Implementation Strategy Internal NSP Team County Attorney’s Office Property Acquisition Housing Rehabilitation Marketing & Qualifying Fiscal Purchasing Division Real Estate Division Housing and Community Development Division Mitchell Glasser, Manager Frantz Dutes, Assistant Manager
Implementation Strategy External Partners Orlando Regional Board of Realtors Mortgage Brokers and Financial Institutions Vendors: –Contractors and trades –Appraisers –Surveyors –Title Companies
Implementation Strategy External Partners Progress Energy (Energy saving audits) Fannie Mae (First Look process) National Community Stabilization Trust (First look program)
Implementation Strategy Fannie Mae (First Look process) Fannie Mae, Homepath.com “First Look” process for Governmental agencies and first time homebuyers Daily alerts of available properties 45 day closing Escrow deposit waived
Implementation Strategy National Community Stabilization Trust First Look Program Wells Fargo (Seller) J.P. Morgan Chase (Seller) Bank of America (Seller) The Trust (Transfer) Orange County (Buyer)
Implementation Strategy Option A: County Initiated Acquisition Orange County will hold title to all the acquired properties and coordinate the following: –Acquisition, repair and sale of NSP homes –Private companies provide needed services –Realtors assist with acquisition and sales
Implementation Strategy Option A: County Initiated Acquisition Scope of repairs prepared by County inspectors Rehabilitation work conducted by private companies Energy audit results included in repair work Inspections of rehab work conducted by County inspectors
Implementation Strategy Option A: County Initiated Acquisition Interested buyer list Buyers must be pre-qualified by lender prior to being added to the interested buyer list Buyers must have a realtor represent them. Available properties will be advertised on Orange County’s web site.
Implementation Strategy Option A: County Initiated Acquisition Buyer Incentives: $20,000 Moderate $30,000 Low $35,000 Very Low Closing Cost paid by Orange County Buyer contribution 1.75% of contract price for FHA loans. County note will be 15 year non-amortized note at 0% interest
Implementation Strategy Option B: Realtor Initiated Purchases Realtor Participation: Identify suitable properties and buyers Coordinate purchase of foreclosed homes for eligible buyers Utilize NSP homebuyer assistance for homes in good condition Utilize NSP homebuyer assistance with FHA 203K program for homes needing repairs.
Implementation Strategy Option B: Realtor Initiated Purchases Buyer Incentives: Up to $35,000 homebuyer assistance to qualified buyers Closing Cost paid by Orange County Buyer contribution 1.75% of contract price
Implementation Strategy Option B: Realtor Initiated Purchases Applications processed expeditiously Commitment letter issued by Orange County Down payment assistance check made payable to buyer and the closing agent $8,000 Tax Credit may be used
Implementation Strategy Performance Properties acquired Option A 30 Properties acquired Option B 24 Properties under contract 11 Offers pending 12 Properties reviewed to date 400 Expenditures Year to date TOTAL $4,505,993
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
Challenges and Opportunities Opportunities: Stabilization of neighborhoods Job creation and retention Support of green initiatives Create permanent supportive housing for special need groups