Presentation to the Jamestown Neighborhood Alliance Mark Geise, Executive Director Gina Paradis, Administrative Director Jennifer Cameron, Program Specialist Steve Abdella, Legal Counsel August 25, 2016
Chautauqua County the need defined: 47.3% of housing units built in 1939 or earlier 71% in need of repair 13.4% excessively deteriorated Median value (owner-occ.) is $79,600 compared to $303,900 in NYS as a whole Vacancy rates have risen as population has declined: 18.9% (2010) vs. 16% (2000) Vacant properties lower the value of surrounding properties an average of $25,000
A Brief History Jamestown 2007 Chautauqua County Housing & Neighborhood Trust Fund set aside $200,000 for blight abatement and established a task force 2010 Chautauqua 20/20 Comprehensive Plan completed, with land banking recommendation April 2011 Chautauqua 20/20 Plan adopted May 2012 Chautauqua County s Land Bank application approved by NYS September 2012 CCLBC officially incorporated October 2012 CCLBC holds first official Board of Directors meeting October 2013 - Chautauqua County Land Bank was awarded $1.5 million by New York State for 2014-15 activities
Our Vision Create a new paradigm for how foreclosed properties are managed in Chautauqua County to reverse the trend of further deterioration of housing and commercial stock Control, modestly improve promising properties to attract reputable buyers committed to improving them Return improved properties to the tax rolls Collaborate for the improvement of communities Leverage internal assets with external resources to effect change Facilitate investment by reputable developers to turn around properties Bank properties that may fulfill a future need
Funding Sources Chautauqua County Housing Trust (from Tobacco Settlement Fund) 2011: $200,000 to establish Land Bank and create business plan NYS Office of Attorney General (from the Mortgage Settlement Fund) 2013: $1.56 million to establish Demolition program, Side lot dispositions, REO acquisition fund, staffing and marketing costs 2014: $1.3 million to expand Demo program to include Mixed Use, and support operations to end of 2016
Board of Directors Jim Caflisch Director, Real Property Tax (Chair) John Hemmer Legislator Paul Whitford Legislator Aaron Resnick Westfield Dev. Corp.(Vice Chair) Peter Lombardi Urban Planning Consultant Bill Carlson Real Estate Broker Jeff Gossett Planning Board Rep (Secretary) Scott Butler Citizen Advisor (Treasurer) Hugh Butler Citizen Advisor Diane Hannum Community Foundation Nicole May Banker
Why Land Banking Reduces blight Stems the tide of serial foreclosures and disinvestment Right-sizes the market through targeted demolitions Blighted and abandoned properties dilute the real estate market, invite crime, incur public expense and discourage neighborhood reinvestment
Program Areas Sales 4 Rehab Demolition Vacant Lot Disposition Property Acquisition Tax Foreclosure Bank Foreclosure (REO) Donations (Private & REO)
$2.86 M funding from OAG FYs 2014-2016 $2 million for demolition (Residential & Mixed-Use) $250,000 for purchasing bank-owned properties (REOs) $31,000 for side lot disposition program $25,000 for Marketing $540,000 for Staffing, Shared Services, Contracting & Consultants
Expected Outcomes Stabilized Neighborhoods Right-Sizing of Housing Markets Reduction in Blight Reduction of Serial Foreclosures Increased Property Tax Revenues Strategic Land Reuse/Land Banking Development of a Sustainable Program
Engaging Stakeholders CCLBC Lenders Municipal Governments Non-Profit Organizations Community Partners
The Homes 4 Rehab Process in a Nutshell Acquire properties A/D Committee Secure properties Cleanup properties inside and out As-is appraisal undertaken Market Properties via the MLS and website at 60% of AV A/D Comm. review applications and recommend to board Approve sale of properties Develop contract with SOW for renovations, small performance bond and claw back language Inspections for compliance & release of bond
Acquisition Strategy 3 Type A Properties 2 Type B Properties 1 Type C Property Chautauqua County Land Bank acquires a majority of its properties through the tax foreclosure process, which are granted to them by the legislature. The Land Bank pays closing costs and 1 st year s taxes. It also maintains the properties that are pulled from the auction for demolition as well as side lots.
Statistics To Date Sales 4 Rehab Program (incl REOs) Acquired: 65 Sold/In-Process: 42 Sold/Rehabs Complete: 24 Private Investment: Approx. $1.6 Million between purchase and renovation investments
Demolition Program Municipal Partnerships Challenges & Opportunities Necessary Evils Success Stories
Statistics To Date Demolitions: Completed: 60 In Process: 8 Planned: 25 More than $1Million of grant funding has been spent with almost as much spent by the local municipalities. We Anticipate completing 110 demos by January 2017 by investing $2 Million OAG/LB funds and $1 Million Municipal funds/landfill credits
Success Story Jamestown Portage Inn Demolition BEFORE In Process After
Vacant Lot Program Post-demolition Lots Adjacent Neighbor Preference Highest & Best Use Return to the Tax Rolls
Statistics To Date Side Lots: Acquired thru auction or Demo: 33 Sold/Back on Tax Rolls: 25 Most properties are sold very inexpensively or are granted to a neighbor, with the land bank paying the closing costs.
Success Story 84 Risley Street, Fredonia BEFORE $17,000 Appraised $ 17,000 Assessed AFTER $185,000 Appraised
Success Story 141 Beechview Av, Jamestown Before After
Success Story 215 Prospect Ave., Jamestown Before After
642 Winsor St. Jamestown Historic Restorations In Process 25 Liberty St. Jamestown
Sustainability Smart Acquisitions Strategy Leveraging Partnerships Strategic Grantsmanship Efficient Operations New Revenue Streams
New Programs/Projects being considered in 2017 Small/energy efficient house infill pilot Funding pool to assist with purchase and rehab of land bank homes Renter-to-owner program for occupants of land bank acquisitions Mixed-use rehab Salvage/Re-Use pilot
Q&A For More Info: Gina Paradis 716-969-7843 Mark Geise 716-785-4996 www.chautauqualandbank.org