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February 12, 2013

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.

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February 12, 2013

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  1. February 12, 2013

  2. Presentation Outline • Background • Program Implementation • Program Accomplishments • NSP Rental Activity • Summary

  3. Presentation Outline • Background • Program Implementation • Program Accomplishments • NSP Rental Activity • Summary

  4. 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. Background Foreclosure Filings Through Nov 2012 Clerk of Courts Orange County, Florida

  6. 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

  7. Background

  8. Background NSP Activities • Acquisition, rehabilitation, sale of foreclosed homes • Acquisition, rehabilitation of foreclosed rental properties • Demolition of abandoned, blighted properties • Downpayment assistance for Homebuyers

  9. Presentation Outline • Background • Program Implementation • Program Accomplishments • NSP Rental Activity • Summary

  10. 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

  11. Program ImplementationCounty 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

  12. Program Implementation NSP Outreach and Marketing • Workshop trainings for realtors and lenders • Request for qualifications for contractors • NSP homes for sale: • Multiple Listing Service (MLS) • County web site

  13. Presentation Outline • Background • Program Implementation • Program Accomplishments • NSP Rental Activity • Summary

  14. Program Accomplishments Total Units 630

  15. Program Accomplishments

  16. Program AccomplishmentsHome Sales

  17. Program Accomplishments NSP Clearance/Demolition Activity County Lien Placed on Properties – Code Enforcement Division

  18. 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

  19. 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

  20. 7726 Riffle Lane 7743 Rex Hill Trail 7720 Newlan Drive Program Accomplishments Robinson Hills Subdivision 634 units total in the subdivision • Purchased 21 homes • 14 Under Rehab • 7 Sold   • Impact to neighborhood

  21. Program AccomplishmentsProgram Income Generated Homes are Rehabilitated Homes are sold to qualified homebuyers Foreclosed Homes are acquired from bank Neighborhood Stabilization Program Funds Funds recycled to acquire more homes $7.4 million dollars to date

  22. Program Accomplishments

  23. Program Accomplishments 100% expenditure deadline by March 2014

  24. Presentation Outline • Background • Program Implementation • Program Accomplishments • NSP Rental Activity • Summary

  25. 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

  26. NSP Rental Activity Seville Place Apartments Challenges: • High vacancy rate 70% • High crime rate • Project needs major rehabilitation/ re-developing

  27. 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

  28. 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

  29. Emerald VillasGroundbreaking EventJanuary 19, 2012

  30. Emerald VillasGrand Opening January 30, 2013

  31. Emerald VillasGrand Opening New club house a major focal point for the complex.

  32. Emerald VillasGrand Opening Interior of new club house Model Home

  33. Emerald Villas Rents Average Resident Income: $20,000

  34. Presentation Outline • Background • Program Implementation • Program Accomplishments • NSP Rental Activity • Summary

  35. Summary • Stabilizing neighborhoods • Creating & retaining jobs • Supporting green initiatives • Redeveloping distressed properties

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