Allocations

• City of Carrollton was allocated $2.6M
• Department of Community Affairs was allocated$77M of $153M
• State of Georgia was allocated a total of $153M

Eligible Activities

• Purchase and rehabilitate foreclosed properties in order to sell, rent, or redevelop such homes and properties.
• Demolish blighted structures.
• Redevelop demolished or vacant property.
• Establish or enhance the capacity of land to assist in property redevelopment efforts
• Establish funding mechanisms for the purchase and redevelopment of foreclosed homes including soft-seconds, loan loss reserves, and shared equity loans for low-and moderate-income homebuyers.

Key Program Definitions

Abandoned  - A home is abandoned when mortgage or tax foreclosure proceedings have been initiated for that property, no mortgage or tax payments have been made by the property owner for at least 90 days, AND the property has been vacant for at least 90 days.

Blighted Structure - A structure is blighted when it exhibits objectively determinable signs of deterioration sufficient to constitute a threat to human health, safety, and public welfare.

Foreclosed - A property "has been foreclosed upon" at the point that, under state or local law, the mortgage or tax foreclosure is complete. HUD generally will not consider a foreclosure to be complete until after the title for the property has been transferred from the former homeowner under some type of foreclosure proceeding or transfer in lieu of foreclosure, in accordance with state or local law.

Area Median Income (AMI) - Area Median Income is the dollar amount where half the population earns less and half earns more. In Carroll County, the Area Median Income for a family of four in 2008 is $69,200.

Household - A household includes all the people who occupy a housing unit as their usual place of residence.

Mean income - is the amount obtained by dividing the total income of a particular statistical universe by the number of units in that universe. Thus, mean household income is obtained by dividing total household income by the total number of households. For the various types of income, the means are based on households having those types of income.

Median income - divides the income distribution into two equal groups, one having incomes above the median, and other having incomes below the median.

Key Factors to Implementation

• Applications was Due to HUD by December 1, 2008
• Funds must be obligated in 18 months, and reuse of program income within 5 years
• REO Purchases must be at a discount
• Emphasis on long term affordability
• Financial leverage is potential key
• Geographic areas of greatest need
• All funding shall be used with respect to families at or below 120% of AMI
• 25% of funding is to house families at or below 50% of AMI