1. Neighborhood Stabilization Program
Douglas County
Neighborhood Stabilization Program

2. 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.

3. 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)
* Noted as “Trust Sales” in RealtyTrac data source

4. 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

5. DCA Determined Need by Actual Data and Ranks

6. 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

7. 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.

8. 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

9. 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.

10. 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

11. 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

12. 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

13. 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.

14. 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

15. 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.

16. Other Considerations 18 months to obligate and spend funds
Local governments can be identifying potential REO residential units
Quarterly reports and monitoring

17. Discussion