The document provides information about Chicago's plans to use funding from the Neighborhood Stabilization Program (NSP) to address the foreclosure crisis. For NSP-1, Chicago targeted 25 community areas and planned to acquire and redevelop 585 vacant, foreclosed homes. For competitive NSP-2 funding, Chicago proposed investing $98 million in 12 targeted community areas to stabilize neighborhoods. The plans focused on acquiring and redeveloping REO properties, demolishing blighted homes, and ensuring affordability for rehabilitated homes.
In the 13th hour, Congress avoided the “fiscal cliff” by passing the American Taxpayer Relief Act. This legislation preserved most of the George W. Bush-era tax cuts and carved out some new rules as well. This presentation will provide context around the passage of the American Taxpayer Relief Act and will summarize its provisions, with an emphasis on the impact of this major legislation to retirement plans. Additionally, remaining economic headwinds that prevail in the United States will be examined.
We study the credit market implications and real effects of one the largest borrower bailout programs in history, enacted by the government of India against the backdrop of the 2008–2009 financial crisis. We find that the stimulus program had no effect on productivity, wages or consumption, but led to significant changes in credit allocation and an increase in defaults. Post-program loan performance declines faster in districts with greater exposure to the program, an effect that is not driven by greater risk-taking
of banks. Loan defaults become significantly more sensitive to the electoral cycle after the program, suggesting the anticipation of future credit market interventions as an important channel through which moral hazard in loan repayment is intensified.
In the 13th hour, Congress avoided the “fiscal cliff” by passing the American Taxpayer Relief Act. This legislation preserved most of the George W. Bush-era tax cuts and carved out some new rules as well. This presentation will provide context around the passage of the American Taxpayer Relief Act and will summarize its provisions, with an emphasis on the impact of this major legislation to retirement plans. Additionally, remaining economic headwinds that prevail in the United States will be examined.
We study the credit market implications and real effects of one the largest borrower bailout programs in history, enacted by the government of India against the backdrop of the 2008–2009 financial crisis. We find that the stimulus program had no effect on productivity, wages or consumption, but led to significant changes in credit allocation and an increase in defaults. Post-program loan performance declines faster in districts with greater exposure to the program, an effect that is not driven by greater risk-taking
of banks. Loan defaults become significantly more sensitive to the electoral cycle after the program, suggesting the anticipation of future credit market interventions as an important channel through which moral hazard in loan repayment is intensified.
The legislative landscape in which retirement plans must operate is constantly evolving to meet the need for an appropriate level of industry regulation. Legislative and regulatory activity during 2013 to date has created numerous opportunities and challenges that retirement plan sponsors must address. In this program, Erik Daley, CFA, will provide an overview of this year's legislative and regulatory developments and focus on practical, consultative tips on how they might apply to your retirement plan.
The past 30 years has born witness to the collapse of the private pension system with for-profit employers, tax-exempt entities and now the governmental sponsors replacing defined benefit pension programs with defined contribution plans. This practice spawned a well-documented transfer of investment and funding risk from employer to employee. Now, most defined contribution plans render the employee the sole decision maker on the four factors that determine an employee's ability to retire successfully: contribution rate, investment strategy/return, time horizon, and spending needs in retirement.<br /><br /> In this presentation we will address what employers can do to help employees meet the demands of the new retirement plan era.
The legislative landscape in which retirement plans must operate is constantly evolving to meet the need for an appropriate level of industry regulation. Legislative and regulatory activity during 2013 to date has created numerous opportunities and challenges that retirement plan sponsors must address. In this program, Erik Daley, CFA, will provide an overview of this year's legislative and regulatory developments and focus on practical, consultative tips on how they might apply to your retirement plan.
The past 30 years has born witness to the collapse of the private pension system with for-profit employers, tax-exempt entities and now the governmental sponsors replacing defined benefit pension programs with defined contribution plans. This practice spawned a well-documented transfer of investment and funding risk from employer to employee. Now, most defined contribution plans render the employee the sole decision maker on the four factors that determine an employee's ability to retire successfully: contribution rate, investment strategy/return, time horizon, and spending needs in retirement.<br /><br /> In this presentation we will address what employers can do to help employees meet the demands of the new retirement plan era.
