2015/12/30 Council Agenda Packet

3 PROJECT SUMMARY NSP1 Grantee: City of Everett Contract#: 08-F6401-004 Name and Phone of Person Jan Nleston,425-257-7164 Date: 8/2312012 Completing This Report: Please write a brief summary of your NSP1 program. This summary will help inform the public or legislature about your NSP1 project(e.g., similar to a stand-alone short newspaper article). Please start by describing the"problem"and your need for neighborhood stabilization, and then highlight what was accomplished with the NSP1 grant. It should include at a minimum: 1. the amount of NSP1 funds invested in the project; 2. the amount of other funds invested in this project; 3. the amount of any program income received and invested back into the project; 4. the involvement of any subrecipients/housing organizations/nonprofits/developers; 5. the number of foreclosed or abandoned properties/housing units recovered; 6. the type(s) of assistance provided (downpayment, rehabilitation, construction, etc.); 7. the type of housing provided(resale, rental, public facilities, etc.); 8. the number of low-, moderate-, and middle-income families that benefited from this project. PROJECT NAME: Everett NSPI Projects SUMMARY (max. 500 words or half a page): This NSPI effort was focused on utilizing vacant foreclosed properties to expand the inventory of properties available at affordable prices to low income homeowners. As implemented by the Everett Housing Authority, the program included two elements. First, two single family homes were purchased with down-payment assistance by eligible families. Should the buyers sell their homes within twenty-five years, the promissory note requires that the NSP funds plus any increased value (appreciation) be repaid at a rate which declines over time. This element of the program was implemented by Parkview Services, a regional non-profit specializing in providing homeownership opportunities for • low income and disabled families. One extremely low income family and one low-income family benefitted from this activity. The second element of the program saw four vacant units purchased by a different local non-profit, Washington Home of Your Own (WAHOYO). On an interim basis, the four units, three condominiums and one house, are being rented to three extremely low income families (incomes under 30% of median). All of the families include disabled individuals. Prior to the end of five years, the homes will be sold to low income purchasers. Program income received will be used to fund additional acquisitions or for purchase assistance. A total of$545,503 of NSP funding was used for this effort. An additional $300,000 in private lending and other assistance was also utilized. It is anticipated that$462,830 in program income will be returned to the program in the coming years and will be committed to ongoing efforts. No program income has been received yet to be invested back into the project. • • • NSPI Closeout Performance Report ,L 0 Page 3 of 12