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Q2 Meeting Date: June 2, 2010
Topic:
The Role of Single Family
Mortgage Finance in Stabilizing Metro
RECAP
The June 2nd forum, moderated by Bill Bolling and
attended by over 100 people, featured the following panelists
discussing the issue of single family mortgage availability for
metro neighborhoods, and what role this plays in neighborhood
stabilization: Catherine “Candy” Lasher, Fannie Mae; Brigitte
Killings, Bank of America; Jeanne Goldie, Wells Fargo; Debra
Robinson, FHA.
Highlights of their comments and some of the subsequent
discussion points include:
Candy Lasher (Fannie Mae)
• A strong pickup will not happen until the existing inventory
of loans and foreclosures are worked off.
• Fannie Mae’s Economics Department expects purchase
originations to increase, and refinance initiations to slowly
decrease. Origination market in 2010 is expected to be over
$1Trillion.
• Home sales surged during the homebuyer’s credit, but this was
temporary.
• Home sales are expected to increase 5.5% in 2010.
• Home prices may decline slightly further before stabilizing.
Home price declines have become a story of geographies versus
the national story it was, as declines are now continuing in
certain areas but not everywhere.
• Mortgage interest rates are expected to rise modestly over
2010.
• Candy reiterated to the attendees that Fannie is in the
secondary mortgage market, and does not provide directly to
homebuyers. Fannie keeps the market liquid by providing
financing after the fact. This is done two ways: by buying whole
loans for cash from lenders, that Fannie then holds or
repackages, or by issuing mortgage backed securities and provide
credit guarantee to large lenders.
• Lenders have found themselves unable to sustain lending
activities, and Fannie Mae has done a lot during this cycle to
provide the tools, resources and capabilities to some of the
financial challenged lenders. Fannie Mae wants to keep them
active and lending in communities.
• Fannie Mae has developed a unique partnership with Freddie
Mac. These two agencies have normally been competitors, but
under the new direction of their regulator the two agencies are
partnering on new data standards relative to loan data and the
verification process that would help ensure lenders have better
certainty around loans. This new tool will help guarantee loans
made are good loans and will ring out fraud.
• Fannie Mae’s role has not really changed. While policies have
been adjusted and where resources are allocated and directed
have shifted, Fannie’s overall place within the secondary
mortgage market will not change.
• Fannie Mae recently conducted a national housing survey to try
to assess potential borrower attitudes. (survey can be accessed
on their website).
o The survey found that 2/3 of Americans still prefer owning
over renting
o The survey also found that people are more cautious about
homeownership and what that entails.
o 60% of respondents felt they would face a harder time getting
mortgage.
• The purchase money market is still challenged.
• There is a larger focus on sustainability – not just a focus
on getting people in homes, but getting people in homes to stay.
Also concerned with sustainability for entities such as Fannie
Mae; Fannie Mae is trying to ultimately attract private capital
back into the mortgage market. Fannie, Freddie and Ginnie are in
the secondary market – they need robust secondary market in
investment. This will require a rebuilding of confidence in the
quality of loans.
• Fannie Mae’s underwriting system has a 620 minimum credit
score right now. In order to do a high LTV low down payment
mortgage, Fannie and Freddie have to have mortgage insurance for
anything over 80 percent LTV. There is an absence of robust
activity in lower credit scores and high LTV lending.
• Fannie is trying to promote the notion of primary residences.
Fannie’s First Look Program, which reserves the first 15 days of
a foreclosed property listing for owner occupants, has been
successful.
• Foreclosure disposition – 70 percent went to owner occupancy
or public entities. But at the same time, private capital is
needed in this business. There are good investor groups around,
and these should be supported. Fannie does do a lot of due
diligence on investors who want to buy blocks of homes overall
they feel this has been fairly successful, and a lot of the
resulting investors are mission driven.
Debra Robinson (FHA Homeownership Center)
• FHA has increased the up-front mortgage premium, and is
reducing the maximum seller contribution from 6 to 3%.
• FHA has many of the same partners it had before this crisis
but is now working closely with NSP recipients as well, to help
facilitate purchases of REOs.
• FHA’s role has remained the same – the agency has always
required documentation, etc. to provide loans to low and
moderate borrowers.