This presentation is a review of the NoSQL spaces I did for the X Jornades de Programari Lliure in Barcelona.
You will see a complete review of the NoSQL movement, use cases, technology review, an special review of what are the Graph Databases. And more....
Special thanks to @Hagenburger, @sbitxu, @jannis and the inspiration of the big @jimwebber and the amazing community.
Presenters: Deborah Minor‐Harvey & James Pfluecke, IRN Technical Assistance Providers
This workshop will identify best practices in federal grant proposal project management including developing a work plan and your work team. Participants will learn about the organizational capacity needed to successfully complete a federal grant proposal, how to assess and document your community's needs, and how to develop a time line for the successful completion of all aspects of the proposal.
“Planning for Future Funding: How to create a community comprehensive plan with federal funding in mind”
Thinking about federal grants when developing a comprehensive plan for your community can help you get a head start on successfully applying, submitting and receiving federal funding.
Detailed comprehensive plans and federal funding grants need some of the same elements to thrive. Writing about the vision for investing in a community’s empty brownfields, affordable housing and economic development needs, and health issues can serve as a platform in applying for federal grants. These aspirations, when effectively written and documented, can be used as the basis for grant applications. If a community identifies its needs as part of the planning process, it can, as part of a continuous proposal building process, pinpoint which grants will help meet those needs.
Federal grants are available for communities with an integrated vision for connecting economic development, community development, and environmental protection to create greater livability.
Illinois ResourceNet (IRN) and the Chicago Metropolitan Agency for Planning (CMPA) are working together on a series of free webinars to help communities strengthen their capacity to apply successfully for available federal funding opportunities.
In this webinar, “Planning for Funding: How to create a comprehensive plan with federal funding in mind,” Deborah Orr, EPA Region 5 Brownfields Coordinator, will moderate the session and explain why comprehensive community planning should be an integral part of the federal funding process.
Michael McAfee, Community Planning and Development Representative with HUD's Chicago office, will demonstrate how to use a comprehensive plan and the sustainable practices built into it to facilitate the continuous development of federal funding proposals.
Susan Kaplan, technical assistance provider for Illinois ResourceNet at the University of Illinois, will offer examples of how a community plan can be used to help identify relevant federal grant opportunities and develop persuasive grant applications.
Free Webinar held on Tuesday, August 3, 2010 at 10:00 a.m. – 11:30 a.m.
Proposal success is cumulative, especially when carried out in collaborative networks where data can be shared, partnerships can be forged, learning can take place, different program areas can be linked, and diverse resources can be leveraged. This session gives practical hands-on training on how to engage in a continuous proposal building process including utilizing the catalogue of federal assistance, grants.gov and planning documents to anticipate and prepare for potential opportunities.
Pre‐planning and preparation help increase the competitiveness of an organization’s application.
Illinois ResourceNet TA providers work with organizations to prepare for future funding opportunities
by creating a two‐year timeline of expected release dates of Federal grant programs relevant to the
organization or collaborations working with IRN. Illinois ResourceNet develops a plan‐of‐action for
groups to identify grants that match the needs of the organization. TA providers will also locate future
funding for existing programs and potential new programs, and examine the resources offered by
Federal Agencies. In addition, the IRN TA provider will review proposals to ensure that the
organization meets the eligibility requirements, and has the necessary management and programmatic
capacity.
From a Sept. 2009 Making Home Affordable meeting where a rep from the U.S. Treasury went more in depth on the HAMP and HARP programs along with representatives from Freddie and Fannie
This PowerPoint is a discussion of options for financing clean energy. It describes financing processes, and outlines specific options related to on-bill financing structures, 3rd party structures and commercial lending structures. It was originally presented to RE-AMP, an organization of environmental advocates operating primarily in the Midwest.
Financing Policy Webinar with Congressman Israel and Matthew Brown - Matthew ...Alliance To Save Energy
November 19, 2009 - The Alliance hosted a webinar that addressed a range of current financing proposals, including a discussion by Congressman Israel on Property Assessed Clean Energy (PACE) bonds and an overview by Matthew Brown on models of clean energy financing.
