Neighborhood Stabilization Program Douglas County Neighborhood Stabilization Program

Federal Allocation to Georgia $153,037,451 Total Allocation $77,085,125 for State NSP $75,952,326 to NSP Entitlements (9) Atlanta - DeKalb County Augusta/Richmond Co. - Fulton County Clayton County - Gwinnett County Cobb County - Savannah Columbus/Muscogee Co.

Public and Private Data by County Foreclosure Data Notices of Default (Number and % of Households) Notices of Foreclosure Sales* (*Number and % of Households) Real Estate Owned Property (Number and % of Households) Mortgage Loan Data % of conventional home mortgages by subprime lenders Conventional home purchase mortgage loans by subprime lenders Sources: Home Mortgage Disclosure Act (Federal Financial Institutions Examination Council) http://beta.dataplace.org www.RealtyTrac.Com * Noted as “Trust Sales” in RealtyTrac data source

Public and Private Data by County Vacancy Rates Units vacant 90 days or longer USPS High Housing Cost Burden HH’s <50% AMI paying >30% of income on housing

DCA Determined Need by Actual Data and Ranks

Need Determined by Actual Data and Ranks Formula used to measure need and determine possible direct allocations down to minimum grant size of $500,000 Regional or Joint applications encouraged Remaining funds will be placed in a “flexible pool” to be administered by the Georgia Housing Finance Agency (GHFA) Entitlement needs adjusted by offset from previous HUD allocation

State Action Plan Priorities Priority within Low-, Moderate- and Middle-Income Areas Each Sub-Recipient must use at least 25% of their funds to assist those at or below 50% of Area Median Income (AMI)…(rental) For Douglas County this amount is $936,065 Properties must be purchased at an overall discount of 15% as verified by an appraisal made within 60 days of purchase.

State Action Plan Priorities Continued Affordability – DCA proposes to adopt the HOME program standards to be in compliance with HUD’s affordability standard Program income to be managed with existing CDBG Revolving Loan Fund (RLF) policies and local reporting procedures

Eligible Activities Establish financing mechanisms for purchase and redevelopment of foreclosed properties; 0% interest soft seconds Down Payment assistance Purchase and rehab residential properties that have been abandoned or foreclosed upon, in order to sell, rent, or redevelop such properties; Establish land banks for homes that have been foreclosed upon; Demolish blighted structures; and Redevelop demolished or vacant properties.

Total Budget: (Include public and private components)             Acquisition         (a) Total NSP Grant Funds                   $3,744,262         (b) Administration Funds                     $   224,655 (this is 6% of the NSP)               (for entire program)                                                     (c)  Break-out of Acquisition Funds                                                                                                  (1) 50% or under AMI $  936,065 (this is 25% of the NSP)                                 (2) 51%-80% of AMI      $  387,531 (this is 10.35% of the NSP)                                 (3) 81%-120% of AMI    $2,196,011 (this is 58.65% of the NSP) $3,519,607

Georgia Department of Community Affairs NSP Program Budget Analysis *Staff Proposed Recommendation (For Review Only) Applicant: ___Douglas County___________________________________________ Original: ___X__ Amendment dated: _____ 1 NSP Eligible Use 2 Activity Name/Number 3 Itemized Unit Costs 4 NSP Funds 5 Other Funds 6 Source of Other Funds 7 Total Cost *(A) Down payment Assistance/H- 013-00 Administration/H-21A-00 140± homebuyers assisted at an average of $25,000 a unit $224,655 $3,519,607 $0 N/A 8 Subtotal _________ ___$3,744,262______ __$0_______ ____$3,744,262______ 9 Grand Total (if final page) $_________ Check here if continued on additional pages: ________ Page ___1__ of __1___ DCA NSP Form H

Timelines Action Plan published 11/13/2008 NOFA was announced December 1, 2008 Applications for Direct Allocation must be received by January 15, 2009 DCA expects HUD approval of its Plan by December 31, 2008 DCA announces Direct Allocation awards on or about February 20, 2009 18 months (from HUD Plan approval) to “use” funds

Direct Allocation Application Rating Prioritization of assistance to area(s) of highest and greatest need Douglas County is 3rd in the State for areas of greatest need. Administrative capacity (understanding and history of successfully completing CDBG and HERA type activities) Implementation plan with specific eligible activities, and documentation of ability to implement activities quickly Application is prepared and ready for submittal including down payment assistance, purchase & sale of foreclosed homes and demolition of blighted structures.

Direct Allocation Application Rating Congruence between DCA’s initial proposed allocation, funds requested through the local proposal, and the activities chosen to address the needs described Adequacy of local proposal to ensure at least 25% of proposed allocation benefit persons below 50% of AMI Utilization of 0% soft seconds to accomplish Clear readiness to proceed with specific activities

Direct Allocation Application Rating The efficiency and effectiveness of the proposed activities Demonstrated understanding of applicable laws and regulations Description of implementation partnerships (if any) and documentation of partner roles and agreements Two possible partners for administration of funds; Cobb Housing Authority and/or Atlanta Neighborhood Development Partners. Needed agreements (e.g. options, contracts, leases, etc.) are in place and ready to implement.

Other Considerations 18 months to obligate and spend funds Local governments can be identifying potential REO residential units www.occ.treas.gov/cdd/ServicerContactInformation.pdf www.occ.treas.gov/cdd/MortgageElectronicRegistrationSystems.pdf www.mers-servicerid.org Quarterly reports and monitoring

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