PRESENTED BY Cindy Jenson Manager, Single Family Credit WHEDA

NSP FUNDS ALLOCATION  WHEDA allocation $6.2 million  Down payment and Closing Costs  Loan loss reserve

PRODUCT DESCRIPTION  Purchase of foreclosed homes or home rehabbed by non profit using NSP funds  Eligible counties

PROPERTY REHABILITATION  Adding repairs into the loan  $24,999 maximum repair cost  105% CLTV  Challenges

CHALLENGES  Developing Underwriting Guidelines  How to comply to HOME HHR  Other NSP subgrantees allocations  Investor requirements

RESOLUTIONS  New Investor  Revised NSP funds usage

DOWN PAYMENT  25% not to exceed $35,000  50% not to exceed $50,000

PRODUCT ACTIVITY  80 preapprovals  28% of preapprovals to very low income  Closed 6 loans and 1 grant only  Average loan amount $78,500

CURRENT CHALLENGES  Seasonal repair issue  SAFE Act  Appraised Value

For more information, please call or visit Wisconsin Housing and Economic Development Authority 201 West Washington Ave ! Madison, WI ! we do so you can.