Hazard mitigation has increasingly become the responsibility of local decision makers who work with technical assistance providers to apply for federal funding. Understanding the disaster cycle: preparedness, response, recovery and mitigation; helps communities reduce risk from disaster. During this panel, the
importance of understanding the need to adopt both structural and non‐structural mitigation strategies will be covered.
Speakers: Jonathon Monken, Director, Illinois Emergency
Management Agency (IEMA); Rusty Tenton, State Hazard Mitigation
Office, Illinois Emergency Management Agency (IEMA); Ron Davis, State Hazard Mitigation Office, Illinois Emergency Management Agency (IEMA);
Foundation: Mary Ellen Chamberlin, President, RDA
Facilitator: Carrie McKillip, Community Development Educator,
University of Illinois Extension
In this economic climate, there is a necessity to work collaboratively to create strong, sustainable and inclusive communities. Detailed comprehensive plans and federal funding grants need some of the same elements to thrive. If a community identifies its needs as part of the planning process, it can, as part of a continuous proposal building process, pinpoint which grants will help meet those needs.
Speakers: Duane Smith, Area Specialist, U.S. Department of
Agriculture (USDA) Rural Development; Teresa Kurtenbach,
Northwest Regional Director, Illinois Department of Commerce and Economic Opportunity (DCEO); Denise Bulat, Executive Director,
Bi-State Regional Commission
Foundation: Mary Ellen Chamberlin, President, RDA
Facilitator: Carrie McKillip, Community Development Educator,
University of Illinois Extension
This session examines the inter relationships among federal
agencies to ensure the availability of quality of life issues, such as safe and affordable housing, energy conservation and efficiency, and walkable communities. Federal grants are available for
communities with an integrated vision for connecting economic
development, community development, and environmental
protection to create greater livability.
Speakers: Ray Canchola, Deputy Director of Community Planning and Development and Daryl Hernandez, Senior Management
Analyst, U.S. Department of Housing and Urban Development;
Elmo Dowd, Policy Advisor, Illinois Environmental Protection Agency; Molli Nickerson, Director, Community Services, Project Now, and Co-Chair of Northwestern Continuum of Care
Foundation: Scott Crane, President, United Way of the
Quad Cities
Facilitator: Kyle Cecil, Agriculture and Natural Resources
Educator, University of Illinois Extension
Social Entrepreneurship: Mobilizing, Innovating, and Collaborating for Social...Illinois ResourceNet
Betsy Goulet, Adjunct Faculty and Doctoral Student, University of Illinois, Springfield, will discuss the importance of collabora-tion amid the new reality of shrinking budgets where agencies, nonprofits and social service programs are being forced to do more with less. She will share information about the role of social entrepreneurship as an innovative strategy for social change in the development of partnerships among nonprofits, government, universities and corporations.
Anne H. Silvis, University of Illinois Extension Specialist in Leadership Development and Director of the Laboratory for Community and Economic Development, will describe practices that build collaboration at the community level and how
collaborative efforts foster improved outcomes for individuals,
organizations and communities. This plenary session will offer
participants a chance to explore concepts and strategies with
one another in small groups.
The decennial census determines the allocation of hundreds of billions of federal program dollars. Federal agencies and private entities use data on race, ethnicity, national origin, sex, age, and disability to determine where disparities exist and where community groups could assist. This workshop brings together professionals working to collect data for the census to discuss recently analyzed data with community groups searching for information to support program objectives and goals.
Writing a federal proposal is a multi-step process with every tier requiring an equal level of intense consideration. The federal budget piece is probably the most detailed and specific item on the federal proposal to-do list. Illinois ResourceNet’s face-to-face workshop will tackle the topic of federal budgets and help attendees sort through this daunting section of the federal proposal. In addition, this session describes the principles used in developing a budget narrative.
Illinois ResourceNet’s instructor will explain the importance of managing your organization’s finances to improve your success in applying for a federal grant.
Attendees will walk away knowing how to plan and monitor financial activity, while establishing a solid line of communication between program staff and budgeting staff. This course helps to prepare organizations to manage the detailed federal budget section of their proposals.
Illinois ResourceNet’s offers a workshop to help introduce nonprofit organizations to the principles of collaboration, the nature and type of collaborative and what it takes to work together in a sustainable manner. In particular, collaboratives play a vital role in Illinois ResourceNet’s commitment to building capacity in the nonprofit sector in Illinois to facilitate stronger federal grant development and submissions.