• FHA’s increase mortgage premium has enabled the insurance of
more loans.
• Credit scores that the agency is seeing now are much higher.
• By 2011 the number of approved HUD lenders will have decreased
substantially.
• FHA has and will always have a focus on homeowner retention
and loss mitigation. FHA will continue to tweak that program,
and is working with people that are eminently in danger (loss
job, etc) of losing their home. Prior to this, the mortgage had
to be in default before FHA would use loss mitigation tools.
• FHA told attendees that vacant properties that come through
HUD’s inventory are advertised to people who will be owner
occupiers. FHA is mandated to advertise to owner occupied
purchasers, but they still have an overarching requirement to
occupy them and put back on tax roll; they cannot keep on the
market indefinitely, and therefore cannot guarantee that an
investor is not purchasing the homes.
Jeanne Goldie (Wells Fargo)
• Wells is partnering with non-profits and housing counseling
agencies; they are also sitting down with borrowers on case by
case basis to work out what options are available. They have
established locations in both North and South Fulton County
where homeowners who are in trouble can come in and work with a
loan modification counselor.
• There is a video on Wells Fargo’s website that will explain to
potential borrowers what documents and forms they need to bring
when going to meet with a loan provider. Many times people do
not show up prepared to qualify for a loan.
• The new motto is restore, renew, rebuild. Wells has been
partnering with counties, cities and communities around NSP
funding to help leverage and expand their received funding.
• In terms of loans – 253 separate policy changes were made in
less than a year; embodies a constantly changing market.
• While it may appear that there is not much lending activity,
Wells insisted they are lending. 47 percent of loans made have
been made to low and moderate income borrowers. Loans are
happening – but in a different manner than previous years.
• Wells has formed deeper partnerships as a result of the
recession. When considering a block of foreclosed homes, Wells
tries to look at how to best affect that entire block, and not
just focus on one home (although this makes a difference as
well). Striving to find creative solutions that link all the
pieces. Everyone has to do more with less; there is less money
out there – less grant money, less loan money.
Brigitte Killings (Bank of America)
• Before the recession Bank of America looked at partnerships
more as sponsorships; they would give money, and everyone went
their own way and did their own thing. Now these are deeper
relationships, and organizations are working together to find
solutions.
• Bank of America is working closely with homebuyers and
educators/counselors – this has existed in past years, but is
more prominent now. Bank of America says that a lot of what has
happened has been a result of lack of education, and they are
trying to fill this void and offer counseling and educational
programs. Many real estate professionals are also searching for
more training.
• As far as FHA loans go, Bank of America is not credit score
driven, but is risk tiered base. It depends on the whole credit
portfolio as to whether one qualifies for a FHA loan.
• In order to get owner-occupiers into vacant homes, there has
to be education. While both Bank of America and Wells Fargo
offer 203K loans, vacant homes can look “scary” to a buyer. The
buyers need to be educated on how this house can become a home
(before and after pictures, what the 203K loan can be used for,
etc).
• There are individuals who are not credit ready – but this does
not mean they will never be able to purchase a home, just means
that they are not ready now. There are several home buyer
agencies they can take advantage of if they are serious about
home ownership. If someone is serious about homeownership, it
can be done. They (BoA) are trying to not say flat-out “no”, and
instead trying to say “not now”. But they must make sure they
are putting clients in homes to stay.
Other Issues Raised:
• Several attendees were concerned with what protections are
available to renters who are in homes that are entering into
foreclosure. (An audience member informed the attendees that
there is a law which provides protection – through leases will
survive a foreclosure - meaning the tenant could stay at least
until the end of the lease, and that month-to-month tenants
would be entitled to 90 days notice before having to move out)
• There was discussion about the disconnect in getting the word
out about the loan modification, homeownership counseling, loss
mitigation services that all panelists spoke of providing.
Attendees suggested putting fliers in utility bills; having
places of worship spread the word; sponsoring a booth at
neighborhood or city events; and going to meet with city or
county managers to be sure they know what is offered – as these
staff persons are usually one of the first that are made aware
if a home in their community is going into foreclosure.
