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BROWARD COUNTY

BROWARD COUNTY. HOUSING & URBAN DEVELOPMENT Federal Programs for Foreclosure Prevention and Loss Mitigation: Impact on Local Communities October 8, 2008 Presented by: Commissioner Ilene Lieberman, District 1. Impact on Local Communities.

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BROWARD COUNTY

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  1. BROWARD COUNTY HOUSING & URBAN DEVELOPMENT Federal Programs for Foreclosure Prevention and Loss Mitigation: Impact on Local Communities October 8, 2008 Presented by: Commissioner Ilene Lieberman, District 1

  2. Impact on Local Communities Foreclosures are impacting localities in countless ways: • In Broward County more than 30,000 homes will initiate the foreclosure process in 2008 (up from about 2,000 in 2006) • The median value of a single family home has decreased from approximately $368,000 to $267,000 in the past year • As values decrease, property tax revenues which pay for community/public services, dwindle. The State of Florida is projecting a $5-6 billion budget shortfall for this fiscal year • Many South Florida residents are over-extended as a result of usurious loan practices and unable to refinance as values drop • Broward residents rank 7th nationally, in the number of households spending 50% or more of their income on housing

  3. Broward Foreclosure Prevention BLUE RIBBON PANEL 3 Major Focus Areas 23 Recommendations: • Full Report available for download: http://www.broward.org/housing/welcome.htm

  4. Report Highlights • Comprehensive Public Awareness Campaign (telethon, PSAs, outreach events, grassroots efforts, etc.) • “Anti-Run Around” Notices • Clerk of Court to mail borrowers intervention resources information when lis pendens are filed • Enhance/expand housing counseling services, earlier in the process • Increase Foreclosure Prevention Funding • All entitlement municipalities contribute CDBG funds to effort • Filing fee on Lis Pendens and other legal documents • Banks Real Estate Owned (REO) properties to non-profits

  5. Report Highlights • Create a Foreclosure Court • Encourage Legal Pro Bono Service • License Loan Originators • Regulate “Foreclosure Relief” Companies • Encourage Volunteer Corps, including high schools, faith-based organizations, sheriff’s details, etc., to assist with upkeep of foreclosed properties • Create a model ordinance for residential properties in foreclosure • Utilize university resources for tracking and analysis of residential loan foreclosure origination data and trends • Work with condo associations to ensure that they have reserve accounts so that owners can sell or refinance using FHA loans • Advocate for federal and state legislation offering foreclosure relief

  6. Keeping People in their Homes Broward’s Task Force Recommendations for foreclosure prevention and loss mitigation in practice: • Multiple foreclosure counseling workshops • Funding support through state and federal entitlement programs • On-going countywide mapping of foreclosure filings • Targeted code enforcement for vacant/abandoned foreclosed properties • Support of state and national licensing of loan originators • On-going quarterly implementation of the Mayor’s Foreclosure Panel, including: • Foreclosure Panel Sub-committees: • Education and Early Intervention • Community Mobilization and Resources • Judicial/Legal Advocacy and Legislation

  7. Keeping People in their Homes Broward County currently allocates $400,000 in CDBG and SHIP funds Foreclosure Prevention Program and Direct Financial Assistance CDBG and SHIP Foreclosure Prevention Program Counseling reviews: • Money and Home Management • Rental and Purchase Procedures • Housing Selection • Property Care and Maintenance • Reverse Equity Mortgages • Referrals to Community Resources • Homeownership

  8. Keeping People in their Homes SHIP Foreclosure Prevention – Direct Relief Assistance: • Offers up to $9,000 to single-family homeowners (deferred payment loan) to pay defaulted mortgages (SHIP) • Funds used to bring mortgages current for eligible homeowners and properties CDBG Financial Assistance Homeownership for Public Housing and Section 8 residents offers: • Financial assistance towards down payment and closing costs • Individual counseling in pre-purchase and post-purchase procedures • Residents required to attend Homebuyer’s workshop

  9. HUD Neighborhood Stabilization Program Broward County allocation $ 17,767,589 • Purchase and rehabilitate abandoned or foreclosed homes and residential properties • Modify our current program to provide financing mechanisms for purchase and redevelopment of foreclosed homes and residential properties including soft seconds, loan loss reserves and shared equity loans for low and moderate income homebuyers (up to 120% of area median income) • Explore the potential to establish land trust/bank for foreclosed homes

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