OHFA Annual Plan - Ohio Housing Finance Agency

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A Look at Ohio’s EffortsOhio Best Practice - Cleveland Strategic Investment InitiativeSince 2004, Cleveland has been utilizing the existing capacity of its CDC-driven Clevelandcommunity development system and in particular the work being done in six neighborhoodsto promote comprehensive redevelopment plans, including significant effects to addressvacants in an integrated approach, with its Strategic Investment Initiative (SII). This SIIapproach is focused on six neighborhoods - Slavic Village, Buckeye, Fairfax, Glenville,Tremont and Detroit Shoreway – which are currently engaged in comprehensive, marketbasedneighborhood initiatives that will result in nearly $950 million in new investment overthe next ten years.Foreclosures - The Front End of AbandonmentRecently, the SII partnership has been developing a” front end” to their comprehensiveapproach that addresses the pipeline of foreclosures confronting theses neighborhoods.Essentially, a foreclosure prevention and mitigation partnership has been formed and isbeing integrated into the already successful SII approach. This “front end” componentaddresses prevention, the impact of vacant and abandoned properties, and the need toreturn those houses that are salvageable to home ownership. The overall goals within thesix targeted neighborhoods remain the same: to restore market confidence, eliminateblight, and preserve existing property values. This new “front end” partnership, aimed atforeclosure prevention and mitigation, will enable a significant number of homeowners whoare currently faced with the loss of their homes to retain their property and if necessary reestablishtheir credit.In addition to adding a significant foreclosure partnership to the already successful SIImodel, Cleveland has also proposed a significant “ramping up” of SII’s current vacantproperty efforts. A new funding initiative for SII, entitled “Reclaiming Foreclosed Properties:A Comprehensive Approach to the Foreclosure Crisis in Six Cleveland Neighborhoods”,proposes to invest close to $18 million by touching a total of 750 homes and will respond onthree levels to the problem:• Mitigation: keep 300 families who are currently at risk of losing their homes from beingforeclosed upon;• Demolition: demolish 300 currently vacant blighted structures that are not suitable forrehab; and• Redevelopment: redevelop 150 currently vacant structures for homeownership, eitherthrough immediate sale or a short-term lease-purchase/rental arrangement, targetingbuyers between 60 and 120 percent AMI.A key to these efforts is the comprehensive planning and the multi-faceted strategiescontained within, utilizing resources from both public and private sources, and including abroad partnership of organizations and institutions. In Cleveland, the local CDC in each ofthese neighborhoods is playing a lead role in directing the effort.Other Ohio CitiesCleveland has emerged as a national model while Columbus has many elements of thetype of initiative suggested here. Dayton and Toledo benefit from the excellent assessmentwork of the National Vacant Property Campaign (NVPC) and are poised to develop theirredevelopment action plans. Cincinnati has an exciting initiative that aims to address themyriad of acquisition challenges that any coordinated approach must address.Case Western University’s NEOCANDO system is a model city-wide system that providesforeclosure, vacant property and water shut off information and is widely regarded as102
a “user-friendly” data system, with public access available on the internet. Its data onforeclosure filings and mortgages from subprime lenders is being used by nonprofit agenciesto proactively engage borrowers with subprime loans that are not yet in foreclosure in orderto prevent further abandonment. Once a property has been lost to foreclosure, data onbank owned properties and utility shut-offs is being used to focus property reclamation andredevelopment strategies.The ability of a large university to provide large-scale computing capacity on an ongoingbasis and to make information accessible in a variety of formats is critical to the task ofcompiling large amounts of data from a variety of public sources. Public information onland, its uses and the state of title, is not available from a single public source. Getting andmanaging that information is a critical function of NEOCANDO and a great benefit to anarray of public and private entities whose work and coordination depend on it.Recommendations:1) Support land bank legislative and policy reforms that would include thefollowing elements. 1• Land bank legislative and policy reforms are needed to modernize Ohio’s existing landbank statute, address the large and unprecedented volume of vacant homes on themarket, prevent destructive speculation and property flipping, and create an efficientand cost-effective process for disposition of the properties. Key features that should bepart of land bank legislation reform include the following:• The land bank entity should be an independent public authority governed by electedofficials appointed to the Board of Directors or included in state law as a part of theBoard of Directors when the entity is formed. The Board of Directors should have oneor more representatives from each major unit of local government in the land bankterritory.• The land bank authority is predicated on the county taxing authority and a functioningintergovernmental partnership between the county and/or counties and jurisdictionswithin the county/counties.• The legal land bank entity should be a public authority comprised of a county and citieswithin the county or multiple counties.• The authority should have broad discretion in setting disposition criteria with propertyconveyance resting with the authority except that in forming the authority, localgovernments could specify priority use of property such as housing, green space, oreconomic development, etc; but final authority on disposition should rest with theauthority.• The land bank authority should have the power and discretion for a broad range ofacquisition methods such as:• direct transfer of property from units of local government;• buying properties at foreclosure (tax foreclosure or other foreclosure);• purchasing property on the open market;• receiving donated properties, etc.• As a public authority the land bank would own property free of taxes.1031Proposed legislation with these elements is pending in the State Legislature (HB 602 and SB 353).
