The URL can be used to link to this page

Home My WebLink About2009 01 26 Other - Document Re: Neighborhood Stabilization Program Distributed by Mr. BalagiaDate: January 26, 2009 The attached document was distributed to the city Commission during Awards And Presentations "300" by Mr. Buddy Balagia at the January 26, 2009 city Commission Regular Meeting. NEIGHBORHOOD STABILIZATION PROGRAM ACQUISITION/RESALE AND ACQUISITION/RENTAL Grant Amount = $7,019,514: Project Funds = $6,317,563 Admin Funds = $ 701,951 NSP-Funded Activities A. Soft 2nd Mortgages for purchase and rehab of foreclosed homes (County-administered) B. Purchase and rehabilitate foreclosed-upon homes in order to sell or rent (partner-implemented) Partner-Implemented Activities (Request for Proposals) A. Acquisition/Rehab/Resale -Budget $3,007,563 a. Ineligible housing units i. Condominiums ii. One bedroom units b. Partner duties i. Locate and show qualified properties to applicants ii. Acquire qualified properties iii. Prepare rehabilitation plans, specs and 3 price quotes for any outside service iv. Obtain required permits v. Ensure applicants receive 1St mortgage approval from County approved lender vi. Ensure all necessary documentation is submitted for closing vii. Unconditionally guarantee to the buyer the structural, electrical, mechanical, and plumbing integrity of each home viii. Guarantee the labor for any roofing improvements for a period of three years c. County duties i. Approve each home acquisition ii. Provide and pay for appraisal, home inspection, and closing services iii. Approve all rehabilitation plans, specs, price quotes iv. Inspect completed units prior to resale v. Provide income qualified purchasers to buy rehabilitated homes d. Applicants i. Utilize the 48 applicants from the SHIP Purchase Assistance Waiting List who choose to be funded through the NSP Grant. (Note: 22 applicants selected to receive Purchase Assistance subsidies in the amount of $1,500,000) ii. 22 applicants to fill the first 20 acquisitions/rehabs processed ($150,000 x 20 = $3,000,000). Remaining 2 applicants will be funded from the program income generated from the subsidized sale of the first 20 units iii. Remaining 70+ applicants on the SHIP Purchase Assistance Waiting List will be given a 2°d opportunity to be funded through the NSP Grant e. RFP i. Open to developers, for profit/non-profit organizations, realtors, banks, mortgage lenders, property management companies, and any other qualified organization ii. Anticipated combined average acquisition and rehab cost of $150,000 per unit 1. Maximum home resale price (before subsidy): a. Low income ($80,000 subsidy) - $120,000 b. Moderate income ($50,000 subsidy) - $140,000 c. Middle income ($20,000 subsidy) - $167,000 iii. Fixed Fee schedule (amounts to be determined based on RFP submissions) iv. Minimum amount of rehab required per unit - $3,500 v. Maximum amount of rehab per unit - $15,000 (can increase to $20,000 under certain circumstances) vi. County to provide appraisal, home inspection, and closing services vii. Agreement must be completed by February 28, 2010 B. Acquisition/Rehab for Rental (incl. Group Homes) -Budget $1,800,000 a. Rental Properties i. Ineligible housing units -same as resale ii. Partner duties -same as resale iii. County duties -same as resale iv. Applicants 1. Can sell/convey completed units only to County approved entities - partner can refer prospective purchasers to County for approval or County will provide approved entities to partner 2. Each unit's subsidy will be based on the purchase price required to support the subsidized rent for potential renters for their particular income level v. RFP -same as resale except for the maximum home resale price b. Group Homes -same as rental with one exception: County approved rehabilitation estimates related to group home conversion home will not be included in the calculation of the $150,000 single unit ceiling price -- I N ®.0.51 0.2 0.3 0.4 Miles - 9igiblePreas Almmonte Springs w ~ - Ivt3jor Roads Casselberry Streets Lake Ivry Longwood p -r /+ rp O~nedo .~! .S4 ~~ `l ~r ~ ~ ~ .~ 1,~ ~r~ ~ 'y~ ~ J!~[~IJIE 1.~1 ~1J~ ~~~~ Sanford W me r S pring s Lb1lanS+C8rA3~RGxbW~Ark Mmles 6laIPiaeEURIls9WtlYMr9telfa~edodleslratl IVIa '10: West Winter S rin s Area ' a ~ ,f - .~} r I . ..may ,~ _: I 1 1 i` '~~ '-- t^ ~_ :. '~'.. 1 ~ ~ r '. ~ ". '. i. .. .. ~Te rw! lY m. ®9080.160.240.32 Miles ~ BigibleAreas Wlamorrte Springs w ~ -~jorWoads C~sselberry Steers Lake Mt3ry Longwood `f { Vr 44 p _r ~+ ~p /~ Oviedo .~.7f_.L-~f'~t..,~l_f, ~..~ ~LI~~ i 1-~ Sl~C~lOrLCOAp[~1 ~~r ~/~'~~ Sanford Writer Springs A'•, LW1lanslCEfiOBiRGxbWlbk Rees clatHlraeaonaeeewerea~onlarec+oeVesmxe r~ { N m. ®0060.120.180.24 Miles - BigibleAreas Almmonte Springs w ~ - A~jor Roads Casselbeny Steers Lake ~ry Longwood p /'~(~y rp Oviedo ~i.S f' ~i i. ~~ ~ - ''ieate~o~1.--- J ~+~7~ ~~~ Sanford . ! t i~ ~l 'i ~ ~ .h 1 ~ ii ~'r - Wntzr Springs • L5C1lanSYCBrA~RtleCISWIOrk Pmtes 6laIRfaetlanlese WOY~~rR~raedOxlesmYO