• Overall it was heard from the panelists that lenders still
want to provide money, but the requirements are different and
constantly changing. There is a good amount of counseling,
training and education that is available – but the message has a
hard time getting out. There are no easy answers out of this
situation. All panelists stressed that if a homeowner is in
trouble, they should immediately contact their loan provider to
see what can be worked out.
Back to Top
Q1
Meeting Date:
March 3, 2010
Topic:
Distressed Properties in Metro
Atlanta: Suffering the
Consequences and Formulating
Responses
AJC COVERAGE OF THE FORUM
Rebuilding foreclosed communities a tough task; By Michelle E. Shaw, The Atlanta Journal-Constitution
Turning around neighborhoods ravaged by foreclosures
will take a group effort, a panel of housing experts
said Wednesday. Figuring out who will step up and where
the money will come from is the next piece of the
puzzle, they said, but there is no shortage of
neighborhoods that need the help.
MORE
RECAP
The March 3rd forum, moderated by Bill Bolling and attended by
over 100 people, featured the following panelists discussing the
issue of distressed property acquisition and management in the
Atlanta region, and what this means for communities: John
O'Callaghan, ANDP; Darrin Hall, Sustainable Neighborhood
Development Strategies; John Hunt, Smart Numbers; Vaughn Irons,
APD Solutions.
Highlights of their individual comments and some of the
subsequent discussion points include:
John Hunt (Smart Numbers)
• Historically, Atlanta home sales prices have appreciated at a
rate of 3 percent per year. Between 2003 – 2007 lot prices went
up 11-17% every year, pushing new prices up too rapidly.
• 2002 was the last normal year in Atlanta, after this new home
prices raced ahead in price, far above resale. The Atlanta
housing market experienced double-digit appreciation ---- a
situation compounded by subprime lending. Resales were at half
of new home prices.
• The end of 2009 saw some strength in resale prices and new
corrections, although a complete reset is needed.
• The year ended with a relationship to new closings and resale
closings at 4.5 resale: 1 new home
• The year-to-year price change to resale homes and new home
sales shows year-to-year compounded negatives. But resales at
the end of 2009 were positive for the first time since 2006, and
new home sales will continue to correct.
• Demand increased at the end of the fourth quarter; new sales
are beginning to increase as prices decrease.
• The demand curve for housing in Metro Atlanta is a perfect
bell curve – the sales of new more expensive homes is very low
(because of no demand), and there are not many sales of homes
priced at $100,000 and under (because of no supply).
• The good news: lot prices have corrected back to 2002 levels
(after doubling between 03-07); new house specs are beginning to
burn off; and there is some reduction in overall housing
inventory.
Darrin Hall (Sustainable Neighborhood Development Strategies)
• Atlanta is one of three civic sites (New Haven and Baltimore
being the other two) – a place where the Annie E. Casey
Foundation has a long term commitment to improving the futures
of at-risk children. The Foundation has focused on NPU V,
because of the high concentrations of vulnerable children in
this area.
• In 2006, Casey purchased 31 acres of land along the southern
border of the Pittsburgh neighborhood, in NPU V.
• Pittsburgh was a victim of the perfect storm of unbridled
development, mortgage fraud and predatory lending. When the
foundation realized how bad this neighborhood was being effected
by foreclosures (Pittsburgh is more than 40 percent vacant, is
home to 6 percent of the city’s foreclosures, and of the 1,152
parcels in the neighborhood, more than 500 have been foreclosed)
the Foundation begin working with community partners to craft a
response. This lead to the Preservation of Pittsburgh Plan.
• Sustainable Neighborhood Development Strategies is the master
developer set up to implement the plan.
• The properties being acquired in the neighborhood are being
banked in the Fulton County/City of Atlanta Land Bank, which
allows the organization to control the properties without having
to pay taxes on them, while they work to create and implement a
strategic, well thought out plan in the community. SNDS also
received a $2 M. NSP contract from the City of Atlanta.
• SNDSI takes a holistic approach – all the produced housing is
green, earth craft and affordable, people in the community are
being hired to do the work.