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OHFA Annual PlanThe Ohio Housing Fi
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Mission StatementsThe OHFA Annual P
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The State’s Housing NeedsAffordab
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Subject Matter Expert (SME) Workgro
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3. Financial LiteracyOHFA and other
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Affordable Housing Preservation & D
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federal subsidies. To achieve this
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Accessible HousingBackground DataOh
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3) Create dedicated funding streams
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• Recommend that Ohio support the
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Rural and Appalachian RegionsBackgr
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6. Annual Set-Asides and Incentives
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• Several cities in Ohio current
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OHFA should provide funding, traini
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Permanent Supportive Housing Produc
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3. The State should assist local Co
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PrioritizationThe challenge of prio
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Agency RecommendationsThe Annual Pl
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APPENDIXWorkgroup 1: Affordable Hom
Page 51 and 52: Executive SummaryHousing Need Descr
Page 53 and 54: efficiency and resource conservatio
Page 55 and 56: 554. Home Buyer Education in OHFA F
Page 57 and 58: Estimated Units in Need of Some For
Page 59 and 60: Ohio County Foreclosure Filings (19
Page 61 and 62: Operating Costs - Met and Unmet Nee
Page 63 and 64: Workgroup #2:Affordable Housing Pre
Page 65 and 66: Secondary Recommendations• Explor
Page 67 and 68: Executive SummaryOhio’s supply of
Page 69 and 70: Met Housing Needs (“Resource Inve
Page 71 and 72: Ohio Deptof MentalRetardation andDe
Page 73 and 74: Unmet Housing NeedsData OverviewThe
Page 75 and 76: ody, and will be built within the C
Page 77 and 78: • OHFA will continue to maintain
Page 79 and 80: Best Practices, Policies and Progra
Page 81 and 82: addition, 60,111 one-person househo
Page 83 and 84: Across Ohio, people with very low i
Page 85 and 86: • Responsible for Rent - The pers
Page 87 and 88: Seattle, St. Louis, and Washington,
Page 89 and 90: Primary Recommendations• Create a
Page 91 and 92: Unmet Housing Needs:• Due to the
Page 93 and 94: • The cost of construction often
Page 95 and 96: Recommendations for Annual Plan Adv
Page 97 and 98: capacity to quantify vacant propert
Page 99 and 100: distributed on or about January 15,
Page 101: Action is needed at the State level
Page 105 and 106: 5) Incentivize the formation of bro
Page 107 and 108: Workgroup #8:Permanent Supportive H
Page 109 and 110: 3. Assist local Continuums of Care
Page 111 and 112: Program and Resource InventoryNonpr
Page 113 and 114: Table 2PopulationsPersons whoexperi
Page 115 and 116: Examples: A national model for succ
Page 117 and 118: oles, so they create a contract bet
Page 119 and 120: Workgroup #8:Appendix ANameProgramD
Page 121 and 122: or remedyingneglect, abuse,or the e
Page 123 and 124: ased healthcare, and earlyintervent
Page 125 and 126: “Bob” of Stark County, OhioPubl
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OHFA Annual Plan - Ohio Housing Finance Agency

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