Lauri Alpern, an Illinois ResourceNet technical assistance provider will lead the workshop and will guide participants through the process of partnership development and completion of tasks in a group setting.
Census data can provide a unique picture of local communities, by providing information on indicators such as household income levels, the age and education-level of a population, the race and ethnic makeup of a community and how a population has changed over time. This type of information is particularly useful when trying to write a grant proposal to demonstrate the need for resources within a community, or when trying to assess the needs and issues of a community. This session will explain how to access census information and use it to create maps and graphics to visualize the information being written about in proposal submissions.
Detailed comprehensive plans and federal funding grants need some of the same elements to thrive. If a community identifies its needs as part of the planning process, it can, as part of a continuous proposal building process, pinpoint which grants will help meet those needs. Federal grants are available for communities with an integrated vision for connecting economic development, community development, and environmental protection to create greater livability. This session will explain why comprehensive community planning should be an integral part of the federal funding process to help facilitate the continuous development of proposals.
This workshop will identify best practices in federal grant proposal project management including developing a work plan and your work team. Participants will learn about the organizational capacity needed to successfully complete a federal grant proposal, how to assess and document your community's needs, and how to develop a time line for the successful completion of all aspects of the proposal.
During this event, participants experienced how IRN supports the work of organizations in federal grant writing, explored the resources of the IRN website, and secured answers on being successful in the federal grant process from IRN Technical Assistance Providers. Members of organizations participated in a choice learning sessions around collaboration, the federal grants process, and learned how to secure funding by working collaboratively with local governments.
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
7. Eligible owners can have their monthly mortgage payments reduced to 31% of income.In default or foreclosure Borrowers who are current on their loans but are struggling to make payments may also be eligible for HAMP if they: Have a documented hardship – decrease in income, increase in expenses, facing interest rate increase within the next four months, etc. Do not have sufficient savings or other liquid assets to make future payments.
8. Loan Modification Program (HAMP) The HAMP Waterfall Servicers must apply the sequential steps (“The Waterfall”) as needed to cut loan payment to 31% of eligible borrower’s monthly pre‐tax income. Capitalize outstanding interest, escrow advances, out‐of‐pocket servicing expenses (no late fees) Cut interest rate to as low as 2% Extend loan term up to 40 years Defer portion of principal, interest‐free, until loan is paid off Accrued interest and expenses are tacked onto extended loan terms; any principal forbearance is set as a balloon payment.
9. Loan Modification Program (HAMP) Outcomes: Servicers apply NPV formula: NPV is a mathematical model used to analyze the cost/benefit of investment decisions MHA NPV factors include: Home value relative to mortgage amount Likelihood of foreclosure Home price trends Cost of foreclosure and cost of modification Default rate and discount rate Fannie Mae and Freddie Mac Loans: Servicer must pursue modification whether the NPV calculation is positive or negative Non-GSE Loans: NPV positive: Servicer must modify loan NPV negative: Servicer may modify loan but is not required to do so
13. Recent Additions HAMP Principal Reduction Incentives FHA Principal Reduction Program Principal reduction initiative geared toward borrowers with 115% or higher loan-to-value (LTV) ratios. Investors will write down the loans to 97.75 % of the appraised value, at which point FHA. will refinance them through new lenders. After refinance, the combined first mortgage and any secondary liens cannot surpass 115% of the current value of the home. Promoting principal forgiveness within HAMP requirement that servicers consider “principal relief” including write-downs. Pay-for-success structure tied to loan-to-value. For reductions below 115%, the payment increases to 21 cents on the dollar. The write-downs are to take three years, with the borrowers in essence being rewarded for making their payments on time.
14. Recent Additions 2nd Lien Program (2MP) Short Sales (HAFA) Eligibility: First mortgage is modified through HAMP 2nd lien lender is participating in 2MP 2nd lien originated on or before January 1, 2009 Borrower must consent to share 1st mortgage modification data with 2nd lien lender (if the lenders are different) Provide financial incentives to lenders, servicers and borrowers to allow a property to sell for less than the outstanding mortgage (“short”) Borrowers would receive $1,500 from the government in relocation expenses. Servicers receive $1,000. Second liens holders can receive up to $3,000 of the sales proceeds for releasing their liens. First lien investors can receive $1,000 from the government for signing off on payments to subordinate lien holders.
