february 12, 2013. presentation outline background program implementation program accomplishments...

February 12, 2013

Presentation Outline

• Background

• Program Implementation

• Program Accomplishments

• NSP Rental Activity

• Summary

Presentation Outline

• Background

• Program Implementation

• Program Accomplishments

• NSP Rental Activity

• Summary

Background

• Neighborhood Stabilization Program (NSP) created by Congress to respond to rising residential foreclosures

• Orange County awarded $27.9 million for NSP 1 in 2009

• $11.5 million for NSP 3 in 2011

• Primary goals were:

• Rapidly reduce vacant and abandoned homes in target areas

• Stabilize neighborhoods impacted by foreclosures

Background

5,067

11,351

26,131

31,308

17,921

10,32012,836

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2006 2007 2008 2009 2010 2011 2012Clerk of Courts

Orange County, Florida

Foreclosure Filings

Through Nov 2012

Background

NSP Program Requirements

• Program must serve low to moderate income families

• 25% of program funds must serve very low income families

• Selection of target areas with greatest need

Background

Background

NSP Activities

• Acquisition, rehabilitation, sale of foreclosed homes

• Acquisition, rehabilitation of foreclosed rental properties

• Demolition of abandoned, blighted properties

• Downpayment assistance for Homebuyers

Presentation Outline

• Background

• Program Implementation

• Program Accomplishments

• NSP Rental Activity

• Summary

Program ImplementationNSP Partners

• Housing and Community Development Division

• Real Estate Division

• Purchasing Division

• Code Enforcement Division

• Habitat for Humanity Orlando

• Realtors

• Mortgage Brokers and Financial Institutions

• Contractors

• Appraisers

Program Implementation 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

• Workshop trainings for realtors and lenders

• Request for qualifications for contractors

• NSP homes for sale:

Multiple Listing Service (MLS)

County web site

Program Implementation NSP Outreach and Marketing

Presentation Outline

• Background

• Program Implementation

• Program Accomplishments

• NSP Rental Activity

• Summary

Program Accomplishments

Properties acquired-Orange County 188

Properties assisted-Downpayment 150

Demolition of blighted properties 28

Rental units completed 264

Total Units 630

Program Accomplishments

RehabilitationOut To Bid 15

Under Construction 25

Properties Completed 97

Total Homes 137

Program AccomplishmentsHome Sales

Homes available for sale 2

Homes sold 83

Homes under contract 12

Total Homes 97

Program Accomplishments

NSP Clearance/Demolition Activity

County Lien Placed on Properties – Code Enforcement Division

Total Properties Demolished 28Azalea Park 3Holden Heights 13Meadow Woods 2Pine Hills 10Total Expended on Demolition $246,887

Program Accomplishments

• Successful partnership with Habitat for Humanity Orlando Awarded $2.4 million to Habitat Single family acquisition,

rehabilitation, and sale to very low income families

• Pine Hills targeted area Acquired 22 homes Sold 11 homes 11 under construction

Program Accomplishments

Family of Eight• After fleeing their homes in the Congo in fear of ethnic genocide, they lived in a refugee camp for 7 years before coming to the U.S.

• Employed at Rosen Shingle Creek Hotel for 2 years

Program Accomplishments

• Purchased 21 homes

14 Under Rehab

7 Sold  

• Impact to neighborhood

Robinson Hills Subdivision 634 units total in the subdivision

7726 Riffle Lane

7743 Rex Hill Trail

7720 Newlan Drive

Program AccomplishmentsProgram Income Generated

Homes are Rehabilitated

Foreclosed Homes are acquired

from bank

Neighborhood Stabilization

Program Funds

Homes are sold to

qualifiedhomebuyers

Funds recycled to acquire more homes

$7.4 million dollars to date

Program Accomplishments

NSP 1 Performance Report 7/1/12 – 9/30/12

CountiesGrant AmountNSP funding

Program IncomeReceived

Total AmountExpended

Orange County $27,901,773 $6,472,605 $33,049,783

City of Orlando $6,730,263 $1,493,494 $7,131,579

Hillsborough County $19,132,978 $1,742,350 $12,354,793

Duval County- Jacksonville $26,175,317 $1,613,404 $19,486,389

Program Accomplishments

NSP 3 Performance Report 7/1/12 – 9/30/12

CountiesGrant AmountNSP funding

Program IncomeTotal Amount

Expended

Orange County $11,551,158 $0 $4,288,315

City of Orlando $3,095,137 $0 $568,959

Hillsborough County $8,083,062 $0 $1,888,075

Duval County- Jacksonville $7,102,937 $0 $169,307

Osceola County $3,239,646 $0 $29,431

100% expenditure deadline by March 2014

Presentation Outline

• Background

• Program Implementation

• Program Accomplishments

• NSP Rental Activity

• Summary

NSP Rental Activity

Seville Place Apartments/Emerald Villas:

• RFP award for Seville Place approved by the Board on June 8, 2010

• Property located at 3124 North Pine Hills Rd

Across the street from new Evans High School

444 apartment units

• Property was in foreclosure since March 2009

NSP Rental Activity

Seville Place ApartmentsChallenges:

• High vacancy rate 70%

• High crime rate

• Project needs major rehabilitation/ re-developing

NSP Rental Activity

Seville Place Apartments/Emerald Villas

Scope of Work:

• Reduction in density with demolition of 180 units, bringing complex to 264 units

• New flooring, plumbing, windows, cabinets, and appliances

• New roofs, landscaping and HVAC systems

• New clubhouse with classrooms, business office, fitness center and pool

NSP Rental Activity

Emerald Villas Core Partnership Team:

• Orange County

• Seville Place Preservation LLC (Joint venture)

Related Urban Development Group

Orlando Neighborhood Improvement Corp.

• Orange County Housing Finance Authority

Emerald VillasGroundbreaking EventJanuary 19, 2012

Emerald VillasGroundbreaking EventJanuary 19, 2012

Emerald VillasGrand Opening

January 30, 2013

Emerald VillasGrand Opening

New club house a major focal point for the complex.

Emerald VillasGrand Opening

Interior of new club house

Model Home

Emerald Villas Rents

Average Resident Income: $20,000

Studio $446 a month

One Bedroom $461

Two Bedroom $679

Three Bedroom $782

Presentation Outline

• Background

• Program Implementation

• Program Accomplishments

• NSP Rental Activity

• Summary

Summary

• Stabilizing neighborhoods

• Creating & retaining jobs

• Supporting green initiatives

• Redeveloping distressed properties