Sample project
As I mentioned, I am not particularly proud of our work product. Here is one project. The request for funding for this project is $200 million.
This project will not be posted because it needs major work. (By posted, I mean, instead of doing a print version of the recovery plan, we are doing a web version, so this project will not go on the web.)
DESCRIPTION:
The impact of Hurricane Katrina leaves this community 100% devastated. All 26,000 residences in St. Bernard Parish, were heavily damaged by Hurricane Karina. Prior to storm, St Bernards population was approximately 69,000 with an 85+% homeownership rate. Today there are approximately 6,000 people residing in the parish, mostly in FEMA supplied trailers. Housing Assistance Funding, provided by the State in the form of Disaster Relief Block Grant Funds, will be used to assist in repopulating at least 20% of the pre-Katrina population to the Paris, within two years. This would equate to approximately 13,500 people returning to the Parish or the creation and restoration of 5,000 usable housing units.
The Recovery Program being recommended has 2 components:
1. Low-interest Loan Program: The objective of this program is to encourage people to rebuild in St. Bernard and attract new home buyers to the parish. The St. Bernard Mortgage Authority will issue bonds of $150 million and will solicit an additional $200 million from disaster CDBG funds to implement the program. The St. Bernard Mortgage Authority will offer low interest rate loans (rates comparative to SBA) with a maximum cap at $150,000, at a 2.7% interest rate. The program proposal is to pay closing cost, three years of insurance cost, provide low interest loans, and assist families in a one to two match for purchasing furnishing. Also considering forgiveness of the $50,000 loan (cap) over a 10-year period. This plan will create 2,500 new homes or 250% of the new homes goal by 2009.
The Chairman of the Board is the Parish Sheriff, Jack Stephens. There is no staff, only Board members and himself,the Board’s attorney. They do not plan to hire any additional staff to operate the program. All loan processing will be done by local banks that will receive qualifying criteria from the St. Bernard Mortgage Authority.
There are two other projects that also address the goal of repopulating St. Bernard Parish. They are: Medical Village,which includes a Senior Citizens Community development and a Vacant or Damaged Property Acquisition project.
2. Lenders will offer FHA 203(k) and 203(k) Streamline loans for purchase and rehab of existing properties. Loans will be available through qualified lenders, which will offer FHA insured loans at market interest rates. These loans are expected to generate rehab of approximately 2500 existing housing units or 25% of the housing rehab goal, by 2009.
This project will not be posted because it needs major work. (By posted, I mean, instead of doing a print version of the recovery plan, we are doing a web version, so this project will not go on the web.)
DESCRIPTION:
The impact of Hurricane Katrina leaves this community 100% devastated. All 26,000 residences in St. Bernard Parish, were heavily damaged by Hurricane Karina. Prior to storm, St Bernards population was approximately 69,000 with an 85+% homeownership rate. Today there are approximately 6,000 people residing in the parish, mostly in FEMA supplied trailers. Housing Assistance Funding, provided by the State in the form of Disaster Relief Block Grant Funds, will be used to assist in repopulating at least 20% of the pre-Katrina population to the Paris, within two years. This would equate to approximately 13,500 people returning to the Parish or the creation and restoration of 5,000 usable housing units.
The Recovery Program being recommended has 2 components:
1. Low-interest Loan Program: The objective of this program is to encourage people to rebuild in St. Bernard and attract new home buyers to the parish. The St. Bernard Mortgage Authority will issue bonds of $150 million and will solicit an additional $200 million from disaster CDBG funds to implement the program. The St. Bernard Mortgage Authority will offer low interest rate loans (rates comparative to SBA) with a maximum cap at $150,000, at a 2.7% interest rate. The program proposal is to pay closing cost, three years of insurance cost, provide low interest loans, and assist families in a one to two match for purchasing furnishing. Also considering forgiveness of the $50,000 loan (cap) over a 10-year period. This plan will create 2,500 new homes or 250% of the new homes goal by 2009.
The Chairman of the Board is the Parish Sheriff, Jack Stephens. There is no staff, only Board members and himself,the Board’s attorney. They do not plan to hire any additional staff to operate the program. All loan processing will be done by local banks that will receive qualifying criteria from the St. Bernard Mortgage Authority.
There are two other projects that also address the goal of repopulating St. Bernard Parish. They are: Medical Village,which includes a Senior Citizens Community development and a Vacant or Damaged Property Acquisition project.
2. Lenders will offer FHA 203(k) and 203(k) Streamline loans for purchase and rehab of existing properties. Loans will be available through qualified lenders, which will offer FHA insured loans at market interest rates. These loans are expected to generate rehab of approximately 2500 existing housing units or 25% of the housing rehab goal, by 2009.
posted by JNA | 8:51 PM
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