Orlando, Florida Foreclosure Prevention and Predatory Lending - PowerPoint PPT Presentation

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Orlando, Florida Foreclosure Prevention and Predatory Lending

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May 2008 report: 258 in Orlando city limits *Orlando Sentinel June 8, 2008. Who is Impacted? ... City of Orlando's Response. Understanding. the Process ... – PowerPoint PPT presentation

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Title: Orlando, Florida Foreclosure Prevention and Predatory Lending


1
Orlando, FloridaForeclosure Prevention and
Predatory Lending
  • Lelia W. Allen, Director
  • Housing and Community Development
  • June 19, 2008

2
How Bad Is It?
  • 13th in nation
  • Orange County 70 filings per day
  • 30 proceed into foreclosure
  • May 2008 report 258 in Orlando city limits
  • Orlando Sentinel June 8, 2008

3
Who is Impacted?
  • New Middle Income Homeowners
  • Long Term Lower Income Homeowners
  • Investors
  • Renters

4
What is the Impact?
  • Erosion of Property Standards
  • Declining Property Values
  • Florida Amendment 1

5
Florida Amendment 1
  • Amendment 1 is a constitutional amendment, which
    among other things, addresses the assessment of
    property taxes by the state
  • Amendment 1 passed on January 29, 2008
  • Amendment 1 contained four (4) main provisions

6
Florida Amendment 1
  • Doubles the existing homestead exemption from
    25,000 to 50,000
  • Save Our Home is maintained and increased up to
    500,000
  • Creates a new exemption for the first 25,000 of
    assessed value for tangible personal property
    (rental property)
  • Put a cap of 10 per year on how much the
    assessed value of non-homestead property can
    increase

7
City of Orlandos Response
  • More stringent underwriting in the Downpayment
    Assistance Program
  • Expand housing counseling services
  • Provide Financial Assistance
  • Enforcement of Code Violations
  • Education

8
City of Orlandos Response
  • Understanding
  • the Process
  • Identifying the options
  • Identifying
  • local resources

9
City of Orlandos Response
10
The Partnership
  • Mortgage Counseling and Credit Center
  • Freddie Mac
  • HUD
  • Legal Aid
  • Local HUD approved housing counseling agencies
  • Local Lenders

11
Seminar Results
  • Approximately 200 attendees
  • Approximately 40 loan workouts with lenders
  • City financing used to bring 4 loans current

12
Next Steps
  • Continue relationship with lenders and housing
    counseling agencies for educating residents
  • Work with homeowner associations to monitor
    property standards
  • Use code enforcement powers to improve property
    when necessary

13
Q A
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