Neighborhood Stabilization Program (NSP) Update February 16, 2010

Presentation Outline Overview Program Implementation Marketing Strategy Additional NSP Activities Summary

Presentation Outline Overview Program Implementation Marketing Strategy Additional NSP Activities Summary

Overview NSP created by the Housing and Economic Recovery Act of 2008 to respond to rising residential foreclosures and property abandonment. Orange County allocated $27.9 million Board of County Commissioners approved the County’s NSP Plan on November 18, Grant agreements executed with HUD on March 9, 2009.

Overview NSP Eligible Activities: Acquisition, rehabilitation, sale of foreclosed homes Acquisition, rehabilitation of foreclosed rental properties Demolition of abandoned, blighted properties Redevelopment of demolished or vacant properties Downpayment and closing cost assistance for Homebuyer

Overview

Overview Significant 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

Presentation Outline Overview Program Implementation Marketing Strategy Additional NSP Activities Summary

Program Implementation Internal NSP Team Property Acquisition Housing Rehabilitation Marketing & Qualifying Fiscal Purchasing Division Real Estate Division Housing and Community Development Division Mitchell Glasser, Manager Frantz Dutes, Assistant Manager County Attorney’s Office

Program Implementation External Partners Orlando Regional Board of Realtors Mortgage Brokers and Financial Institutions Vendors: Contractors and trades Appraisers Surveyors Title Companies Progress Energy (Energy saving audits)

Program Implementation Sources for foreclosed properties: Multiple Listing Service Fannie Mae National Community Stabilization Trust

Program Implementation Option 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

Program Implementation Option A: County Initiated Acquisition Buyers must be pre-qualified by lender. Buyers must have a realtor represent them. Available properties advertised in Multiple Listing Service and Orange County’s NSP web site.

Program Implementation Option A: County Initiated Acquisition Buyer Incentives: $20,000 Moderate $30,000 Low $35,000 Very Low Closing Costs paid by Orange County Buyer contributes 1.75% of contract price for FHA loans. 15 year non-amortized mortgage note at 0% interest

Program Implementation 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.

Program Implementation Option B: Realtor Initiated Purchases Buyer Incentives: Up to $35,000 down payment assistance to qualified buyers Closing costs paid by Orange County Buyer contributes 1.75% of contract price

Program Implementation Performance: Acquisition Properties acquired Option A61 Properties acquired Option B55 Properties under contract19 Total number of homes135 Expenditures Year to date Total: $9,615,632

Program Implementation Performance: Rehabilitation Properties Completed 7 Under Construction 19 Out To Bid6 Total Homes32

Program Implementation Performance: Sales Homes available for sale7 Homes sold2 Homes under contract4

Presentation Outline Overview Program Implementation Marketing Strategy Additional NSP Activities Summary

Marketing Strategy Active NSP web site Access to Multiple Listing Service NSP for sale sign with home information flyers

Marketing Strategy Active NSP Web Site

Marketing Strategy Active NSP Web Site

Marketing Strategy Access to Multiple Listing Service

Marketing Strategy NSP For Sale Sign with Home Information Flyers

Presentation Outline Overview Program Implementation Marketing Strategy Additional NSP Activities Summary

Additional NSP Activities $7.0 million in NSP funds and $1,000,000 in SHIP funds allocated Acquisition and rehabilitation of foreclosed rental housing for very low income households Issued a multi-family RFP for NSP

Additional NSP Activities Demolition of blighted structures Partnership with our Code Enforcement Division

Presentation Outline Overview Program Implementation Marketing Strategy Additional NSP Activities Summary

Summary Comparative Performance Review Grantee Grant Amount Expenditure Brevard County$ 5,269,6670 Hillsborough County19,132,978$1,297,401 Jacksonville-Duval26,175,3172,700,162 Orange County27,901,7739,615,632 Orlando6,730,263245,283 Seminole County7,019,5143,129,437 Tampa13,600,915621,058

Summary Performance Review Expenditure Deadline: August 3, 2010 Grant Amount$27,901,773 Obligations10,687,177 Expenditures to Date9,615,632 Remaining Balance7,598,964 With RFP

Summary Performance Review Expenditure Deadline: August 3, 2010 Grant Amount$27,901,773 Obligations3,687,177 Expenditures to Date9,615,632 Remaining Balance14,598,964 Without RFP

Summary Stabilizing neighborhoods Creating and retaining jobs Supporting green initiatives

For More NSP Information: www. OCFL.net/NSP