Welcome!

Submitted by Jim Gray on Wed, 10/29/2008 - 1:50pm

Welcome to the weblog (or "Blog") on including Shared Equity Homeownership strategies in your city or state's Neighborhood Stabilization Program plan amendment. NCB Capital Impact is delighted to build on our strong partnership with NeighborWorks America by having NeighborWorks host this discussion. Participants in our October 30 webinar on this subject and others interested in this topic are encouraged to use this space to build on the webinar discussion, ask and answer questions of one another. Please continue to check back at www.ncbcapitalimpact.org/ForeclosureSolution for new resources.

Jim Gray
NCB Capital Impact

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  • NCB Capital Hosts: Preserving Affordability of Neighborhood Stabilization Program (NSP) funded homeownership

    • Comments

    Questions from 10/30/08 NSP Webinar

    Submitted by Jim Gray on Fri, 10/31/2008 - 9:23pm.

    Here are some of the questions that came up in our webinar yesterday.

    Nathan Blatchley: HOw would loans and shared appreciation work with the 10 year recapture of program funds and revenue in the regs?
    Nathan Blatchley: HOw would loans and shared appreciation work with the 10 year recapture of program funds and revenue in the regs?

    Carole Norris: You can recapture the initial subsidy, but still retain interest in any additional equity

    Anonymous: 2 items: 1) our HUD office is saying land trusts aren't eligible??? 2) do you think jurisdictions must havd some entity such as the HOME/CDBG advisory committee review individual deals within the program,e.g. a particular home sale?

    Robert Leuchs: I have not yet begun to speak with lenders about using the NSP funds to purchase their foreclosed properties. Have others done so? I would like to hear about their experiences.

    Nathan Blatchley: HAs there been any discussion of the impact of recent land rent law changes in Maryland on maintaining long term affrodability?

    Jesse Beason: Our state agency told us yesterday that Fannie Mae had said nationally they would automatically reduce its homes bought through NSP by 15%.

    Sima Thakkar: Have participants been successful in identifying and obtaining FHA-owned properties?

    William McGuire: Resale to LMMH - sale must be "cost to acquire and redevelop or rehabilitate to a decent safe and habital condition (including reasonable development fees" - can cost effective energy efficient improvements be included? renovations - modernization? What is the definition of development fee? Does this include any debt service that may apply if NSP and a loan were used to acquire -rehab? Jeff mentioned Contract for Deed - what advantages does this have over lease to own? Also contract for deed seems to be defined as to contracting for new construction. As far as rental is the 65% of mod apply as the max and if so would this be 65% of 120% for the not low income deals?

    Brett Elliott: Instead of asking HUD and getting more regulations why aren't we just taking this to our local jurisdictions with a plan that's worked in the real estate investing world. This would make it less regulated and get better faster results. Wasn't the whole point of this to be to get the local governments to set the guidelines for use of the money?

    Gregg Kawczynski: Can you only retain or reinvest the equity for five years?

    Gregg Kawczynski: Does the ability to continued use of NSP program income from a homebuyer apply to the loan principal (o

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