Financial & Storm Related

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1 Vision Strategy Implementation Adventures in Disaster Recovery: Financial & Storm Related Presented by: Jeremey Newberg Capital Access, Inc

2 Welcome Does anyone live in Michigan, New Jersey or New York? What questions do you have about recovery from stormrelated and/or financial disasters? Capital Access, Inc

3 Big Questions 1. What do the financial and storm related disaster recovery responses have in common? 2. What can we learn from disaster recovery efforts to position communities for longer term sustainability and prosperity? Capital Access, Inc

4 Disaster is an Equal Opportunity Affliction 1. Relatively prosperous communities will prevail and rebuild with, or without government help. 2. Distressed, disinvested, weak market communities will suffer because of a lack of talent, government capacity, market demand and capital. 3. Residents, Businesses and local governments always look to the federal government for help. Capital Access, Inc

5 What is a Financial Disaster? Overwhelming Job and Population Loss that leads to diminished tax base, foreclosures (Banks &Tax) and blight that threatens the viability of: Infrastructure Housing Businesses People Quality of life services Capital Access, Inc

6 Challenges for Financial Disaster Recovery Persistent, debilitating, perceptions of low value and poor quality of life. Diminished sense of safety and sense of a shared purpose. Potentially weak government systems. Traditional underwriting for housing and commercial redevelopment projects can often make no financial sense. Capital Access, Inc

7 What is Storm Related Disaster? Forces of nature that create physical devastation that results in damage to: Infrastructure Housing Businesses People Quality of life services Capital Access, Inc

8 So, the Storm Disaster hits People, Businesses and Local Leadership: Are overwhelmed by the scale of the damage Try to help themselves and their neighbors as best they can Always look to the federal government for help. Capital Access, Inc

9 So the Storm Disaster Recovery begins. State and local governments can get overwhelmed with: Need for fast response Scale of damage Need to build systems for compliance with federal dollars and regulations Get money and service to people without poor work quality and/or fraud Capital Access, Inc

10 Financial Disaster and Recovery Capital Access, Inc

11 Financial Disaster lead to Congress funding Neighborhood Stabilization Program 2 Capital Access, Inc

12 Battle Creek & Calhoun Co. Land Bank Benton Harbor & Berrien Co. Land Bank Detroit, Michigan Land Bank, & Detroit Land Bank Flint & Genesee Co. Land Bank Grand Rapids & Michigan Land Bank Hamtramck & Michigan Land Bank Highland Park & Michigan Land Bank Kalamazoo & Kalamazoo Co. Land Bank Lansing & Ingham Co. Land Bank Pontiac & Michigan Land Bank Saginaw & Saginaw Co. Land Bank Wyandotte & Michigan Land Bank Capital Access, Inc

13 Vision for Michigan NSP2 Consortium Help communities define The New Michigan Urban Neighborhood on their own terms. Establish a new approach to neighborhood economic development where Cities and Land Banks are vital partners in economic recovery. Clear the Way for Neighborhood Economic Development. Capital Access, Inc

14 Production Numbers As of May, 2013 Total Budgeted Units Tracking / Status Demolitions 3893 In Demolition (received notice to proceed but not complete) Demolition Complete (received final grade, seed, inspection) 1,351 2,208 Acquisitions 1,319 Acquired 1,429 Land Banking 808 Land Banked 936 In Construction 184 Construction Complete 331 Units for Sale 195 For Sale 516 Units Under Purchase Agreement 122 Units Sold/ Settlement Complete 186 In Construction 218 For Rent 301 Construction Complete 140 Units for Rent 112 Units Rented/ Leased 59 Total Budgeted Improved Housing Units: 817 Grant Award: $223,875,399 $ Expended : $223,875,399 Capital Access, Inc

15 Quality Homes Produced 500 Collins, Kalamazoo 295 Paddock, Pontiac 616 Park, Saginaw 818 Lyon, Flint Tracking the Progress of 1050 Monroe in Benton Harbor, MI 15 Capital Access, Inc

16 Blight Removal via Demolition 1. Reduced load on city services 2. Lower maintenance costs and liabilities 3. No more utility issues 4. No more resident complaint calls 5. Fresh look on distressed streets Demo in Flint Demo on Woodward Ave, Hamtramck Capital Access, Inc

17 Houses are Selling 1. Blight removal via Demolition helps people take a fresh look at neighborhoods once considered not desirable. 2. Build A Move Up Home At A Starter Home Price. 3. Affordability $1,000 down & PITI within $150 of current rent. 4. Liberate neighborhoods from negative perceptions: remove blight, build value, preserve affordability and market to people who do not necessarily identify themselves as Low-Income. 98 Wall, Pontiac 517 Marketplace, Kalamazoo Capital Access, Inc

