San Diego Housing Commission First Time Homebuyer Program Presentation to Board of Commissioners September 14, 2012

Transcription

1 First Time Homebuyer Program Presentation to Board of Commissioners September 14, 2012 Vicki Monce Loan Services Manager Real Estate Department

2 SDHC Loan Management Team Loan Services Manager Vicki Monce Loan Servicing Team Nancy Deeds Sandy Simon Orlinda Stocking Loan Production Team Carrie Tapia Desiree Key Administrative Team Espi Martinez Melissa Holt Diane McCalister Delia Abeling Christine Jiron 2

3 SDHC History of Loan Management Mortgage Credit Certificate Program st Allocation of HOME funds received Silent Second and Closing Cost Grant Programs were created First Silent Second Loan and Closing Cost Grant were funded Loan Servicing Software System was implemented Most of the current lending policies were adopted First Affordable For-Sale unit closed escrow Neighborhood Stabilization Program created Assumed all servicing and monitoring for all Multi-Family Loans Continuing to serve families throughout San Diego 3

4 SDHC Current Loan Portfolio as of June 30, 2012 $298,265,368 $16,341,521 $61,003,220 $41,240,666 $179,679,961 Program Number of Loans Multi Family 131 First Time Homebuyer 1280 Affordable For-Sale 308 Rehabilitation 1009 TOTAL 2728 * Average of 909 loans per servicer 4

5 SDHC Portfolio Servicing Servicing Overview Over 1,500 Payoffs completed Over 2,500 Subordinations completed Assumptions Short Sales Bankruptcies Loan Modifications Defaults / Foreclosures 0.45% Default Ratio (Industry average = 3.0% - 5.0%) 5

6 SDHC Affordable For-Sale Housing Program-308 Units as of June 30, 2012 North City Future Urbanizing Area 55 Year Restrictions Four Developments 198 Units Redevelopment Agency 45 Year Restrictions Two Developments 59 Units Center City Development Corporation One Development 10 Units Inclusionary Eight Developments 41 Units 6

7 SDHC First Time Homebuyer Program Through The Years Silent Second Loan 20 % of sales price; up to $25,000 25% of sales price; up to $40, % of sales price; no maximum Recoverable Grant 2% of sales price up to $5,000 4% of sales price; up to $5,000 4% of sales price; up to $15,000 Mortgage Credit Certificate 20% credit 20% credit 15% and 20% credits Lending Institutions * The Board has approved 20 changes to the first time homebuyer program throughout the years. 7

8 Shared Equity / Appreciation Loans Paid in Full since 1993 LOANS FUNDED $33,766,509 PRINCIPAL REPAID $6,164,613 EQUITY SHARE $13,596,795 $4,000, $3,500, $3,000, $2,500, $2,000, $1,500, $1,000, $500, $ *299 shared equity / equity loans have been paid in full as of June 30,

9 SDHC Total Families Assisted as of June 30, ,028 First Time Homebuyer Programs No. of Families Deferred Loans, Grants & Mortgage Credit Certificates 4,155 Affordable For-Sales without SDHC assistance 128 TOTAL 4,283 Specialty Programs done in late 1980 s early 1990 s 745 GRAND TOTAL 5,028 9

10 SDHC Families Assisted By Year *Excludes specialty programs Year Families Assisted TOTAL 4,283 10

11 SDHC Assistance By Program Number of loans, grants and mortgage credit certificates issued Deferred Loans 1,491 Grants 1,659 Mortgage Credit Certificates 3,288 11

12 SDHC Families Assisted By Council District

13 SDHC Neighborhood Stabilization Program Under the Housing and Economic Recovery Act of 2008, SDHC was given 18 months to commit $9.4 Million in NSP funds. $6.1 Million was allocated to the first time homebuyer, rehabilitation and direct purchase programs. $1.6 Million was generated in program income from the direct purchase program. 13

14 SHDC Neighborhood Stabilization Program First Time Homebuyer / Rehabilitation 58 Families assisted 50 found their own properties 8 purchased under the SDHC direct purchase program 50 Deferred Loans 55 Closing Cost Grants 58 Rehabilitation Loans Approximately $650,000 accumulated in program income which will assist 6-7 families through the direct purchase program. 14

15 Calle Salida Del Sol 3 Bedrooms 2 Bathrooms 1,006 Sq. Feet. Before Rehabilitation

16 Calle Salida Del Sol 3 Bedrooms 2 Bathrooms 1,006 Sq. Feet. After Rehabilitation

17 Los Soneto Drive 3 Bedrooms 2 Bathrooms 1,518 Sq. Feet Before Rehabilitation

18 Los Soneto Drive 3 Bedrooms 2 Bathrooms 1,518 Sq. Feet After Rehabilitation

19 SDHC First Time Homebuyer Program Recipient Comments It was a great program that helped me buy my first home in a great neighborhood. It gave me a chance to buy a condo/townhome on my own. I live on disability and am disabled, and I would have never been able to do it on my own. The people working on my file went above and beyond. They worked nicely with my lender in a timely manner. 19

20 SDHC Participating Lender Comments Thank you, you guys are great! Things have improved TREMENDOUSLY in the last 3-5 years!!! Thank you for all your hard work! I think SDHC is the best non-profit to work with because of its organization and reasonable underwriting guidelines. The underwriters at SDHC are great and very good, they take their time to explain things thoroughly. 20

21 SDHC Current Funding 80% or below Area Median Income HOME $3,201,209 CalHome $1,412,500 (new award from State received June 2012) TOTAL $4,613,709 Average assistance per family Deferred Loan $38,325 Closing Cost Grant $ 7,190 TOTAL $45,515 Existing funding could assist 100 families to purchase their first home. The average area median income is 60% *Historically our programs have assisted families at 40% - 140% of area median income. 21

22 SDHC Current Funding 81% - 100% Area Median Income Inclusionary Housing $527,306 Local Funds $141,854 Housing Trust Fund $ 28,387 TOTAL $697,547 Families between 81% and 100% of area median income can receive closing cost grant assistance of up to $10,000. Approximately 69 families could receive assistance to purchase their first home. Mortgage Credit Certificates Approximately 47 mortgage credit certificates available under current allocation. 22

23 SDHC Improvements Being Implementing Buyer workshops Buyer pre-qualification Welcome letter Allow packages to be submitted while first trust deed lender underwrites their loan Provide families at 100% area median income with Closing Cost Grant assistance 23

24 24 Questions?