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Forsyth County NC NSP1 Project

Development and Implementation of the Forsyth County NC NSP1 project
by Daniel Kornelis on 9 May 2014

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Transcript of Forsyth County NC NSP1 Project

The
Foreclosure
Crisis

The
Environment

7,178 Foreclosures 2007-2012
The W-S/Forsyth
Neighborhood Stabilization
Program
(NSP)

$3.625 Million
HUD
NC Dept. Commerce
The Response:
NSP Strategies
Market Approach
Financing Mechanism
Partner with Professionals
Track Foreclosures Monthly
The Results
The Enclave Apartments 68 Units
Trent Hill (Habitat) 15 Units
Smith Farm (Habitat) 18 Units
Individual Buyers 44 Units

Total 145 Units
Total Cost = $3,590,000
NSP Cost Per Unit = $24,760
17 Undeveloped Acres in Enclave
5 vacant lots owned by Habitat
Enclave Apartments
Pre- NSP
Enclave Apartments
Post NSP

Lessons
Learned
from
NSP

HUD & Mortgage Lenders have Silo Issues
Appraisers are Scared
The American Dream of home ownership is still Alive
Buyers need Counseling
Our Partnerships are strong
NSP is good for Winston-Salem and Forsyth County
Not enough NSP $ to have big effect on total community
Bank "Walk A Ways"
Bank Walk Aways:
A Bank begins foreclosure proceeding, the
home is vacated. The bank refuses to foreclose and the home is abandoned. The dwelling's value drops as it deteriorates and the neighborhood is concerned about the threat to their health and wealth.
Habitat for Humanity
THE PARTNERS
The NC Housing Foundation
City of Winston-Salem
Forsyth County
Center for Home Ownership
REALTORS
Lenders
NC Housing Finance Agency
NC Department of Commerce
Projects Units Appraised Values
Smith Farm 18 $1,778,972
Trent Hill 15 $2,775,393
Ind. Buyers 44 $4,105,200
The Enclave 68 $10,410,488

Totals 145 $19,070,053

W-S/Forsyth NSP
Total Investment
HABITAT FOR
HUMANITY
Trent Hill
HABITAT FOR
HUMANITY
Smith Farm
What's
Next ?
See the full transcript