• Through the Preservation of Pittsburgh Plan – which involves a
strategic program of property acquisition through foreclosure
purchase, market purchase, bulk REO purchase and donation of
bank-owned assets – Casey is taking a new approach for
philanthropy with respect to community development and the
current foreclosure crisis.
• In order to achieve neighborhood level transformation,
relationships, heavy capital, a strong campaign to get the
message out and a multi-disciplinary approach including jobs,
schools, houses, etc. would be needed. Just focusing on the sale
of a house will not solve this issue.
Vaughn Irons (APD Solutions)
• APD Solutions is a neighborhood revitalization firm that
manages 12 NSPs across the country – including in Atlanta,
Chattanooga, Illinois, South Florida and Texas.
• APD Solution’s two-fold approach: design and implement
innovative program initiatives, provide technical
assistance/compliance/oversight for federal, state or local
housing programs and structure alliances that provide needed
resources for our clients; real estate services –provide real
estate services for local governments, lenders, institutional
investors and community stakeholders handling their acquisition,
asset management, property management, due diligence and
disposition needs.
• They offer an economy of scale to the process by buying
properties on a national level in bulk which allows them to
receive pricing advantages. They have raised the necessary
capital to enable them to close properties in as little as 15
days and beat investors to the closing table.
• Per Irons, NSP is designed to stimulate the market; it was not
designed to do it all. Planning will have to be a part of any
endgame; all real estate is affected by planning. The Pittsburgh
model is the way to achieve this. The silo effect will have to
be overcome in order for everyone to work together in an
effective manner; people need to know what’s going on beyond
their own interests.
John O'Callaghan, Atlanta Neighborhood Development
Partnership (ANDP)
• The ANDP Board has decided to shift ANDP’s primary focus to
addressing the impact of the foreclosure crisis on neighborhoods
and their residents.
• ANDP recently finished work with RCLCO that examined the
changes in tax assessor appraised values from 2008 to 2009 to
determine whether or not the county assessor offices had changed
values to the degree warranted by the home value price drops
experienced in 2008. Resulting from this, taxes in the
Pittsburgh neighborhood have lowered 27%.
• ANDP operates a small loan fund, and luckily banks have stayed
behind the company.
• There is a lagging market for rehabbed homes, whose prices are
higher than a foreclosed home. Financing is the missing link
needed to help create this market. Fannie Mae and Freddie Mac
need to stay in these neighborhoods in order to see success. The
only way to recover from these losses will be if lenders offer
first mortgage financing.
• Disposition strategies for NSP homes will be very difficult
without first mortgage financing.
•Offering a first-mortgage product for NSP homes is a low-risk
proposition for the lender. The borrower is receiving a 20
percent soft-second (eliminating MI) and the borrower is
required to attend 15 hours of homeownership counseling,
mitigating the risk further.
• While the NSP process is difficult, it is working. The two
main challenges – obligating funds before the deadline, and
getting people into the homes. Private investors also present a
challenge, as they are the competition now. Many are buying
cheaply, not rehabbing to code, not willing to invest in the
community, and then charging high rents for maximum profit.
There needs to be positive incentives for good investors and new
homeowners, and negative incentives for bad investors who leave
properties vacant and boarded up.
• Hopefully moving forward, NSP and other dollars will create a
market for nice rehabs. This would attract other banks, and
loans would perform. Banks would see this is working, property
values would begin to increase to normal levels, and banks would
loosen their credit.
Issues raised during the discussion period:
• The shadow inventory (loans that are delinquent or in early
stages of foreclosure process) is an enormous concern. (See
Amherst Mortgage Insight: Housing Overhang/Shadow Inventory
document)
• The lack of knowledge in the community about the NSP program
is a big challenge to the program’s success. We need to get the
word out in the community.
• We need follow-up meetings to raise best practices in NSP
execution, marketing, etc….
• To get consumers off the sidelines, they need to know they are
receiving a huge value/ “getting a deal”.
• In DeKalb, NSP will acquire, rehab and reoccupy 180 homes of
18,000 foreclosed properties. NSP is not enough to turn the
tide. But, if NSP and other public dollars create a market for
nice, rehabbed homes, in turn creating a market for first
mortgage financing then banks may begin to loosen credit
standards, allowing more homeowners to get into the market.
