Foreclosed Property as Community Housing Assets
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1 Foreclosed Property as Community Housing Assets 2012 National Interagency Community Reinvestment Conference Market Realities Foreclosures Source: Housing Link, 2011 Foreclosures in MN, A report based on County Sheriff Sales Data, Feb. 24, Twin Cities Market Realities % 7.00% Vacancy Rates 7.30% 6.00% 6.10% 5.00% 4.70% 4.90% 4.00% 4.20% 3.80% Vacancy Rates 3.00% 2.80% 2.00% 1.00% 0.00% Source: Marquette Advisors, Residential Analytics Group,
2 Twin Cities Market Realities % % 6.00% 5.00% % 3.00% 2.00% 1.00% Vacancy Rates Foreclosures 0.00% Sources: Housing Link, 2010 Foreclosures in MN, A report based on County Sheriff Sales Data, Feb. 15, 2010; Marquette Advisors,RAG Average Home Prices Twin Cities 2011 Average Home Price was $193,450. In January 2007 the average home price was 275,774. A 29% decrease in value. $300,000 Average Home Price $250,000 $200,000 $150,000 Average Home Price $100,000 $50,000 $ Source: Minneapolis Area Association of Realtors, Annual Report on the Twin Cities Housing Market, Vacant and Boarded Properties The City of Minneapolis registered vacant and boarded buildings nearly tripled between Registered Vacant Buildings Source: City of Minneapolis, Results Minneapolis, Feb. 23, 2012; 2
3 Shadow Markets Smaller Building Rentals PPL s View Too few qualifying owner occupant buyers for the inventory of foreclosed property Too little credit Over hlf half of renters rent in buildings with ih4 or fewer units (Alan Mallach) Probable buyers: inexperienced small investors; unlikely to make improvements PPL s Unique Capacities 40 year old housing provider Own and manage over 1000 units 243 of these units in buildings with 8 or fewer units 3
4 Foreclosure Response Public Sector: Neighborhood Stabilization Program (NSP) Minneapolis St. S Paul Private Sector Highland Bank Highland Bank PPL helped resolve foreclosed portfolio of 28 properties with 42 units (detached single family homes and duplexes) Bank Portfolio Management Process Assess value and condition Determine rental status Occupied? Occupied legally? Clarify interim management strategy for each building Market, as directed 4
5 Disposition Strategies If empty and marketable, offer at realistic prices, as is Clean up, in every sense If occupied/occupyable, rent during the interim; market as investment property with tenant in place Sell to the City for clearance St. Paul Experience City acquired foreclosed properties (using NSP funds) Partnered with ihfor profits fi and non profits to rehab (few for profits participated) For rentals, rehab financed through cash flow note with the City Minneapolis Experience Non profit roles in both ownership and rental opportunities For profits initially proposed, but largely dropped out 5
6 PPL NSP Process Non profit Selects and evaluates properties Acquires and holds Finances 24 unit groups together (deferred financing; no amortizing debt) Rehabs; leases Secures Project based Section 8 rental assistance Rental Community Housing Assets Have an Asset Management Plan Consider the skills needed for particular neighborhoods or portfolios. Be prepared for good record keeping and making good reports. Figure out what capital will be needed. Know what is too much. Manage tenant relations. 6
7 Proximity Matters Community Relations Matter Elected Officials Neighborhood organizations Regulatory officials Local Police How Financial Results Vary Per unit costs tend to be higher Management fees tend to be higher Larger size units carry higher rent Rental assistance big plus Huge sensitivity to vacancy 7
8 Benefits Buildings not vacant/boarded, remove blight Protect property values on the block Quicker resolution to problems Better treatment for tenants Much needed larger units available Foreclosed Property as Community Housing Assets Barbara MC McCormick, ik Vice President of Housing and Community Relations Project for Pride in Living Inc. inc.org Phone: National Interagency Community Reinvestment Conference 8
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