The Neighborhood Stabilization Program

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1 The Neighborhood Stabilization Program

2 The Neighborhood Stabilization Program Timothy C. Raffa, Esquire Weissman, Nowack, Curry & Wilco, P.C Fax

3 OVERVIEW Housing and Economic Recovery Act of 2008 Congress allocated $3.92 billion in funds to the states, cities and local governments Each state receives a minimum of $19.6 million Community Development Block Grant

4 Purpose & Area of Greatest Need Purpose: stabilize neighborhoods that have high rates of foreclosure, delinquency, defaults or a high percentage of sub-prime mortgages: Areas of Greatest Need Geographical Areas with highest rates of foreclosure and sub-prime mortgages Based upon HUD Foreclosure and Abandoned Risk Score (8,9 or 10)

5 Allocation of Funds Timeline: Funds are to be Obligated within 18-months Funds should be expended within 5 years Non-obligated funds are recaptured by HUD

6 Allocation of Funds State of Georgia received a total of $153 Million Department of Community Affairs: $77 million Cities and Local Governments received $76 million directly

7 Allocation of Funds GEORGIA STATE PROGRAM $77,085,125 DE KALB COUNTY $18,545,013 ATLANTA $12,316,082 GWINNETT COUNTY $10,507,827 FULTON COUNTY $10,333,410 CLAYTON COUNTY $9,732,126 COBB COUNTY $6,889,134 COLUMBUS-MUSCOGEE $3,117,039 AUGUSTA $2,473,064 SAVANNAH $2,038,631

8 Use of Funds and Eligible Activities Acquisition and rehabilitation of foreclosed and abandoned properties: Acquire Disposition Direct homeownership assistance Funding of eligible rehab and preservation activities

9 Use of Funds and Eligible Activities Financing mechanisms for purchase and redevelopment of foreclosed homes for low-and middle-income homebuyers: Permanent Soft-Second loans at 0% to aid purchasers with repayment periods if sold or paid off prior to end of loan term; Down Payment Assistance Payment of closing costs Housing and Loan Counseling

10 Use of Funds and Eligible Activities Demolition of blighted and vacant structures: Demolish blighted structures (Defined: A structure is blighted when it exhibits objectively determinable signs of deterioration sufficient to constitute a threat to human health, safety, and public welfare. Once cleared, properties can be Land Banked or Redeveloped

11 Use of Funds and Eligible Activities Redevelopment of properties after blighted structures removed: New Construction of demolished properties Rehabilitation of vacant properties Reuse of properties for affordable rental housing

12 Use of Funds and Eligible Activities Land Bank: Acquisition of properties Maintenance of properties in Land Bank Disposition of properties NSP will cover costs up to 10 years.

13 Single Family Re-sales Sales price cannot exceed the FHA loan limit pf $252, Must be purchasers primary residence Buyer must complete 8-hours of HUD certified Home Counseling Household income must not exceed 120% of Area Median Income (AMI) Lease-Purchase option is available.

14 National Objectives Targeting families and individuals whose income does not exceed 120% of the Area Median Income (AMI) A minimum of 25% of funds are to be used for the purchase and redevelopment of abandoned or foreclosed properties for families or individuals whose income does not exceed 50% of the AMI

15 Atlanta: Area Median income 2008 MSA Househol d Income Limits 50% AMI (Low Income) 80% AMI (Low- Moderate Income $24,900 $28,500 $32,050 $35,600 $38,450 $41,300 $44,150, $47,000 $39,850 $45,550 $51,250 $56,950 $61,500 $66,050 $70,650 $75, % AMI (Middle Income) $59,800 $68,350 $76,900 $85,450 $92,300 $99,100 $105,950 $112,800

16 Affordability Requirements Various mechanisms will be utilized to attain the goal maintaining affordability in the areas where funds are utilized Properties cannot be sold as a primary residence for more than the total acquisition and rehabilitation costs

17 Affordability Requirements Properties must meet housing code ordinance and lead-based paint requirements Deed restrictions will be utilized to maintain it as affordable housing That is, it can only be sold to a buyer who meets certain income requirements and at a price affordable for the property

18 Affordability Requirements Setting of rental rates based upon fair market rents as determined by HUD Homeowner counseling Use of FHA loans instead of sub-prime mortgages Purchase and redevelopment of REO properties at a discount - 15%

19 Opportunities in Metro Counties Cobb County has selected its vendors Gwinnett County has two priorities: Priority One: Purchase and Rehab Foreclosed single-family housing Priority Two: Purchase foreclosed property on which new affordable housing can be constructed.

20 Opportunities in Metro Counties Gwinnett does NOT plan on using funds for the following: Rental properties or Demolitions Gwinnett anticipates the purchase, rehab and sale of 100 housing units. The county anticipates construction not to exceed 5-7 new units. Total units: 105

21 Opportunities in Metro Counties City of Roswell Joint Application with Fulton County Applied for $3,000,000 in funds from Georgia Department of Community Affairs

22 Opportunities Continued Fulton County: Anticipates the following: a. Demolition: 96 Units b. Acquisition: 42 Units/ resale at average sales price of $175, c. Rehab: 39 Units with an average cost of $15, d. Sale of Homes: 26 Units e. Redevelopment: 3 properties for public facilities instead of housing. f. Land Banking: 6 properties into the Fulton/Atlanta Total units: 212

23 Opportunities Continued City of Atlanta: a. Purchase & redevelopment of affordable foreclosed homes: 50 Units (at $25, per unit). b. Purchase, Rehab and Disposition of Foreclosed homes: 67 Units c. Land Banking activities: 15 Units d. Demolition of Blighted/Vacant Structures: 16 Units e. Redevelop Demolished/Vacant properties:8 Units Total units: 156

24 Opportunities Continued City of Atlanta is requesting Request for Proposals to become vendors at this time. Contact person is: Evelyn Nu Man City of Atlanta Bureau of Housing 68 Mitchell Street, Suite 1200 Atlanta, Ga

25 Additional Contacts Gwinnett County: Craig Goebel nancialservices/pdf/gc_nsp_application.pdf

26 Additional Contacts DeKalb County Chris Morris, Director Community Development Department ghborhoodstablizationprogramoverviewandu pdates.pdf

27 Additional Contacts Fulton County Ruth Jones

28 Additional Contacts Fulton County/City of Roswell Melvin Richardson (Fulton) Danny Blitch (Roswell) of%20Community%20Relations/NSP%20DCA%20 Application(1).pdf

29 Informational Sessions Information Session for Real Estate Professionals for the DeKalb, Fulton and City of Atlanta NSP s will be held Saturday. February 14 th, from 10:00 am to 12:00, at the Maloof Auditorium. Those interested have been asked to to pre-register.

30 Web Sites of Interest

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