18 Keisha Jones, Pontiac Homebuyer 1. The house is already in move-in condition. I love the appliances, master bathroom, big basement, and the backyard for my kids to play. 2. The Unity Park neighborhood has gone from chaos to quiet and beautiful. My whole support system is in Pontiac. 3. I pay $812 a month to rent. I will pay $575 a month to own. As a single mother of two kids, I appreciate that very much. Capital Access, Inc

19 Lafayette Lofts Mixed Use, Pontiac - Located in downtown Pontiac in the newly renovated 80,000 square-foot historic Sears Department Store - 46 lofts, of which 25% are low-income rentals - Lafayette Market Grocery Store - Anytime Fitness Gym - LEED Certified Capital Access, Inc

20 What Does Michigan Get for $223,875,399? It s the neighborhood and market, not the units. 1. Blight removal through massive targeted demolition. 2. Infusion of Improved houses and rentals that proves there is still demand for quality, energy-efficient, mixed-income housing. 3. Acquisition and land banking of strategic properties within eyesight of anchor and amenity assets that yields buildable lots for future transformational redevelopment; 4. City and Land Bank Capacity Building: new partnership and management systems between cities and land banks for NSP2 and beyond. Capital Access, Inc

21 Storm Related Damage Mantoloking, NJ. Before and After Capital Access, Inc

22 Please see attached map 40,500 homeowners and 15,600 rental units sustained major to severe damage $31.8 billion in estimated recovery need 138k workers filed for unemployment claims in first full month Tourism is 3 rd largest industry in NJ, representing 25 % of state private sector employment Capital Access, Inc

23 After Congress approved $50 billion supplemental appropriation, State of New Jersey requested HUD technical assistance for their $1.8 Billion Community Development Block Grant Disaster Recovery Action Plan. Capital Access, Inc

24 BUDGET Homeowner's Assistance: $780 mill Rental Housing: $380 mill Mantoloking, NJ. Before and After Economic Revitalization: $460 mill Government Entities: $116 mill Supportive Services: $10 mill Planning & Oversight: $84 mill $1.8 Billion TOTAL Capital Access, Inc

25 Mapping the Sandy Impact: Northern New Jersey Along the New Jersey Coast Southern New Jersey Capital Access, Inc

26 HUD Deployed Capital Access, Inc. to help New Jersey Initial Assignment Needs and Market Analysis Data Tracking and Dashboard Reporting Systems Assistance in developing design of programs in the Action Plan Respond To What Was Needed 1. Federal Procurement assistance with issuing $250 million RFQs for management contracts 2. Templates, assistance and training for Subrecipient Agreements for Program Partners 3. Program Design, Guidelines and Process Maps for: $800 million homeowner incentive programs $60 million local government essential public services $6 million code enforcement assistance 4. Mechanics of how to integrate CDBG DR Home Repair with FEMA Elevation and Buyout programs 5. Section 3 Local Hiring Plan 6. Demand and Response. Capital Access, Inc

27 NJ Sandy CDBG DR: Observations HUD s concerns are: 1. States cannot outsource Recovery Management (lessons from Katrina, Ike & Gustav) 2. Fair procurement, fraud free construction and fair housing. State s concerns are: Get the money going by Memorial Day. Don t reinvent the wheel. There has got to be a best practice out there. Capital Access, Inc

28 Three Stages of Trauma Recovery Adapted from Judith Lewis Herman 1992 For Trauma Recovery: Stage 1 Safety and Stabilization: Overcome Dysregulation For Disaster Recovery Relief. Safety and Stabilization Stage 2 Come to Terms with Traumatic Memories Stage 3 Integration and Moving On Need Vision and Strategy to look forward and also preserve legacy and soul. Implementation Capital Access, Inc

29 For Disaster Recovery Government is Getting Better Lessons were learned from Iowa floods (good) and Katrina (issues) that HUD integrated into New Rules and New Tools. State leadership and management is improving. Capital Access, Inc

30 Key Factors for Success 1. Executive Leadership that is urgent, understanding and flexible. 2. Management that is professional, empowered to make decisions and embraces systems. 3. Keep It Simple, really simple. 4. Lean into Regulatory Compliance as Tools for Quality Control. 5. Remember the people and communities you seek to serve. 6. Be Nimble and ready to adjust as needed. Capital Access, Inc

31 Vision Strategy Implementation Thank you! Jeremey Newberg Capital Access, Inc

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