NSP Program Overview. Daniel Blanchard COJ Management Consultant
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2 NSP Program Overview Daniel Blanchard COJ Management Consultant
3 NSP Basics Neighborhood Stabilization Program Housing Economic and Recovery ACT of 2008 (HERA) $2 Billion Nationwide State Allocation Florida $491 Million Local Government Allocation Jacksonville $26.2 Million
4 Program Objectives Purchase and rehabilitate FORECLOSED homes to like new standards 5 targeted zip codes based on highest percentage of foreclosures and risk Resell homes to individuals who earn up to 120% of AMI Down payment and closing cost assistance through FHA loans combined with soft second and third mortgages
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6 Additional Objectives 25% of program dollars for rehabilitation of rental housing for individuals who are less than 50% of Area Median Income. Code enforcement and removal of some blighted structures. New construction for Community Housing Development Organizations in target area.
7 Distribution of Funds Administration $2,617,530 Acquisition/Rehab/Resale Single Family $10,500,000 Multi Family $8,000,000 Demolition/Clearing $2,500,000 Financing Mechanisms $1,000,000 Redevelopment $1,057,787 Land Banking $500,000
8 Timing Dollars must be committed in 18 months Expended in 4 years Unused funds must be returned to HUD All municipalities are scrambling to move quickly and expend dollars appropriately
9 NSP Jax RFP used to select key partners in 11 functional areas Management Consultant Marketing Single Family Developers Appraiser Property Management Title Company Construction Mgt. Land Bank Environmental M/F Rental Developers Homebuyers Counseling
10 Management Team Duties Programmatic development and design Bank relations and REO listings GIS Mapping Tracking and reporting Construction oversight
11 Developer and COJ Roles Developers target and purchase REO homes from lists provided by COJ City of Jacksonville provides consistent due diligence on each selected home for the developer that includes: scope of rehab analysis, appraisals, environmental, title, survey. City of Jacksonville reimburses developer up to 40% of total approved project costs
12 Developer and COJ Roles cont Using the developer instead of COJ acquiring the homes directly has multiple advantages: City not in chain of title Developers have market expertise Multiple participants increases pace Leveraging funds increases capacity
13 Other Participant s Roles Marketing all advertising, public relations, collateral materials, positioning. Construction Management Consultants Complete specific scope of work for each project and oversee construction quality and progress in the field. Appraisers, Surveyors, Title Companies, Environmental Companies All due diligence is through COJ approved agreements to ensure consistency and efficiency.
14 Other Participant's Roles cont Property Management Management of the multifamily rentals Land Bank non profit entity to assemble, manage, and dispose of vacant land while encouraging reuse or redevelopment Multi family Rental Developers Rehabilitate targeted properties for rental Housing Counseling 8 hours of HUD approved housing counseling is required for each buyer
15 Program Goals Rehabilitate, and re sell 487 foreclosed homes Share the dollars within the community by maximizing the number of different qualified construction participants Long term buyer sustainability through quality technical specifications, efficient systems and green requirements in all work performed Stability over time through buyer counseling, appropriate mortgage qualifications, and down payment and closing costs forgiveness
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17 COJ NSP Program Due diligence Bank Owned R.E.O. COJ funding and guarantee Developer Purchases Home Bank L.O.C. COJ approved Construction management COJ approved General Contractor Low Bid Winner Sub Contractors Rehabilitate Home Counseling Gap subsidy Soft second Buyer Purchases Home from Developer Bank mortgage
18 City and Developer Obligations Omega Allen NSP Program Manger
19 Due Diligence /Acquisition Phase DEVELOPER Review REO lists and submit viable homes for Due Diligence review Prepare final proforma for COJ viability review Select approved GC s for project bidding Execute NSP propertyspecific contract with COJ COJ Provide REO lists to developers Perform Due Diligence at COJ expense Provide specific approved scope of work Review developer Proformas for viability approval
