Revision to the Down Payment Assistance Program (DPA) Funded by The State Housing Initiative...
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![Page 1: Revision to the Down Payment Assistance Program (DPA) Funded by The State Housing Initiative Partnership (SHIP) Program.](https://reader035.fdocuments.in/reader035/viewer/2022062421/56649dc65503460f94abb0e8/html5/thumbnails/1.jpg)
Revision to the Down Payment
Assistance Program (DPA)
Funded by The State Housing Initiative Partnership (SHIP)
Program
![Page 2: Revision to the Down Payment Assistance Program (DPA) Funded by The State Housing Initiative Partnership (SHIP) Program.](https://reader035.fdocuments.in/reader035/viewer/2022062421/56649dc65503460f94abb0e8/html5/thumbnails/2.jpg)
Presentation Outline
• Overview
• Housing Market Trends
• Downpayment Assistance Program
• Proposed Revisions to the Downpayment Assistance Program
• Action Requested
![Page 3: Revision to the Down Payment Assistance Program (DPA) Funded by The State Housing Initiative Partnership (SHIP) Program.](https://reader035.fdocuments.in/reader035/viewer/2022062421/56649dc65503460f94abb0e8/html5/thumbnails/3.jpg)
Presentation Outline
• Overview
• Housing Market Trends
• Downpayment Assistance Program
• Proposed Revisions to the Downpayment Assistance Program
• Action Requested
![Page 4: Revision to the Down Payment Assistance Program (DPA) Funded by The State Housing Initiative Partnership (SHIP) Program.](https://reader035.fdocuments.in/reader035/viewer/2022062421/56649dc65503460f94abb0e8/html5/thumbnails/4.jpg)
Overview
State Housing Initiatives Partnership Program (SHIP)
• Established 1992
• Funding source - Documentary Stamp Revenues
• 67 Counties and 48 Municipalities participate
• 5th Largest Recipient of SHIP Funds in the State
• Orange County received $5.2 million for Fiscal Year 2008-2009
– And will receive $0 for FY 2009-2010
![Page 5: Revision to the Down Payment Assistance Program (DPA) Funded by The State Housing Initiative Partnership (SHIP) Program.](https://reader035.fdocuments.in/reader035/viewer/2022062421/56649dc65503460f94abb0e8/html5/thumbnails/5.jpg)
Overview
State Housing Initiatives Partnership Program (SHIP) Activities
• Multi-Family Rehabilitation/Construction
• Single Family Rehabilitation/Construction
• Impact Fee Subsidy
• Down Payment Assistance
![Page 6: Revision to the Down Payment Assistance Program (DPA) Funded by The State Housing Initiative Partnership (SHIP) Program.](https://reader035.fdocuments.in/reader035/viewer/2022062421/56649dc65503460f94abb0e8/html5/thumbnails/6.jpg)
Presentation Outline
• Overview
• Housing Market Trends
• Downpayment Assistance Program
• Proposed Revisions to the Downpayment Assistance Program
• Action Requested
![Page 7: Revision to the Down Payment Assistance Program (DPA) Funded by The State Housing Initiative Partnership (SHIP) Program.](https://reader035.fdocuments.in/reader035/viewer/2022062421/56649dc65503460f94abb0e8/html5/thumbnails/7.jpg)
Housing Market Trends
• July 2007 Metro Orlando reached a record high median sales price of $264,436
• May 2009 the median price of existing homes in Metro Orlando dropped to $130,000
• The last time the median sales price was at this level was in 2002
![Page 8: Revision to the Down Payment Assistance Program (DPA) Funded by The State Housing Initiative Partnership (SHIP) Program.](https://reader035.fdocuments.in/reader035/viewer/2022062421/56649dc65503460f94abb0e8/html5/thumbnails/8.jpg)
Housing Market TrendsUnit Availability
2,6182,891
5,186
01,000
2,0003,000
4,0005,000
6,000
Under$119,999
$120,000 -$159,999
$160,000 -$199,999
19,123 Total Listings in Orange CountySource: Orlando Board of Realtors - MLS
June 3, 2009
![Page 9: Revision to the Down Payment Assistance Program (DPA) Funded by The State Housing Initiative Partnership (SHIP) Program.](https://reader035.fdocuments.in/reader035/viewer/2022062421/56649dc65503460f94abb0e8/html5/thumbnails/9.jpg)
Presentation Outline
• Overview
• Housing Market Trends
• Downpayment Assistance Program
• Proposed Revisions to the Downpayment Assistance Program
• Action Requested
