1. Clay County Housing Finance Authority THINKING OUTSIDE OF THE BOX

2. Summary of Surplus Funds Projects

3. Purchase of Foreclosed Homes Program  The Housing Finance Authority of Clay County partnered with the first builder in the Foreclosed Homes Program in January of 2010.  This was at the height of the foreclosures, coupled with a very high unemployment rate, especially in the building industry.  This program put a lot of contractors back to work, including their subcontractors – the backbone that undergirds our economy  Having these foreclosed properties purchased, rehabbed and back on the market was a great asset to the neighborhood  This program helped to preserve the affordable housing stock in our area

4. Purchase of Foreclosed Homes Program - Continued  This program put a lot of contractors back to work, including their subcontractors – the backbone that undergirds our economy  Having these foreclosed properties purchased, rehabbed and back on the market was a great asset to the neighborhood  This also helped to preserve the affordable housing stock in our area

5. Criteria for Builder Participation  Must be a State Certified Contractor  Must be a full time builder  Must have experience in renovating distressed properties  Must live/work in Clay County or have substantial ties to the community  Must Carry Builder’s Risk Insurance and name the Authority has a “loss payee”

6. Criteria for Property Being Purchased  Must be a Foreclosed/REO Property; or  Vacant “Short Sale” Property  Resale Price Should Not Exceed $185,000  Income Levels of Buyers Purchasing Property After Renovation Should be Consist with Bond Program

7. Funding for Purchase  The Authority provides to the approved builder the funding to purchase the distressed property, along with all of the closing costs.  The Authority charges no interest on this loan, but it does charge the builder a $2,000 flat fee. The fee is paid up front at closing and is financed into the loan along with the closing costs.  The Authority requires that the loan be personally guaranteed by the builder.  The builder must have its own funds to make the necessary renovations

8.  The Loan is secured by a Note and Mortgage on the property  The terms of the Note do not require the builder to make payments, nor does it carry any interest, instead the flat fee of $2,000 is charged at the time of closing  The loan is made for a one year period  The loan is paid back to the Authority when the property is sold to the new buyer  Buyers should meet similar qualifications that would be required under a bond program Funding for Purchase - Continued

9. Rental Program Providing Under Market Rate Rental Housing  The Authority partnered with the St. Johns Housing Partnership in 2013 to provide rental housing at under market value rent rates  The Authority provides financing to the St. Johns Housing Partnership to purchase distressed homes, rehab them and provide them on the rental market at below market rates for workforce housing  This partnership is providing affordable rental housing that is being heavily utilized by the not-for-profit organizations that are assisting the homeless in either homeless prevention or assisting them in getting back to self-sufficiency

10. Rental Program - Criteria For Property Being Purchased Property must be a foreclosed/REO property; or Vacant “short sale” property

11. Rental Program - Funding  The Authority provides funding to St. Johns Housing Partnership to purchase and renovate the property to be used in the rental program  The Authority charges a modest interest rate of 3% on this loan  The loan is secured by a Note and Mortgage on the Property  The terms of the Note require an annual interest payment  The loan is amortized for a period of 30 years, but balloons in 5 years

12. GRANT HISTORY  HABITAT FOR HUMANITY (Clay County) – in 2004 the Authority approved a $105,000 grant to Clay County Habitat for the purpose of assisting in the completion and moving onto Habitat lots, the permanent location of homes constructed by and through the Clay County School Partnership Program. Under the terms of the grant agreement, the HFA agreed to provide approximately $7,000 per home for 15 homes to be moved. These homes were sold by Habitat to very low, low and moderate income families.  CLAY COUNTY SHIP PROGRAM – in 2009, the HFA approved an annual $100,000 grant to Clay County for the payment of administrative expenses incurred by the SHIP Program. The HFA offered assistance for two years. This kept the SHIP Program alive for the years there were no funding from the legislature.

13. GRANT HISTORY - Continued  THE JAMES BOYS – are a group of volunteers, finishing carpenters by trade, who volunteer their time and efforts in constructing wheel chair ramps for those who cannot afford it. In 2010 the HFA provided a grant of $20,000 to be used to improve and or repair single family homes of qualified buyers – focusing on wheel chair ramps.  SHIP PARTNERSHIP WITH THE HFA – in 2013, the SHIP Program partnered with the St. Johns Housing Partnership, the HFA, the James Boys, and the Northeast Florida NEFAR Make a difference Day to make repairs to Mrs. Young’s house. Without these repairs, Mrs. Young, a 92 year old raising her developmentally disabled son, would have fallen through her kitchen floor.

14. LOAN HISTORY  BASCA – Serves persons with developmental disabilities:  financed 4 group homes  CHALLENGE ENTERPRISES – Serves persons with developmental disabilities:  Financed 2 group homes  Financed 3 homes for individuals with developmental disabilities  QUIGLEY HOUSE – serves women who have been victims of domestic abuse  Financed a 4-plex (mortgage was later forgiven)  MERCY SUPPORT SERVICES – serves persons who are homeless to bring them back to self sufficiency  provided loans to purchase scattered site housing to house the homeless

15. LOAN HISTORY Continued  POZ/DREAM FINDERS HOMES – provided loan to builder to build affordable housing  WIGGINS CONSTRUCTION – provided loan to builder to build affordable housing