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 Clerk 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

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 Implementation NSP 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-Downpayment150 Demolition of blighted properties 28 Rental units completed264 Total Units 630

Program Accomplishments Rehabilitation Out To Bid 15 Under Construction 25 Properties Completed 97 Total Homes 137

Program Accomplishments Home 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 Demolished28 Azalea Park3 Holden Heights13 Meadow Woods2 Pine Hills10 Total 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 Accomplishments Program Income Generated Homes are Rehabilitated Foreclosed Homes are acquired from bank Neighborhood Stabilization Program Funds Homes are sold to qualified homebuyers Funds recycled to acquire more homes $7.4 million dollars to date

Program Accomplishments NSP 1 Performance Report 7/1/12 – 9/30/12 Counties Grant Amount NSP funding Program Income Received Total Amount Expended 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 Counties Grant Amount NSP funding Program Income Total 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, % 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 Apartments Challenges: 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 Villas Groundbreaking Event January 19, 2012

Emerald Villas Grand Opening January 30, 2013

Emerald Villas Grand Opening New club house a major focal point for the complex.

Emerald Villas Grand 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

Stabilizing neighborhoods Creating & retaining jobs Supporting green initiatives Redeveloping distressed properties