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Lelia W. Allen, DirectorHousing and Community
DevelopmentJune 19, 2008
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How Bad Is It?13th in nation*Orange County: 70 filings per day30% proceed into foreclosureMay 2008 report: 258 in Orlando city limits
*Orlando Sentinel – June 8, 2008
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Who is Impacted?New Middle Income HomeownersLong Term Lower Income HomeownersInvestorsRenters
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•Erosion of Property Standards•Declining Property Values
Florida Amendment 1
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Florida Amendment 1Amendment 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
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Florida Amendment 1Doubles the existing homestead exemption
from $25,000 to $50,000Save Our Home is maintained and increased
up to $500,000Creates 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
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•More stringent underwriting in the Downpayment Assistance Program •Expand housing counseling services•Provide Financial Assistance•Enforcement of Code Violations•Education
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City of Orlando’s Response• Understanding the Process• Identifying the
options• Identifying local resources
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The PartnershipMortgage Counseling and Credit CenterFreddie MacHUDLegal AidLocal HUD approved housing counseling
agenciesLocal Lenders
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•Approximately 200 attendees•Approximately 40 loan workouts with lenders•City financing used to bring 4 loans current
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•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
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