NSP - How Can Counties Recover from The Malaise of Homeowner Foreclosures June 16, Working Together for Stronger Communities

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1 NSP - How Can Counties Recover from The Malaise of Homeowner Foreclosures June 16, 2011

2 Presenter Sarah Greenberg Senior Manager, Community Stabilization NeighborWorks America Washington, DC

3 Agenda About NeighborWorks America Community Impacts of Foreclosure What is Community Stabilization? Neighborhood Stabilization Program Lessons from NSP Looking Ahead Examples of Local Stabilization Efforts

4 About NeighborWorks America Congressionally chartered and appropriated nonprofit community development intermediary Supports a network of 235 nonprofit affiliates serving more than 4,000 urban, suburban, and rural communities across the country Premier trainer for housing and community development professionals Has been a leader in national foreclosure response

5 Community Impacts of Foreclosure Loss of property value Increased crime, vandalism and fire Increased strain on municipal services coupled with declining tax base Increasing homeless population Negative effects on children Loss of local businesses and services Attracts speculators looking for quick profits

6 What is Community Stabilization? Community stabilization is a set of interventions designed to stop a downward spiral of distress and restore a healthy market dynamic Effective interventions address all destabilizing forces in a community (people and place) Includes real estate and non-real estate interventions

7 Community Stabilization Activities Buying foreclosed properties to demolish, land bank, redevelop, or rehabilitate and re-sell or rent Assisting homebuyers to purchase foreclosed properties (counseling and lending) Neighborhood clean-up, crime watch, or community gardens to address vacant lots Code enforcement, receivership, and vacant property surveys and registration ordinances

8 5 Cs of Community Stabilization Comprehensive should result from a plan that addresses all destabilizing forces in the community Concentration should be targeted for maximum impact Collaboration should include a broad array of partners with a strong focus on resident engagement Capacity should be undertaken by organizations with demonstrated capacity in the planned activities Capital should be adequately capitalized and explore creative methods to take advantage of new sources of capital

9 Neighborhood Stabilization Program Economic stimulus program first authorized in 2008, administered by HUD 3 rounds of funding to date, total $7 billion 5 eligible uses Foreclosed, abandoned, or vacant properties 25% of funds must be used to provide housing for families at or below 50% AMI

10 Current Status of NSP Round % obligated and 63.4% expended Round % obligated and 17% expended Round 3 3.4% obligated and.03% expended House of Representatives passed the NSP Termination Act (H.R. 861) Stalled in Senate President has vowed to veto

11 288 grantees How to Access NSP3 Allocated by formula to states and local governments Action Plans available on HUD NSP Help website by grantee Every state received at least $5 million, so if you don t have a local allocation, contact your state to determine process for allocating funds

12 Lessons Learned from NSP Importance of having NSP fit into existing plans for community revitalization Importance of having good relationships between nonprofits and municipalities Programs must be targeted to market realities Engagement of residents is key to protecting neighborhoods Take advantage of available technical assistance

13 Looking Ahead Marketing and financing challenges Implications of the shadow inventory Positive and negative results of investor activity Importance of defining and measuring impact Availability of other funding sources for neighborhood stabilization

14 Neighborhood Development Services 24-unit Washington Square project in South Barberton, OH Reached 15 year LIHTC compliance period, in danger of foreclosure City acquired through deed-in-lieu NDS will rehab and turn over to Akron Metropolitan Housing Authority

15 Twin Cities CDC Fitchburg, MA Rehabilitated a Main Street building to house their offices with 31 mixedincome rental units above Helping residents engage city leaders to deal with problem landlords AmeriCorps VISTAs created a landlord registry listing ownership and contact info for all multifamily properties in target neighborhood

16 NHS of Orange County NSP1 developer NSP2 lead grantee, 6 nonprofit consortium members Supplemented NSP with LOCs Focused on condo acquisitions Working in formerly strong markets to provide and preserve affordable housing opportunities Acquired 18 units to date

17 For More Information To learn more about community stabilization, visit Visit the HUD NSP Help website at Questions? NeighborWorks America s Stable Communities Initiative at StableCommunities@nw.org

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