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Douglas County

Douglas County. Neighborhood Stabilization Program. Federal Allocation to Georgia. $153,037,451 Total Allocation $77,085,125 for State NSP $75,952,326 to NSP Entitlements (9) Atlanta - DeKalb County Augusta/Richmond Co. - Fulton County Clayton County - Gwinnett County

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Douglas County

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  1. Douglas County Neighborhood Stabilization Program

  2. Federal Allocation to Georgia • $153,037,451 Total Allocation • $77,085,125 for State NSP • $75,952,326 to NSP Entitlements (9) • Atlanta - DeKalb County • Augusta/Richmond Co. - Fulton County • Clayton County - Gwinnett County • Cobb County - Savannah • Columbus/Muscogee Co.

  3. Public and Private Data by County • Foreclosure Data • Notices of Default (Number and % of Households) • Notices of Foreclosure Sales* (*Number and % of Households) • Real Estate Owned Property (Number and % of Households) • Mortgage Loan Data • % of conventional home mortgages by subprime lenders • Conventional home purchase mortgage loans by subprime lenders Sources: • Home Mortgage Disclosure Act (Federal Financial Institutions Examination Council) http://beta.dataplace.org • www.RealtyTrac.Com * Noted as “Trust Sales” in RealtyTrac data source

  4. Public and Private Data by County • Vacancy Rates • Units vacant 90 days or longer • USPS • High Housing Cost Burden • HH’s <50% AMI paying >30% of income on housing

  5. DCA Determined Need by Actual Data and Ranks

  6. Need Determined by Actual Data and Ranks • Formula used to measure need and determine possible direct allocations down to minimum grant size of $500,000 • Regional or Joint applications encouraged • Remaining funds will be placed in a “flexible pool” to be administered by the Georgia Housing Finance Agency (GHFA) • Entitlement needs adjusted by offset from previous HUD allocation

  7. State Action Plan Priorities • Priority within Low-, Moderate- and Middle-Income Areas • Each Sub-Recipient must use at least 25% of their funds to assist those at or below 50% of Area Median Income (AMI)…(rental) For Douglas County this amount is $936,065 • Properties must be purchased at an overall discount of 15% as verified by an appraisal made within 60 days of purchase.

  8. State Action Plan Priorities • Continued Affordability – DCA proposes to adopt the HOME program standards to be in compliance with HUD’s affordability standard • Program income to be managed with existing CDBG Revolving Loan Fund (RLF) policies and local reporting procedures

  9. Eligible Activities • Establish financing mechanisms for purchase and redevelopment of foreclosed properties; • 0% interest soft seconds • Down Payment assistance • Purchase and rehab residential properties that have been abandoned or foreclosed upon, in order to sell, rent, or redevelop such properties; • Establish land banks for homes that have been foreclosed upon; • Demolish blighted structures; and • Redevelop demolished or vacant properties.

  10. Total Budget:  (Include public and private components) Acquisition (a) Total NSP Grant Funds                   $3,744,262 (b) Administration Funds                     $   224,655 (this is 6% of the NSP)               (for entire program)                              (c)  Break-out of Acquisition Funds                                 (1) 50% or under AMI $  936,065 (this is 25% of the NSP)                                 (2) 51%-80% of AMI      $  387,531 (this is 10.35% of the NSP)                                 (3) 81%-120% of AMI    $2,196,011 (this is 58.65% of the NSP) $3,519,607

  11. Timelines • Action Plan published 11/13/2008 • NOFA was announced December 1, 2008 • Applications for Direct Allocation must be received by January 15, 2009 • DCA expects HUD approval of its Plan by December 31, 2008 • DCA announces Direct Allocation awards on or about February 20, 2009 • 18 months (from HUD Plan approval) to “use” funds

  12. Direct Allocation Application Rating • Prioritization of assistance to area(s) of highest and greatest need • Douglas County is 3rd in the State for areas of greatest need. • Administrative capacity (understanding and history of successfully completing CDBG and HERA type activities) • Implementation plan with specific eligible activities, and documentation of ability to implement activities quickly • Application is prepared and ready for submittal including down payment assistance, purchase & sale of foreclosed homes and demolition of blighted structures.

  13. Direct Allocation Application Rating • Congruence between DCA’s initial proposed allocation, funds requested through the local proposal, and the activities chosen to address the needs described • Adequacy of local proposal to ensure at least 25% of proposed allocation benefit persons below 50% of AMI • Utilization of 0% soft seconds to accomplish • Clear readiness to proceed with specific activities

  14. Direct Allocation Application Rating • The efficiency and effectiveness of the proposed activities • Demonstrated understanding of applicable laws and regulations • Description of implementation partnerships (if any) and documentation of partner roles and agreements • Two possible partners for administration of funds; Cobb Housing Authority and/or Atlanta Neighborhood Development Partners. • Needed agreements (e.g. options, contracts, leases, etc.) are in place and ready to implement.

  15. Other Considerations • 18 months to obligate and spend funds • Local governments can be identifying potential REO residential units • www.occ.treas.gov/cdd/ServicerContactInformation.pdf • www.occ.treas.gov/cdd/MortgageElectronicRegistrationSystems.pdf • www.mers-servicerid.org • Quarterly reports and monitoring

  16. Discussion

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