• We need visionary leadership to get it done.
Back to Top
Q4 Meeting Date: December 2, 2009
Topic:
After the Deluge: Housing Challenges for
Local Governments in the Post-Foreclosure Era
Downloads Available:
Ray Christman's presentation (PPT);
Chris Morris' presentation
(PDF)
Housing Challenges - What to expect in
2010 and beyond?
Ray Christman, Director of the Livable Communities
Coalition and Chair of Terwilliger Center for Workforce
Housing, will provide an update on the region's housing
issues from his perspective. Ray is the former President
and CEO of the Federal Home Loan Bank of Atlanta. The
national recession, housing foreclosures and changing
demographics have created new challenges for the region
and local governments. What has the past 2 years taught
us? What can we expect to occur in 2010?
Housing's Role in a Sustainable Future
Can citizens, local government officials and the private
sector meet the challenges of a troubled economy, foreclosures
and together forge a hopeful future? What actions are needed
with regard to public investments, redevelopment, neighborhood
stabilization and cooperation? Can we leverage assets and work
across city and county boundaries to meet the fiscal or social
challenges of 2010? A panel of local experts will add their own
thoughts for the future of housing, foreclosures and residential
development in the Atlanta region.
Chris Morris, Executive Director, DeKalb County Community
Development
Lyn Menne, Decatur Assistant City Manager, Community & Economic
Development
The Honorable Tonya Peterson, Mayor of the City of Lithonia
Patrick Ejike, Director, DeKalb Planning and Development
Back to Top
Q3 Meeting Date: September 2, 2009
Topic:
The new Federal paradigm -
Linking transportation, land use and housing
Downloads Available:
Presentation from James Coreless
Moderator:
Bill Bolling, Atlanta Community Food Bank,
Framing the Federal Issues on Transportation, Land Use
and Housing:
James Corless, Director, T4 America
Response Panelists:
-Jim Durrett, Livable Communities Coalition
-Catherine Ross, Center for Quality Growth and Regional
Development (CQGRD)
-Sam Williams, Metro Atlanta Chamber of Commerce
Is
there a new Federal paradigm linking transportation,
land use and housing policy? A number of recent regional
and national events suggest a seismic shift in the
understanding of and connection of these inextricably
linked topics. Consider the following:
>>>
On February 19th, President Obama announced creation of
the
Office of Urban Affairs.
During his speech he stated: "About 80 percent of
Americans live in urban areas, and the economic health
and social vitality of our urban communities are
critically important to the prosperity and quality of
life for Americans." On July 13th, the President
announced that in the coming month's administration
officials will visit cities and metropolitan areas
across the country to engage local communities. Federal
officials will also review the most innovative ideas
that amplify the notions of integrated policy-making and
regional collaboration.
>>> During the past year substantial activity has
occurred by government organizations and non-profits to
guide the direction of the next federal transportation
reauthorization bill. A national coalition known as "T4
America" is a primary effort of many organizations
working to better align federal transportation policy
for housing, land use and urban needs. For more details
visit www.t4america.org
The September 2nd Atlanta Regional Housing Forum will
discuss the events outlined above and focus on what the
changes to federal policy on transportation, land use
and housing mean for Georgia. For many years Atlanta
Regional Commission, local governments and other
organizations have worked to improve planning and
transportation implementation through integrated actions
to link transportation, land use and housing.
The Metro Atlanta Chamber of Commerce Quality Growth
Task Force and the recent "IT3" study completed by
Georgia DOT and GRTA also demonstrates the need for more
integrated transportation investments with land use and
housing. Now federal agencies are leading to integrate
metropolitan growth policy. How should the State of
Georgia position itself to take advantage of the new
interest and resources in this new "paradigm" for
transportation investments and housing development?
Back to Top
Q2 Meeting Date:
June 3, 2009
Topic: Housing Rebound: What's the Plan
Downloads Available: The Housing Report (Q1 2009)
Related Links: See Below
The
June 3 housing forum, moderated by Bill Bolling and
attended by more than 200 people, featured the following
panelists discussing the current state of housing and
what the future may hold: Patricia Hoban Moore, U.S.
