NSP: FROM OBLIGATION TO STABILIZATION FLORIDA HOUSING COALITION ANNUAL CONFERENCE SEPTEMBER 21, 2010 GLADYS SCHNEIDER

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1 NSP: FROM OBLIGATION TO STABILIZATION FLORIDA HOUSING COALITION ANNUAL CONFERENCE SEPTEMBER 21, 2010 GLADYS SCHNEIDER

2 NSP LIFT OFF! PROGRESS After sputtering to a start 18 months ago, the Neighborhood Stabilization Program saw its first home buyers move into formerly foreclosed properties this summer. (Palm Beach Post) "My goal has been to become a homeowner for my kids, but I totally lost hope until I saw an ad in the newspaper for NSP, COMMITMENTS EXPENDITURES TECHNICAL ASSISTANCE FROM OBLIGATION TO STABILIZATION

3 HUD Snapshots National Florida DCA

4 NATIONAL NSP FUNDS COMMITTED- 93.6%

5 NATIONAL NSP- % OF FUNDS EXPENDED- 39%

6 NATIONAL EXPENDITURES NEEDED- $100 M PER MONTH

7 ACTIVITY TYPES

8 ACTIVITY SUMMARY

9 LOW INCOME SETASIDE EXPENDED: 10.6%

10 SETASIDE EXPENDITURES- SEE DEFICITS RIGHT COLUMN

11 NSP 1 Direct NSP 1 DCA

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13 IMPACT OF NSP- FLORIDA SEPT EXPENDITURES: $227,828,424 EXPENDED $313,536,637 BALANCE MIAMI FIELD OFFICE- 100% COMMITTED/ 37.6%EXPENDED JACKSONVILLE FO % COMMITTED, 45.4% EXPENDED

14 STIMULUS IMPACT OF NSP 1 $1 M SPENDING = 77 JOBS=41,000 $1 M SPENDING= $7.6 M ECONOMIC ACTIVITY= 4.1 BILLION $1 M SPENDING= $2.98 M INCOME/EARNINGS= $1.6 B

15 NSP 2 $2 B NATIONAL $ 348M FLORIDA CONSORTIA

16 NSP 2

17 NSP 2 FLORIDA Regions NSP 2 FLORIDA AWARDS AMOUNT Miami Dade Neighborhood Housing Services of South Florida $89,375,000 Collier, Pensacola, Miami Habitat for Humanity Inter. $74,698,534 Palm Beach Palm Beach County $50,000,000 Pasco Pinellas Neighborhood Lending Partners of West Florida $50,000,000 Hillsborough Housing Authority for the City of Tampa $38,000,000 Palm Beach Lake Worth CRA $23,237,500 Sarasota City of Sarasota $23,000,000 TOTAL $348,311,034

18 NSP 3 FLORIDA ALLOCATIONS- TOP 20 % OF NEED CONDITIONS 13 COMMUNITIES FROM DCA STATE OF FLORIDA PROGRAM $8.5 M

19 2010 Foreclosure Needs and NSP3

20 FLORIDA NSP SCENARIOS

21 Ex. COMMITTED AND EXPENDED

22 EXPENDITURE RATE NEEDED

23 Ex. COMMITTED BUT NOT EXPENDED

24 EXPENDITURE RATE NEEDED

25 STRATEGIES- FEWER

26 COMMITTED AND EXPENDED

27 MULTIPLE STRATEGIES

28 MULTIPLE STRATEGIES/EXPENDITURE RATE

29 NOT TO WORRY

30 TECHNICAL ASSISTANCE FLORIDA HOUSING COALTION Bank of America Fannie Mae Freddie Mac FHLB Training & Development Associates HUD NSP RESOURCE EXCHANGE

31 FLORIDA HOUSING COALITION ON SITE ASSISTANCE OFF SITE ASSISTANCE WEBSITE NEIGHBORHOODS STUDY

32 HUD NSP RESOURCE EXCHANGE HUD NSP Listserv- sign up for notifications

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34 NSP Listserv

35 FAQ S REQUESTORS CATEGORIES OF QUESTIONS

36 ASK A QUESTION- REQUESTORS

37 TYPES OF QUESTIONS NSP Eligible Costs Other NSP Rules Acquisition/Disposition of REO Properties Program Income Implementing Homebuyer Programs 25% setaside Davis Bacon/Labor Standards

38 TYPES OF QUESTIONS Procurement Environmental Review Oversight of Subrecipients and Developers Appraisals and property valuation Income Documentation

39 MARKET SUPPLY ROCKET DOCKET INVESTORS FORECLOSURE RATE ABSORPTION TITLE ISSUES REMAIN ROLE OF REALTORS

40 FORECLOSURE RATES Rate has slowed Inventory increasing Deeds are converting to REO s

41 S. Florida Foreclosure Scores

42 N. Fla. Foreclosures 2010

43 MULTIPLE LISTING DATA REO SOLDS SF VS. CONDOS ABSORPTION RATE MEDIAN PRICES

44 REO MARKET SHARE

45 SINGLE FAMILY ABSORPTION

46 6 MONTH ABSORPTION REO S

47 ACQUISITION STRATEGIES FIRST LOOK PROGRAMS NATIONAL COMMUNITY STABILIZTION TRUST LIEN FORECLOSURES, ESCHEATMENTS

48 NSP INVENTORY SPEC HOUSES? MARKETING PLANS FINDING BUYERS FINANCING FOR BUYERS LONG TERM AFFORDABILITY

49 CONT. INVENTORY ISSUES TITLE PROBLEMS CHINESE DRYWALL IMPROPER FORECLOSURES ONGOING MAINTENANCE EXPENDITURES AND DUTIES

50 NEIGHBORHOOD PLANNING PARTNERSHIPS NEIGHBORHOOD ASSOCIATIONS CODE ENFORCEMENT UTILITIES PUBLIC SAFETY MARKETING

51 INVENTORY SOLUTIONS LEASE PURCHASE PROGRAMS COMMUNITY LAND TRUSTS LAND BANKING SOLID PARTNERSHIPS

52 LEASE PURCHASE HUD LEASE PURCHASE TOOLKIT MODEL FLORIDA LEASE AGREEMENT LEASE PURCHASE MANUAL CAPACITY GUIDELINES THREE PART PRO FORMA

53 COMMUNITY LAND TRUSTS Survey: Top permanent funding source= NSP Operational CLT s in position to use NSP Private financing- difficult CRA Loan Pool proposal- investment in pool PALM BEACH COUNTY

54 LAND BANKING LAND BANKING PLAN LOCAL GOVT. OR NONPROFIT MAINTENANCE AND OPERATIONS DISPOSITION POLICIES ENVIRONMENTAL CONCERNS LAST RESORT

55 DEMAND: HOMEBUYER FINANCE FHA CREDIT UNIONS NEW ISSUE BOND FINANCING- FHFC NSP AS PERMANENT FINANCING

56 Neighborhood Revitalization Coleman Park, WPB Can we measure the impact of NSP on increasing levels of homeownership? Can NSP be the Catalyst to neighborhood revitalization? (Shimberg Center for Affordable Housing, Bank of America)

57 Neighborhood Stabilization Measures Neighborhood Plans- this and surrounding areas Lending Data- over time Demographics Market- including NSP activities Infrastructure Graphic models

58 WHAT IS A STABLE NEIGHBORHOOD? Balanced housing market Low vacancy rate Good physical condition Balance of ownership to rental Active community partners Economic Development RESIDENTS WHO HAVE JOBS!

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