15. Recent Additions Hardest Hit Fund (HHF) HHF provides $445 million in federal funds to assist Illinois homeowners dealing with job loss or income reduction. Illinois’ program - the “Hardest Hit Fund’s Homeowner Emergency Loan Program” (HHF HELP) - will assist LMI families with temporary mortgage assistance while they work to regain sufficient income to pay their mortgage. HHF HELP aims to reduce the number of mortgage delinquencies and avoidable foreclosures caused by unemployment and underemployment and to preserve homeownership for Illinois’ moderate and low income families. IHDA is not currently accepting any applications, but anticipates opening the application period during the spring/summer of 2011.
21. Characteristics of Modified Loans Based on a dataset of 51,674 loan modifications reported from 01/2008 to 11/2008
22. Principal Reduction Has the Lowest Re-default Rate (Estimated 9-months FC Rates in Different Markets) Note: * Sand states include CA, FL, NV, AZ. All loan mods result in a payment reduction from 50% DTI to 31% DTI.
23. Obstacles to principal reduction Investors Principal reductions force losses onto different classes of investors – produces resistance or legal actions (Countrywide). Sheer numbers of investors make agreements difficult to reach. Servicers Friction from securitization - “pooling & service agreements” transfer responsibilities for problem loans to mortgage servicers. Servicer compensation tied to loan balance – produces a disincentive for principal reductions. Moral hazard By making it less costly for borrower to default, e.g., reducing the principal owed, principal reductions may result in more defaults than otherwise would have occurred.
33. Background NSP-1 NSP-2 Title III of Division B of the 2008 Housing and Economic Recovery Act, (HERA). Section 2301-Emergency Assistance for the Redevelopment of Abandoned and Foreclosed Homes, aka “Neighborhood Stabilization Program” $3.92 billion allocation, with amounts determined by formula established by HUD using criteria specified by HERA Treated as CDBG Funds under Title I, but alters several key CDBG provisions. References NSP funds authorized under the American Recovery and Reinvestment Act (ARRA) of 2009. Allocates $1.93 billion on a competitive basis to states, local governments, and non profit organizations. Program objectives and eligible uses did not change, but the allocation process and some regulations on the funds have changed. Also includes a further $50 million for technical assistance (NSP-TA).
34. Background Eligible Uses Requirements NSP funds may be used for activities which include, but are not limited to: Establish financing mechanisms for purchase and redevelopment of foreclosed homes and residential properties; Purchase and rehabilitate homes and residential properties abandoned or foreclosed; Establish land banks for foreclosed homes; Demolish blighted structures; Redevelop demolished or vacant properties NSP grantees must use at least 25 percent of the funds to house individuals or families whose incomes do not exceed 50 percent of the area median income. All activities must benefit low- and moderate-income persons whose income does not exceed 120 percent of area median income. Money has to be obligated within 18 months.
39. Redevelop demolished or vacant propertiesAcquisition Disposition Eligible rehabilitation and preservation activities, for homes and other residential properties New construction Clearance, for blighted structures only Relocation Direct homeownership assistance Housing counseling (for end users only) The Neighborhood Stabilization Program, a CDBG Component
41. Local NSP Targeting All funds must serve households less than 120 Percent of Area Median Income. HOME Program “Safe Harbor” – allows PJs to exceed CDBG limits Area Benefit: This requirement can be met by targeting funds to neighborhoods where more than 51% of persons are less than 120 percent of Area Median Income. VLI set-aside: 25% of funds must go to serve individuals or households less than 50% of Area Median Income. Area benefit DOES NOT APPLY for this group. You can only meet this requirement by providing direct assistance to a person or household with income less than 50 of Area Median Income. Must target areas with greatest needs due to foreclosure crisis.