20 Rehabilitation Phase DEVELOPER Acquire approved homes Follow strict COJ NSP quality and performance specifications for rehab Use COJ approved contractors and subs Pay General Contractor timely and oversee project COJ Reimburse Developer for up to 40% of total project cost through subordinate financing Initial marketing of home Construction oversight management
21 Completion and Marketing Phase DEVELOPER Maintain property after completion Market the completed home to potential buyers Complete sales contract and provide buyer with NSP Addendum Receives 16% income at closing after all allowed expenses are paid COJ HUD Compliance and reporting Market the program and develop a pool of buyers Provide homebuyer counseling to buyers Provide down payment and closing cost assistance through soft second and third mortgages
22 Alternative Exit Strategy In the event the property does not sell after 6 months of marketing, the Developer has the OPTION under their contract with COJ to sell the property back to COJ to enter into rental pool After 12 months with no sale, the Developer MUST sell the property back to COJ to enter into rental pool Developer income reduced from 16% to 10% when exit strategy is used
23 REO Acquisitions Daniel Blanchard COJ Management Consultant
24 Time is Short but Opportunity is HUGE Only 18 months to spend the $24MM Goal of 487 homes Opportunity for the banks to sell off the substandard homes that don t currently meet FHA or FNMA condition standards Our 16 approved Developers have passed our financial requirements and are qualified buyers with COJ funding commitments
25 How Banks Can Help Participate Acquisition Requirements Previously a 15% discount was required on REO acquisitions Now rule changed to only 1% discount due to value erosion concerns Title and acquisition closing will be provided by COJ approved title agent
26 How Banks Can Help Participate Program Due Diligence Period = 30 days Developer participants need at least a 30 day dd period to get the home accepted A purchase and sale agreement subject to COJ approval would be ideal COJ approved closing agent and title company
27 How Banks Can Help Participate Communication Up to date contact information for bank decision makers Developer participants need timely responses to offers and open lines of communications
28 How Banks Can Help Participate REO Listings We need to have updated lists of foreclosures available for sale from the banks as early as possible A purchase and sale agreement subject to COJ approval would be ideal
29 How Banks Can Help Participate Bulk Purchases With Banks burdened with so many REO homes and with our need being so great, bulk purchases may be a consideration We would like to talk with bank representative about the possibilities
30 Headstart to Homeownership and NSP Dayatra Coles COJ Housing and Neighborhoods Dept Susan Harnage COJ Housing and Neighborhoods Dept
31 Buyer Gap Subsidy The City of Jacksonville NSP provides GAP subsidy when total project costs are higher than the after renovation appraised value. Example 1: Total approved project costs = $120,000 After renovation appraisal = $110,000 NSP requires homes to be sold for the lesser of the Total Approved Project Cost or After Renovation Appraised Value. Home sells for $110,000 and NSP contributes $10,000 to cover the difference
32 Head Start to Homeownership Head Start to Homeownership (H2H) program is a COJ Housing and Neighborhoods Department program that offers down payment and closing cost assistance through soft second mortgages. H2H loans are combined and subordinate to the Purchase Money Mortgage, typically an FHA loan, provided by a local lender. The soft second mortgage is a zero interest, deferred payment mortgage with a 15 year term. The buyer is required to complete 8 hours of home buying counseling At the end of the 15 year term, the loan is 100% forgiven so long as the home is still the buyer s primary residence
33 Head Start to Homeownership H2H HOUSEHOLD 30% OF 40% OF 50% OF 60% OF 80% OF 100% OF 120% OF SIZE MEDIAN MEDIAN MEDIAN MEDIAN MEDIAN MEDIAN H2H helps home buyers up to 80% of Area Median Income (AMI) 70% to 80% of AMI up to $10,000 available 60% to 69% of AMI up to $12,000 available 50% to 59% of AMI up to $14,999 available MEDIAN 1 person 13,700 18,240 22,800 27,360 36,450 45,600 54,720 2 persons 15,650 20,840 26,050 31,260 41,700 52,100 62,520 3 persons 17,600 23,440 29,300 35,160 46,900 58,600 70,320 4 persons 19,550 26,040 32,550 39,060 52,100 65,100 78,120 5 persons 21,100 28,120 35,150 42,180 56,250 70,300 84,360 6 persons 22,700 30,200 37,750 45,300 60,450 75,500 90,600 7 persons 24,250 32,280 40,350 48,420 64,600 80,700 96,840
