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City Housing Programs “Encouraging Homeownership and Reinvestment in our Neighborhoods”

City Housing Programs “Encouraging Homeownership and Reinvestment in our Neighborhoods”. Overview. Neighborhood Stabilization Program 1 Update Neighborhood Stabilization Program 3 Action Plan (Agenda Item #1) Community Development Block Grant Update Policy Changes (Agenda Items #2&3).

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City Housing Programs “Encouraging Homeownership and Reinvestment in our Neighborhoods”

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  1. City Housing Programs“Encouraging Homeownership andReinvestment in our Neighborhoods”

  2. Overview • Neighborhood Stabilization Program 1 • Update • Neighborhood Stabilization Program 3 • Action Plan (Agenda Item #1) • Community Development Block Grant • Update • Policy Changes (Agenda Items #2&3)

  3. Neighborhood Stabilization Program 1

  4. Program Update – Overall • Demonstrated 100% Obligation of Grant Funds by September 1, 2010 Deadline • Expended 89% of Grant Funds (Must be 100% by September 1, 2011 Deadline) • Contracted with Following Entities: • Flagler County (Applicant Intake) • Guardian Resource Management (Grant Consultant) • Fred Fox Enterprises, Inc. and Flagler Home Services Corporation (Resale Developers) • Mid-Florida Housing Partnership, Inc. (Non-Profit Housing Counselors and Rental Developers)

  5. Program Update – Resale • Twenty-One (21) buyer applications have been reviewed and approved. • Three (3) homes has been purchased, renovated, and resold to an applicant. • Two (2) homes have been purchased, renovated, and a closing has been scheduled with an applicant. • Ten (10) homes have been purchased and either renovated or under renovation currently. • One (1) purchase offer on a home has been accepted by the bank/owner and are proceeding towards closing. • Average Home Price: $107,700 / Average Repairs: $12,500

  6. Program Update – Rental • Four (4) homes have been purchased, renovated, and are now occupied. • This portion of the program is now complete and will be continued to be monitored for grant compliance. • Average Home Price: $102,100 / Average Repairs: $7,100

  7. CITY OF PALM COAST NEIGHBORHOOD STABILIZATION PROGRAM 3 ABBREVIATED ACTION PLAN 8

  8. Background Additional allocation of funds ($1 billion) provided in the Dodd-Frank Act of 2010. Purpose is to assist in the redevelopment of abandoned and foreclosed homes. Funds are being distributed based on funding formula established by HUD Secretary. 9

  9. City of Palm Coast Allocated $1,375,071. Allocation is direct from HUD. Palm Coast is a non-entitlement local government and thus must submit an Abbreviated Action Plan to receive the funding. Abbreviated Action Plan is due to HUD by March 1, 2011. 10

  10. Eligible Uses City will use Eligible Use B – Acquisition and Rehabilitation. This Eligible Use covers both the Purchase Assistance activity and the Acquisition and Rehabilitation activity. For households whose income does not exceed 120% of Area Median Income (AMI) Not less than 25% of funds are to be used for families whose incomes do not exceed 50% of AMI 11

  11. FY2010 HUD Income LimitsPalm Coast MSA 12

  12. Abbreviated Action Plan Eligible Use B – Acquisition and Rehabilitation Provide $893,796 to assist approximately 20 families with Purchase Assistance. Eligible Use B – Acquisition and Rehabilitation Provide $343,768 to partner to purchase 3 single family properties for rental to families below 50% AMI. Program Administration - $137,507 13

  13. HUD NSP3 Mapping Tool Grantees must identify specific area where they expect to carry out NSP3 program. Map produced by HUD website provides estimates of foreclosure related needs scores at Census Tract level and an impact score. HUD encourages grantees to have small target area so that allocation will have a visible impact on the area. Map produced must be submitted with Action Plan. 14

  14. Areas of Greatest Need Proposed Area Rank 1 (primary AGN) AREA PC 17 NSP Need 19 Min Score 17 Total HU 2082 %LMMI 61.6 %LMI 36.9 REO 44 Starts 148 Impact 30 15

  15. Areas of Greatest Need Proposed Area Rank 2 (Alternate) AREA PC 18 NSP Need 19 Min Score 17 Total HU 2472 % LMMI 56.3 % LMI 32.9 REO 52 Starts 175 Impact 35 16

  16. Areas of Greatest Need Proposed Area Rank 3 (Alternate) AREA PC 16 NSP Need 19 Min Score 17 Total HU 2430 % LMMI 61.7 % LMI 37.3 REO 52 Starts 172 Impact 34 17

  17. Community Development Block Grant Program

  18. Overview • $750,000 Housing Rehabilitation Application Submitted to State • Concept of Program • Home-owner occupied rehabilitation and/or demolition/reconstruction • Older homes (30+), where home is deteriorating and homeowner has no funds/ability to repair (i.e. seniors or disabled persons on social security) • Benefits homeowner, neighborhood, and contractors • Anticipate Contracting with Following Entities: • Flagler County (Applicant Intake) • Grant Consultant • Local Contractors for Rehabilitation • Currently in Fundable Range (Awards Announced in March) • Site Visit Occurred on 1/27/2010

  19. Policy Changes Needed • Local Housing Assistance Plan • Agenda Item #2 • Clarifying Amendment to Redefine Household Income to Include Non-Relatives • Employment of Small & Minority Businesses • Agenda Item #3 • Amended to Include Women Owned Businesses • Amended to Remove Hispanics from Definition of Minority Owned Businesses

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