February 7, 2012

Presentation Outline Background Program Implementation Program Accomplishments Additional NSP Activity-Rental Summary

Presentation Outline Background Program Implementation Program Accomplishments Additional NSP Activity-Rental Summary

Background Neighborhood Stabilization Program (NSP) created by Congress to respond to rising residential foreclosures Orange County awarded $27.9 million for NSP 1 in 2009 $11.5 million for NSP 3 in 2011 Primary goals were: Rapidly reduce vacant and abandoned homes in target areas Stabilize neighborhoods impacted by foreclosures

Background Clerk of Courts Orange County, Florida Foreclosure Filings

Background NSP Program Requirements Program must serve low to moderate income families 25% of program funds must serve very low income families Selection of target areas with greatest need

Background

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

Presentation Outline Background Program Implementation Program Accomplishments Additional NSP Activity-Rental Summary

Program Implementation NSP Partners Housing and Community Development Division Real Estate Division Purchasing Division Code Enforcement Division Habitat for Humanity Orlando Realtors Mortgage Brokers and Financial Institutions Contractors Appraisers

Program Implementation 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

Program Implementation Downpayment Assistance for NSP Purchases Realtors identify suitable properties and buyers Coordinate purchase of foreclosed homes for eligible buyers Utilize NSP downpayment assistance

Conducted workshop trainings for realtors and lenders Issued request for qualifications for contractors Use of the media: Print media Multiple Listing Service (MLS) County web site Program Implementation NSP Marketing

Presentation Outline Background Program Implementation Program Accomplishments Additional NSP Activity-Rental Summary

Program Accomplishments Properties acquired-Orange County 176 Properties assisted-Downpayment 148 Demolition of blighted properties25 Rental units under rehabilitation264 Total Expenditures to Date: $31 Million Total Expenditures to Date: $31 Million

Program Accomplishments Rehabilitation Out To Bid15 Under Construction 8 Properties Completed 75 Total Homes98

Program Accomplishments Home Sales Homes available for sale 1 Homes sold 67 Homes under contract 7 Total Homes 75

Program Accomplishments NSP Clearance/Demolition Activity County Lien Placed on Properties – Code Enforcement Division Total Properties Demolished25 Azalea Park3 Holden Heights12 Meadow Woods2 Pine Hills8 Total Expended on Demolition$225,600

Program Accomplishments Successful partnership with Habitat for Humanity Orlando Awarded $1.6 million to Habitat Single family acquisition, rehabilitation, and sale to low income families Pine Hills targeted area Acquired 11 homes Sold 5 homes 5 under construction

Program Accomplishments Program Income Generated Homes are Rehabilitated Foreclosed Homes are acquired from bank Neighborhood Stabilization Program Funds Homes are sold to qualified homebuyers Funds recycled to acquire more homes $5 million dollars to date

Presentation Outline Background Program Implementation Program Accomplishments Additional NSP Activity-Rental Summary

Additional NSP Activity Multi-Family Re-development Project Seville Place Apartments: RFP award for Seville Place approved by the Board on June 8, 2010 Property located at 3124 Pine Hills Rd Across the street from new Evans High School Contained 444 units housed in 46 apartment buildings Property was in foreclosure since March 2009

Additional NSP Activity Multi-Family Re-development Project Seville Place Apartments Challenges: High vacancy rate 70% High crime rate Project needs major rehabilitation/ re-developing

Additional NSP Activity Multi-Family Re-development Project Seville Place Apartments Scope of Work: Reduction in density with demolition of 180 units, bringing complex to 264 units New roof, plumbing, windows, cabinets, flooring and appliances HVAC systems and landscaping Construction of new club house as major focal point for the complex.

Additional NSP Activity Multi-Family Re-development Project Seville Place Clubhouse: Before Construction / After Construction

Additional NSP Activity Multi-Family Re-development Project Seville Place Partnership Team: Orange County Seville Place Preservation LLC (Joint venture) Related Urban Development Group Orlando Neighborhood Improvement Corp.

Seville Place Apartments Groundbreaking Event

Presentation Outline Background Program Implementation Program Accomplishments Additional NSP Activity-Rental Summary

Stabilizing neighborhoods Creating & retaining jobs Supporting green initiatives Redeveloping distressed properties

February 7, 2012

Program Implementation Buyer Incentives: $10,000 Moderate $15,000 Low $20,000 Very Low Closing cost assistance 15 year non-amortized note at 0% interest

Program Implementation Buyer Incentives Orange County Second Mortgage History year, 0% interest, monthly amortizing note year, 0% interest, monthly amortizing note year, 0% interest, monthly amortizing note 2007-Present 15 year, 0% interest, non-amortizing note