34 NSP Down Payment Assistance NSP homes can only be sold to NSP buyers meeting the strict income requirements NSP has additional down payment assistance funds available that can be combined with an H2H loan by way of a soft third mortgage NSP down payment assistance funds will be used with: H2H + NSP funds for 30% to 80% of AMI home buyers NSP funds for 81% to 120% of AMI home buyers NSP down payment assistance and closing cost funds will also be a 15 year, zero percent, deferred payment loan As long as the property remains their principle residence the NSP funds will also be forgiven at the end of the 15 years term
35 Example of Down Payment Assistance Cost of House $105,500 Closing cost + 5,000 Total Cost 110,500 Bank FHA Loan $80,000 H2H Soft Second 15,000 NSP Soft Third Match 15,000 Balance due by home buyer = $500
36 Wrap Up and Q&A Daniel Blanchard COJ Management Consultant
37 Timing For Bank REO, COJ is currently in the process of doing due diligence on 20 homes and looking for more REO immediately The Developer Partners are reviewing REO and securing and additional lines of credit or acquisition loans COJ is currently building a pool of buyers that will begin the pre approval process shortly The closings of rehabilitated homes is expected to begin as early as September
38 Contacts Omega Allen NSP Program Manger Daniel Blanchard COJ Management Consultant Dayatra Coles COJ Housing and Neighborhoods Dept Susan Harnage COJ Housing and Neighborhoods Dept
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Action Plan Grantee: Grant:, AZ B-11-UN-04-0504 LOCCS Authorized Amount: Grant Award Amount: $ 3,168,315.00 $ 3,168,315.00 Status: Reviewed and Approved Estimated PI/RL Funds: $ 0.00 Total Budget: $ 3,168,315.00
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Action Plan Grantee: Grant: Orange County, FL B-11-UN-12-0012 LOCCS Authorized Amount: Grant Award Amount: $ 11,551,158.00 $ 11,551,158.00 Status: Reviewed and Approved Estimated PI/RL Funds: $ 11,700,000.00
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Grantee: Lee County, FL Grant: B-08-UN-12-0009 October 1, 2012 thru December 31, 2012 Performance Report 1 Grant Number: B-08-UN-12-0009 Grantee Name: Lee County, FL Grant Amount: $18,243,867.00 Estimated
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Action Plan Grantee: Grant: Prince Georges County, MD B-08-UN-24-0002 LOCCS Authorized Amount: Grant Award Amount: $ 10,883,234.00 $ 10,883,234.00 Status: Reviewed and Approved Estimated PI/RL Funds: $
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Grantee: Grant: Hernando County, FL B-11-UN-12-0021 July 1, 2015 thru September 30, 2015 Performance Report 1 Grant Number: B-11-UN-12-0021 Grantee Name: Hernando County, FL Grant Award Amount: $1,953,975.00
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Grantee: Wyoming State Program Grant: B-08-DN-56-0001 January 1, 2010 thru March 31, 2010 Performance Report Grant Number: B-08-DN-56-0001 Grantee Name: Wyoming State Program Grant : $19,600,000.00 Grant
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Action Plan Grantee: Grant: Orange County, NY B-08-UN-36-0102 LOCCS Authorized Amount: Grant Award Amount: $ 2,163,744.00 $ 2,163,744.00 Status: Reviewed and Approved Estimated PI/RL Funds: Total Budget:
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Grantee: Pomona, CA Grant: B-08-MN-06-0516 October 1, 2011 thru December 31, 2011 Performance Report 1 Grant Number: B-08-MN-06-0516 Grantee Name: Pomona, CA Grant Amount: $3,530,825.00 Estimated PI/RL
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Grantee: Clark County, NV Grant: B-08-UN-32-0001 April 1, 2010 thru June 30, 2010 Performance Report 1 Grant Number: B-08-UN-32-0001 Grantee Name: Clark County, NV Grant Amount: $29,666,798.00 Grant Status:
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Grantee: Compton, CA Grant: B-08-MN-06-0505 January 1, 2012 thru March 31, 2012 Performance Report 1 Grant Number: B-08-MN-06-0505 Grantee Name: Compton, CA Grant Amount: $3,242,817.00 Estimated PI/RL
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Grantee: Southfield, MI Grant: B-08-MN-26-0011 January 1, 2011 thru March 31, 2011 Performance Report 1 Grant Number: B-08-MN-26-0011 Grantee Name: Southfield, MI Grant Amount: $3,241,457.00 Estimated
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Grantee: Elyria, OH Grant: B-08-MN-39-0007 January 1, 2012 thru March 31, 2012 Performance Report 1 Grant Number: B-08-MN-39-0007 Grantee Name: Elyria, OH Grant Amount: $2,468,215.00 Estimated PI/RL Funds:
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Grantee: Escambia County, FL Grant: B-08-UN-12-0005 April 1, 2010 thru June 30, 2010 Performance Report Grant Number: B-08-UN-12-0005 Grantee Name: Escambia County, FL Grant Amount: $4,565,918.00 Grant
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