42. The statute also provides direction to grantees that they should give priority emphasis in targeting the funds that they receive to “those metropolitan areas, metropolitan cities, urban areas, rural areas, low- and moderate-income areas, and other areas with the greatest need, including those— with the greatest percentage of home foreclosures; with the highest percentage of homes financed by a subprime mortgage related loan; and identified by the State or unit of general local government as likely to face a significant rise in the rate of home foreclosures.” (2301(c)(2)) Local NSP Targeting
43. Local NSP Targeting Get the biggest bang for your buck – program goal setting: Identify neighborhoods with a problem HUD’s “predicted risk” data on HUD website (on same file with area benefit information) Local data on bank and tax foreclosures Local data to show if a home is vacant, such as water utility data Develop a Strategy for Immediate Impact Use flexibility under land banking activity to maintain abandoned properties you have not yet acquired (legal authority to maintain properties must be local, but NSP funds can be used to pay for the maintenance under certain circumstances) Prioritize neighborhoods for different uses of funds Preservation neighborhoods – acquire and resell Opportunities for mixed income affordable housing – acquire and rent Shrinking neighborhoods – acquire or swap and demolish
44. Affordability Periods Rental properties Owner-occupied properties Rehabilitation or acquisition of existing housing (investment per unit) Under $15,000 5 years $15,000 to $40,000 per unit 10 years Over $40,000, or rehabilitation involving refinancing 15 years New construction 20 years Amount of permanent per-unit subsidy: Under $15,000 5 years $15,000 to $40,000 10 years Over $40,000 15 years The Neighborhood Stabilization Program, a CDBG Component
46. Overview NSP-1 NSP-2 $55.2 million allocated by formula Funds available from 01/2009 – need to be spent by December 2010. Targets 25 of 77 community areas Estimated impact: 585 units Competitive program – Chicago submitted its $98 million bid in July 2009. Focuses on 12 community areas divided into three categories Estimated impact: ???
47. NSP Process & Adm. Structure A seven-step process was developed for NSP1, as follows: Map vacant properties and conduct research to refine redevelopment focus areas. Establish purchase and sales agreements for Real Estate Owned (REO) properties. Conduct feasibility analysis; choose properties; purchase properties. Leverage funds, resources and partners to create housing, jobs, stabilization. Market the properties; offer financing options; support sales or rental of finished units. Monitor and evaluate the program. Provide reports to HUD.
48. City of Chicago Objectives I Given the scale of the foreclosure issue, its adverse impact on neighborhoods, the following neighborhood stabilization goals have been established: Stabilize neighborhoods by getting vacant and foreclosed homes up-to-code and occupied as quickly as possible. Strategically target interventions to protect neighborhoods impacted by foreclosure, preserve public and private investments, and make a measurable impact in targeted areas. Create efficiencies and economies of scale by acquiring vacant, foreclosed properties in bulk at a discount from lending institutions and redeveloping those properties with a broad network of qualified development partners. Prioritize interventions on vacant, foreclosed 1-6 unit properties and other larger buildings that adversely impact neighborhood stability and quality of life in targeted areas. Ensure compliance with affordability restrictions on rehabilitated homeownership and rental housing units. - City of Chicago, NSP II Final Narrative
49. The proposed NSP-2 plan would bring different levels of impact in the three neighborhood types: Green “growth” neighborhoods will bounce back quickly from the current crisis rather than suffering a prolonged downturn and loss of confidence. Orange “stability” neighborhoods will cut the bottom off their downward trajectories and stabilize around the targeted investment areas. These neighborhoods were chosen because their local markets are likely to collapse without strong and focused intervention. Yellow “caution” neighborhoods will consolidate investments on the strongest blocks near transit, St. Bernard Hospital and a college campus, and use demolition to reduce the negative impacts of blighted structures. City of Chicago Objectives II
50. NSP 1 The City of Chicago identified 25 out of a total of 77 community areas as areas of greatest need, representing the top quartile of areas based on the following: (1) foreclosures completed to become Real Estate Owned properties (REOs) per 1,000 mortgageable properties in the area; (2) percent of loans in each area that are high cost; and (3) risk factors for rising foreclosure rates, including current price compared to 8-year maximum and unemployment rates.
54. Targeting NSP 1: 25 community areas. Targeting NSP 2: 36 census tracts clustered in 11 community areas. Targeting NSP 3: five areas of greatest need located within the following community areas: Belmont Cragin Chatham East Garfield Park North Lawndale West Pullman
59. Parallel capital investmentsCensus tracts were grouped into three types based on the challenges, market conditions and opportunities of each community