownPayment
Assistance
Homebuyer
Identify Acquire
Rehab
NSP Properties
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Presentation Outline
• Background
• Implementation Strategy
• Performance Review
• Challenges and Opportunities
• Additional NSP Activities
• Summary
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Performance Review
Properties acquired/assisted 30
Properties under contract 11
Offers pending 12
Properties reviewed to date 300
Expenditures Year to date
TOTAL $2,164,766
As of August 18, 2009
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Performance Review Comparative Analysis of NSP Grantees Expenditures
Grantee Grant Amount Expenditure
Dade County $62,207,200 $122,075Orange County 27,901,773 2,164,767Palm Beach County 27,700,340 0Jacksonville – Duval 26,175,317 100,373Hillsborough County 19,132,978 0Lee County 18,243,867 328,779Broward County 17,767,589 13,802Port St. Lucie 13,523,132 1,418,908Seminole County 7,019,514 0Orlando 6,730,263 0
As of August 18, 2009
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Presentation Outline
• Background
• Implementation Strategy
• Performance Review
• Challenges and Opportunities
• Additional NSP Activities
• Summary
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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
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Challenges and Opportunities
Opportunities:
• Stabilization of neighborhoods
• Job creation and retention
• Support of green initiatives
• Ensuring long term homeownership
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Presentation Outline
• Background
• Implementation Strategy
• Performance Review
• Challenges and Opportunities
• Additional NSP Activities
• Summary
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Additional NSP Activities
– $7.0 million in NSP funds allocated
– Acquisition and rehabilitation of foreclosed rental housing for very low income households
• Issuance of a multi-family RFP
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Additional NSP ActivitiesDemolition of blighted structures
Partnership with our Code Enforcement Division
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Additional NSP ActivitiesCreated NSP Web Site
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Additional NSP ActivitiesCreated NSP Web Site
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Presentation Outline
• Background
• Implementation Strategy
• Performance Review
• Challenges and Opportunities
• Additional NSP Activities
• Summary
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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
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For More NSP Information:
www. ocfl.net/housing