1. Lelia W. Allen, Director Housing and Community Development June 19, 2008

2. How Bad Is It? 13 th in nation* Orange County: 70 filings per day 30% proceed into foreclosure May 2008 report: 258 in Orlando city limits * Orlando Sentinel – June 8, 2008

3. Who is Impacted? New Middle Income Homeowners Long Term Lower Income Homeowners Investors Renters

4. Erosion of Property Standards Declining Property Values Florida Amendment 1

5. Amendment 1 is a constitutional amendment, which among other things, addresses the assessment of property taxes by the state Amendment 1 passed on January 29, 2008 Amendment 1 contained four (4) main provisions

6. Florida Amendment 1 Doubles the existing homestead exemption from $25,000 to $50,000 Save Our Home is maintained and increased up to $500,000 Creates a new exemption for the first $25,000 of assessed value for tangible personal property (rental property) Put a cap of 10% per year on how much the assessed value of non-homestead property can increase

7. More stringent underwriting in the Downpayment Assistance Program Expand housing counseling services Provide Financial Assistance Enforcement of Code Violations Education

8. City of Orlando’s Response Understanding the Process Identifying the options Identifying local resources

9. City of Orlando’s Response

10. The Partnership Mortgage Counseling and Credit Center Freddie Mac HUD Legal Aid Local HUD approved housing counseling agencies Local Lenders

11. Approximately 200 attendees Approximately 40 loan workouts with lenders City financing used to bring 4 loans current

12. Continue relationship with lenders and housing counseling agencies for educating residents Work with homeowner associations to monitor property standards Use code enforcement powers to improve property when necessary