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
Background
• 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
5,067
11,351
26,131
31,308
17,921
10,32012,836
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
2006 2007 2008 2009 2010 2011 2012Clerk of Courts
Orange County, Florida
Foreclosure Filings
Through Nov 2012
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
Background
Background
NSP Activities
• Acquisition, rehabilitation, sale of foreclosed homes
• Acquisition, rehabilitation of foreclosed rental properties
• Demolition of abandoned, blighted properties
• Downpayment assistance for Homebuyers
Presentation Outline
• Background
• Program Implementation
• Program Accomplishments
• NSP Rental Activity
• Summary
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
Program Implementation County 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
• Workshop trainings for realtors and lenders
• Request for qualifications for contractors
• NSP homes for sale:
Multiple Listing Service (MLS)
County web site
Program Implementation NSP Outreach and Marketing
Presentation Outline
• Background
• Program Implementation
• Program Accomplishments
• NSP Rental Activity
• Summary
Program Accomplishments
Properties acquired-Orange County 188
Properties assisted-Downpayment 150
Demolition of blighted properties 28
Rental units completed 264
Total Units 630
Program Accomplishments
RehabilitationOut To Bid 15
Under Construction 25
Properties Completed 97
Total Homes 137
Program AccomplishmentsHome Sales
Homes available for sale 2
Homes sold 83
Homes under contract 12
Total Homes 97
Program Accomplishments
NSP Clearance/Demolition Activity
County Lien Placed on Properties – Code Enforcement Division
Total Properties Demolished 28Azalea Park 3Holden Heights 13Meadow Woods 2Pine Hills 10Total Expended on Demolition $246,887
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
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
Program Accomplishments
• Purchased 21 homes
14 Under Rehab
7 Sold
• Impact to neighborhood
Robinson Hills Subdivision 634 units total in the subdivision
7726 Riffle Lane
7743 Rex Hill Trail
7720 Newlan Drive
Program AccomplishmentsProgram Income Generated
Homes are Rehabilitated
Foreclosed Homes are acquired
from bank
Neighborhood Stabilization
Program Funds
Homes are sold to
qualifiedhomebuyers
Funds recycled to acquire more homes
$7.4 million dollars to date
Program Accomplishments
NSP 1 Performance Report 7/1/12 – 9/30/12
CountiesGrant AmountNSP funding
Program IncomeReceived
Total AmountExpended
Orange County $27,901,773 $6,472,605 $33,049,783
City of Orlando $6,730,263 $1,493,494 $7,131,579
Hillsborough County $19,132,978 $1,742,350 $12,354,793
Duval County- Jacksonville $26,175,317 $1,613,404 $19,486,389
Program Accomplishments
NSP 3 Performance Report 7/1/12 – 9/30/12
CountiesGrant AmountNSP funding
Program IncomeTotal Amount
Expended
Orange County $11,551,158 $0 $4,288,315
City of Orlando $3,095,137 $0 $568,959
Hillsborough County $8,083,062 $0 $1,888,075
Duval County- Jacksonville $7,102,937 $0 $169,307
Osceola County $3,239,646 $0 $29,431
100% expenditure deadline by March 2014
Presentation Outline
• Background
• Program Implementation
• Program Accomplishments
• NSP Rental Activity
• Summary
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
NSP Rental Activity
Seville Place ApartmentsChallenges:
• High vacancy rate 70%
• High crime rate
• Project needs major rehabilitation/ re-developing
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
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
Emerald VillasGroundbreaking EventJanuary 19, 2012
Emerald VillasGroundbreaking EventJanuary 19, 2012
Emerald VillasGrand Opening
January 30, 2013
Emerald VillasGrand Opening
New club house a major focal point for the complex.
Emerald VillasGrand Opening
Interior of new club house
Model Home
Emerald Villas Rents
Average Resident Income: $20,000
Studio $446 a month
One Bedroom $461
Two Bedroom $679
Three Bedroom $782
Presentation Outline
• Background
• Program Implementation
• Program Accomplishments
• NSP Rental Activity
• Summary
Summary
• Stabilizing neighborhoods
• Creating & retaining jobs
• Supporting green initiatives
• Redeveloping distressed properties