Housing and Urban Development (HUD); Tom Cunningham,
Federal Reserve Bank of Atlanta; Craig Shoemaker,
SunTrust; and Egbert Perry, Integral Group.
Highlights of their individual comments and some of the
subsequent discussion points include:
Tom Cunningham (Atlanta Federal Reserve Bank)
-
The current housing slump is unique because it can
be attributed in part to financial activities that
have nothing to do with housing.
-
One of the critical problems contributing to the
global financial crisis is a fundamental lack of
understanding about derivative and other “financial
engineering” instruments and how they work in times
of stress. These instruments evolved outside of a
traditional regulatory framework which contributes
to the confusion.
-
The financial markets froze largely due to
counter-party risk.
-
The recovery process will be long and will not occur
until the financial engineering issues are better
understood and confidence is restored.
Craig
Shoemaker (SunTrust)
-
Atlanta is poised for growth. There will always be
a need for housing in Atlanta.
-
Interest rates are likely to remain low (in the 5s)
for the foreseeable future
-
Due to the inventory issue, sales are still
outpacing starts
-
Lending practices are going “back to basics”
-
Current credit restrictions will be not be relaxed
anytime soon
-
Financial instruments are not well understood, and
there’s not going to be any new or innovative
financial instruments (like as ARM’s or
Interest-Only mortgages) introduced in the market so
traditional financing will be the only option.
Patricia
Hoban Moore (HUD)
-
FHA has expanded to represent 35 percent of the
market in Atlanta. Previously, FHA was the “loan of
last resort” operating under antiquated,
non-automated models.
-
Many sub-prime loan recipients could have qualified
for FHA loans initially.
-
Under the new administration, HUD (Secretary Shaun
Donovan) is finally at the table and engaged in
discussions with Treasury and the FDIC leadership.
-
75 percent of the $13.6 billion in HUD-related
stimulus funding was out the door within 10 days of
its original allocation.
-
State and local governments are empowered to decide
how they will use their HUD stimulus money within
the program’s guidelines and restraints.
-
Upcoming "Housing Party" events was referenced. For
more details, visit the following link.
http://www.hud.gov/webcasts/recovery/schedule.cfm
Egbert
Perry (Integral Group)
- There is no such
thing as an economic recovery without housing.
- Job loss is one
of, if not the biggest, problem affecting the
economy. Job loss must stop before housing will
recover.
- Commercial loans
are the next biggest problem- banks are less likely
to lend for major developments and are instead
holding on the cash.
- 70% of this
country’s economy is consumer activity (buying of
goods); perhaps an indication that we should be
doing more production and less consumption.
- Only 30 percent of
existing ARM loans have already reset indicating
that the problem in front of us looms large.
- The renewal of
urban centers is being set back as property taxes
decline and budgets are slashed. The related cuts
in municipal services will have a destabilizing
consequence.
- The absorption of
excess single and multi-family inventory will be
critical to future recovery.
- The greatest
transfer of wealth is occurring now as homeowners
are stripped of their equity; this wealth is
shifting from homeowners to sovereign wealth funds.
- The current crisis
has forced us to adjust our sights and change our
tastes. Our lifestyles to date are not
sustainable.
- The best
developments going forward will be green, urban,
mixed use and mixed income with a transit-oriented
focus. Target areas that are ready to be
progressive (urban centers); focus development, with
high quality products, in these areas.
Back
to Top
Q1 Meeting Date: March 4, 2009
Topic: NSP Update from HUD, DCA and regional jurisdictions
Downloads Available:
PowerPoint Presentation
(8 mb),
Handouts (1.5 mb)
Related Links: See Below
 Moderator
John O’Callaghan (ANDP) welcomed participants to the first
combined housing forum meeting and provided an introduction to
the NSP program to set the context for the forum discussion.
Brian Williamson (Georgia DCA) presented
foreclosure trends that DCA is tracking on notice of trustee
sales and real estate owned properties. He also provided
details on DCA’s local government NSP allocations. Brian
indicated that ARRA (the stimulus package) makes some amendments
to HERA (the housing legislation) related to NSP including some
modifications of NSP eligible activities and elimination of the
reinvestment clause requirement.
