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Neighborhood Stabilization Program (NSP)

Neighborhood Stabilization Program (NSP). Orange County, Florida. Presentation Outline. Background Program Implementation Program Accomplishments NSP 3 Plan Action Requested. Presentation Outline. Background Program Implementation Program Accomplishments NSP 3 Plan Action Requested.

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Neighborhood Stabilization Program (NSP)

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  1. Neighborhood Stabilization Program (NSP) Orange County, Florida

  2. Presentation Outline • Background • Program Implementation • Program Accomplishments • NSP 3 Plan • Action Requested

  3. Presentation Outline • Background • Program Implementation • Program Accomplishments • NSP 3 Plan • Action Requested

  4. Neighborhood Stabilization Program (NSP) created by Congress to respond to rising residential foreclosures Orange County awarded $27.9 million Grant agreements executed with HUD March 2009 Primary goals were: Rapidly reduce vacant and abandoned homes in target areas Stabilize neighborhoods impacted by foreclosures Background

  5. Background Orange County Foreclosure Filings Clerk of the Courts Office Orange County, Florida

  6. Background NSP Program Requirements • Program must serve low to moderate income families • 25% of program funds must serve very low income families • Properties must be purchased at a 1% discount from current appraised value • Selection of target areas with greatest need

  7. Background

  8. Background NSP Activities • Acquisition, rehabilitation, sale of foreclosed homes • Acquisition, rehabilitation of foreclosed rental properties • Demolition of abandoned, blighted properties • Downpayment assistance for Homebuyers

  9. Presentation Outline • Background • Program Implementation • Program Accomplishments • NSP 3 Plan • Action Requested

  10. Program Implementation Internal 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. Program ImplementationExternal Partners • Orlando Regional Board of Realtors • Mortgage Brokers and Financial Institutions • Vendors: • Contractors and trades • Appraisers • Surveyors • Progress Energy (Energy saving audits)

  12. Program ImplementationAcquisition of NSP Homes • Two paths for acquiring properties • Option A: County Initiated Acquisition - Option B: Realtor Initiated Purchases

  13. Program ImplementationOption A:County Initiated Acquisition • Orange County coordinates the acquisition, repair and sale of NSP homes • Realtors assist with acquisition and sales • Rehabilitation work conducted by private companies • Energy audit results included in repair work • Inspections of rehab work conducted by County inspectors

  14. Program ImplementationOption B:Realtor Initiated Purchases Realtors Role: • Identify suitable properties and buyers • Coordinate purchase of foreclosed homes for eligible buyers • Utilize NSP downpayment assistance

  15. Program ImplementationOption A & B: Buyer Incentives: • $10,000 Moderate • $15,000 Low • $20,000 Very Low • Closing cost assistance • 15 year non-amortized note at 0% interest

  16. Program ImplementationBuyer Incentives

  17. Program Implementation NSP Marketing • Conducted workshop trainings for Realtors and Lenders • Community outreach meetings for Contractors & Trades • Use of the media: • Print media • Multiple Listing Service (MLS) • Web site

  18. Program Implementation NSP Marketing-Web Sitewww.OCFL.net/NSP

  19. Program Implementation NSP Web SiteHome Detail Page

  20. Presentation Outline • Background • Program Implementation • Program Accomplishments • NSP 3 Plan • Action Requested

  21. Program Accomplishments Total Expenditures to Date: $19.8 Million

  22. Program Accomplishments Rehabilitation

  23. Program Accomplishments Home Sales

  24. Presentation Outline • Background • Program Implementation • Program Accomplishments • NSP 3 Plan • Action Requested

  25. September 2010- HUD announced additional NSP funding to local governments Authorized as part of Dodd-Frank Act July 2010 Orange County was awarded $11.5 million referred to NSP 3 Funding requires an NSP 3 Plan due to HUD by March 1, 2011 NSP 3 Plan

  26. NSP 3 Plan NSP 3 Requirements - 50% expenditure within two years • 100% expenditure within three years • Very low income targeting requirement 25% of NSP allocation • Amend Action Plan for Community Development programs to include NSP 3 • Selection of target area with the greatest need

  27. Foreclosures in Target Areas 2006-2010 Realty Trac

  28. NSP 3 Plan Selection of Target Area: • Pine Hills is the area with the greatest need in terms of foreclosures • Pine Hills has a larger: • Percent of houses delinquent on mortgages or in foreclosure • Percent of high cost mortgages • Number of vacant houses

  29. Summary • Stabilizing neighborhoods • Creating & retaining jobs • Supporting green initiatives • Reinvesting program income ($10.5 million) into the four other target areas

  30. Presentation Outline • Background • Program Implementation • Program Accomplishments • NSP 3 Plan • Action Requested

  31. Action Requested Approval of an Amendment of the 2010-2011 Annual Action Plan to include the Neighborhood Stabilization Program 3; approval of all required Certifications and Applications for Federal Assistance

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