![Page 10: Revision to the Down Payment Assistance Program (DPA) Funded by The State Housing Initiative Partnership (SHIP) Program.](https://reader035.fdocuments.in/reader035/viewer/2022062421/56649dc65503460f94abb0e8/html5/thumbnails/10.jpg)
Downpayment Assistance Program
• First-time income eligible homebuyers
• Property must be located within Orange County excluding City Limits of Orlando
• Homebuyers are required to complete Homebuyer education class
![Page 11: Revision to the Down Payment Assistance Program (DPA) Funded by The State Housing Initiative Partnership (SHIP) Program.](https://reader035.fdocuments.in/reader035/viewer/2022062421/56649dc65503460f94abb0e8/html5/thumbnails/11.jpg)
Downpayment Assistance Program
Current Levels of DPA Assistance
Very Low Income $35,000
Low Income $30,000
Moderate Income $20,000
![Page 12: Revision to the Down Payment Assistance Program (DPA) Funded by The State Housing Initiative Partnership (SHIP) Program.](https://reader035.fdocuments.in/reader035/viewer/2022062421/56649dc65503460f94abb0e8/html5/thumbnails/12.jpg)
• Average Down Payment Assistance Loan: $25,000
• Average number of households assisted: 325 per year
• Current budget will be expended by early 2010
Downpayment Assistance Program
![Page 13: Revision to the Down Payment Assistance Program (DPA) Funded by The State Housing Initiative Partnership (SHIP) Program.](https://reader035.fdocuments.in/reader035/viewer/2022062421/56649dc65503460f94abb0e8/html5/thumbnails/13.jpg)
Downpayment Assistance Program
Year SHIP Allocations
2005-2006 $5,840,038
2006-2007 $7,616,423
2007-2008 $7,688,950
2008-2009 $5,296,978
2009-2010 $0
![Page 14: Revision to the Down Payment Assistance Program (DPA) Funded by The State Housing Initiative Partnership (SHIP) Program.](https://reader035.fdocuments.in/reader035/viewer/2022062421/56649dc65503460f94abb0e8/html5/thumbnails/14.jpg)
Presentation Outline
• Overview
• Housing Market Trends
• Downpayment Assistance Program
• Proposed Revisions to the Downpayment Assistance Program
• Action Requested
![Page 15: Revision to the Down Payment Assistance Program (DPA) Funded by The State Housing Initiative Partnership (SHIP) Program.](https://reader035.fdocuments.in/reader035/viewer/2022062421/56649dc65503460f94abb0e8/html5/thumbnails/15.jpg)
Proposed Downpayment Assistance Program
• Current affordability level of housing market
• Reduction or elimination in SHIP Funding
• Doing more with less
![Page 16: Revision to the Down Payment Assistance Program (DPA) Funded by The State Housing Initiative Partnership (SHIP) Program.](https://reader035.fdocuments.in/reader035/viewer/2022062421/56649dc65503460f94abb0e8/html5/thumbnails/16.jpg)
Proposed Downpayment Assistance Program
Staff recommendation to decrease DPA subsidies
• Conducted consultation with industry providers
• Affordable Housing Advisory Board (AHAB) approved the recommendation on May 27, 2009
![Page 17: Revision to the Down Payment Assistance Program (DPA) Funded by The State Housing Initiative Partnership (SHIP) Program.](https://reader035.fdocuments.in/reader035/viewer/2022062421/56649dc65503460f94abb0e8/html5/thumbnails/17.jpg)
Decrease the maximum level of assistance
under the Down Payment Assistance Program
Income Level From To
Very Low Income $35,000$25,00
0
Low Income $30,000$17,50
0
Moderate Income
$20,000$
5,000
Proposed Downpayment Assistance Program
![Page 18: Revision to the Down Payment Assistance Program (DPA) Funded by The State Housing Initiative Partnership (SHIP) Program.](https://reader035.fdocuments.in/reader035/viewer/2022062421/56649dc65503460f94abb0e8/html5/thumbnails/18.jpg)
Presentation Outline
• Overview
• Housing Market Trends
• Downpayment Assistance Program
• Proposed Revisions to the Downpayment Assistance Program
• Action Requested
![Page 19: Revision to the Down Payment Assistance Program (DPA) Funded by The State Housing Initiative Partnership (SHIP) Program.](https://reader035.fdocuments.in/reader035/viewer/2022062421/56649dc65503460f94abb0e8/html5/thumbnails/19.jpg)
Action Requested
Approval of a revision to the State Housing Initiative
Partnership (SHIP) Program to decrease the level of assistance
under the Down Payment Assistance Program (DPA).