DCA will
conduct a workshop for direct formula NSP recipients on
April 14 (tentatively at the Loudermilk Center).
Mary Presley
(HUD Regional Office) joined Brian in answering questions from
forum participants. Mary
also announced that the 10 Georgia jurisdictions receiving direct
NSP allocations from HUD will receive funds this week (March
2nd) ---
receipt of funds will start the 18-month clock during which
NSP funds must be obligated. Funds awarded must be
obligated before the end of the 18-months period. Obligated
funds require an action that ‘binds’ result.
Regarding
NSP2, the second round of NSP funding recently authorized, local
governments and/or non-profits can apply for funding. It is
anticipated that the Federal notice will be published on May 2.
On the question of accountability, Mary reminded attendees that
the contractor with HUD is accountable for appropriate use of
funds.
Related Links:
HUD:
http://www.hud.gov/
DCA:
http://www.dca.ga.gov/communities/CDBG/programs/nsp.asp
Local
government representatives provided updates on their NSP plans
and answered questions from forum participants. (In order
of presentation)
Cobb County
- Allyson Price
Related Link:
Cobb County NSP Information
-
Cobb’s NSP
focus will be exclusively on single family residential real
estate
-
They have
completed their RFP process and identified attorneys,
appraisers and two asset management firms.
-
Cobb’s NSP
marketing efforts have yielded inquiries from 71 prospective
buyers. Nine buyers are currently in process.”
-
Cobb plans
to offer $10,000 in down payment assistance to NSP buyers.
-
Cobb will
initially focus on purchase transactions only (no lease
purchase at this time).
-
See Available Downloads
above for details.
 Fulton
County - Richard Heermans
Related Link:
Fulton County NSP Information
-
Fulton
filed a joint application with the City of Roswell
-
Their
plans include potential demolition of a 72-unit blighted
condo development
-
Fulton would like to work with the City of Atlanta/Fulton
Land Bank Authority
-
South
Fulton is their focus area due to concentration of
foreclosures
-
Fulton’s RFP will be out by end of March/early April
-
Fulton will consider lease purchase to ensure that homes
don’t sit vacant
-
See Available Downloads
above for details.
Hall County
- Randy Knighton
-
Hall has
identified subdivisions with high foreclosure rates
-
They will
consider lease purchase if homes don’t sell after 90 days
-
Counseling
will be offered in English and Spanish to serve Hall’s
significant Hispanic population
-
Hall will
begin their RFP process soon.
-
See Available Downloads
above for details.
City of
Atlanta
- Valerie Fountaine
Related Link:
City of Atlanta NSP Information
-
Atlanta’s NSP plans include focus on green rehab
-
NSP buyers
can layer other sources of home buyer subsidy
-
See Available Downloads
above for details.
Douglas
County - Amy Brumelow
Related Link:
Douglas County NSP Information
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Douglas
applied for $3.8 million in NSP funds
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They will
release their RFP later this month
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Douglas
has identified three geographic focus areas within the
County (Hwy 92 corridor; Lithia Springs; Hwy 5 corridor)
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They are
in the process of identifying properties for acquisition
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See Available Downloads
above for details.
Newnan/Coweta
County Habitat for Humanity - Leslie Merriman
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NSP
partnership with Habitat chapter
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Coweta County
has applied for $2.1 million in NSP funds
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See Available Downloads
above for details.
DeKalb County
- Allen Mitchell
Related
Link:
DeKalb County NSP Information
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DeKalb has
applied for $18.5 million in NSP funds
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DeKalb is
issuing four RFPs for: (1) Unincorporated DeKalb; (2)
DeKalb municipalities; (3) multifamily development serving
under 50 percent AMI; and (4) NSP special needs
City of
Covington
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Covington
has formed partnership with Builder of Hope (nonprofit out
of North Carolina)
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They are
targeting the Jefferson Village subdivision
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See Available Downloads
above for details.
Newton County
Related
Link:
Newton County NSP Information
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Newton has submitted three NSP project ideas to DCA.
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Their
priority project is to turn undeveloped subdivision land
into a public park to support surrounding housing
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Newton’s foreclosed housing stock is relatively new requiring
little if no rehab.
-
See Available Downloads
above for details.
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