Margate Community Redevelopment Agency Presented by: Dennis Holste - - PowerPoint PPT Presentation

Margate Community Redevelopment Agency

Presented by: Dennis Holste Jr. August 13, 2009

Practical Strategies for CRAs to Address the Foreclosure Crisis

History and Background

• The Margate CRA was established in October 1996 to

implement the Community Redevelopment Plan

• The Community Redevelopment Plan was completed by The

RMPK Group and adopted by the Margate City Commission in September 1997

• Tax increment revenues along with rental and interest income

and miscellaneous revenues were approximately $6.7 million in 2008 and are expected to generate the same amount of revenue in 2009

• Since 1996, the Margate CRA has

participated in activities such as streetscape improvements, adaptive reuse of aging properties, and facade upgrades

Redevelopment Policy

• GOAL 1: Eliminate slum and blighted conditions, as defined by

Florida Statute, in the Redevelopment Area that constitute an economic and social liability.

• GOAL 2: Prevent the future occurrence of slum and blight.
• GOAL 3: Encourage the acquisition, demolition, and reuse of

those properties, which, by virtue of their location, condition, or value no longer function at their highest potential economic use.

• GOAL 4: Provide adequate oversight of future development

proposals to ensure high standards of development that meet design criteria contained in the city Code.

Impact of Foreclosures

• The long-term stability of neighborhoods within the CRA are at-

risk.

• Possible future residential and commercial foreclosures will add

to slum and blight.

• Properties that are vacant are no longer functioning at their

highest potential economic use.

• Foreclosures discourages new investment within the CRA.
• Vacant and abandoned properties are causing additional

foreclosures and a loss of equity in nearby properties.

Impact of Foreclosures

City of Margate lot cutting costs

• 2007 - $6,544.87
• 2008 - $51,931.65
• 2009 - $46,757.98 (as of August 6th)

2008

!

Legend

Margate CRA Foreclosures

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! !! !! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! !! ! ! !! ! ! ! ! !! ! !!! ! ! ! !! ! ! ! ! ! ! ! !! ! !! ! ! ! ! !! ! ! ! ! ! ! !! ! !! ! ! ! ! !! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! !! ! ! !! ! ! ! ! ! ! !! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! !! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! !! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! !! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! !! ! ! ! ! ! ! !! !! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !!! !!! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !

201.02 202.02 205.02 201.01 202.05 204.04 202.08 202.04 202.07 205.01 204.08 202.06 204.07 502.04 203.08 203.15 203.05 502.03 307.02 307.03 203.16 203.17 307.04 203.09 307.05 203.02

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! !! !! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! !! ! ! !! ! ! ! ! !! ! !!! ! ! ! !! ! ! ! ! ! ! ! !! ! !! ! ! ! ! !! ! ! ! ! ! ! !! ! !! ! ! ! ! !! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! !! ! ! !! ! ! ! ! ! ! !! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! !! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! !! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! !! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! !! ! ! ! ! ! ! !! !! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !!! !!! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !

!! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! !

201.02 202.02 205.02 202.05 201.01 202.08 204.04 202.04 202.07 204.08 204.07 205.01 202.06 203.15 203.05 203.16 502.04 203.17 203.08 203.09 203.02 307.02

2009 !

Foreclosures CRA

!

Residential Units Streets

!

Foreclosures CRA

!

Residential Units Streets

CRA Residential Foreclosures

Data Source: City of Margate

Created by Rebecca J. Walter July 2009

Margate CRA Foreclosure %

# # # # # # # # # # # # # # # # # # # # # # # # # # # # ## # ## # # # # # # # # # # # # # # # # # # # # # # ## # # # # # # # # # # # # ## # # # # # # # #

201.02 205.02 202.02 204.08 204.04 204.07 202.08 202.07 201.01 205.01 202.04 202.05 202.06 502.04 203.15 203.05 601.06 203.16 204.05 502.03 307.02 203.17 307.03 601.05 307.05 307.04 204.06

.93 .77 .06 .71 .86

±

Foreclosure % .06 .71 .77 .86 .93

#

Foreclosures

Concentration of Foreclosures

• The percentage of foreclosures

was calculated based on the number of residential units in each census tract

• Census tract 205.02 has the

greatest percentage of foreclosures based on total residential units

• 1 in every 108 housing units is in

foreclosure in census tract 205.02

Data Source: City of Margate

Created by Rebecca J. Walter July 2009

Margate CRA Unemployment Rate 2008

# # # # # # # # # # # # # # # # # # # # ## # # # # # # # # # # # # ## # # # # # # # #

201.02 205.02 202.02 204.04 202.08 201.01 202.07 204.08 202.05 205.01 202.04 204.07 502.03 202.06 307.02 502.04 307.03 307.05 203.15 307.04 601.06 203.05 204.05 203.16 203.17 601.05

4.0 7.3 5.6 5.2 5.2 4.9

±

Unemployment 4.0 4.9 5.2 5.6 7.3

#

Foreclosures Created by Rebecca J. Walter July 2009

Margate CRA Unemployment Rate 2009

## # # # # # # # # # # # # # # # # # # # # # # # # # # ## # ## # #

201.02 205.02 202.02 204.08 204.04 204.07 202.08 202.07 502.04 201.01 205.01 202.04 202.05 203.15 202.06 203.05 601.06 204.05 203.16 502.03 204.06 307.02 203.17 601.05 307.03 307.05 307.04 502.02

7.0 9.8 12.6 9.2 9.1 8.7

±

Unemployment 7.0 8.7 9.1 9.2 9.8 12.6

#

Foreclosures

CRA Unemployment Rate

Census Tract 205.02, which has the highest concentration of foreclosures, also has the highest unemployment rate

Data Source: FL Agency for Workforce Innovation Labor Markets Statistics Center

Subprime Loans

Percent of All Home Loans that were Subprime in 2007

• All of the CRA Census Tracts

range from 21.44% - 30.57% +

• The percent of all home loans that

were subprime in 2007 in Census Tract 202.06 is 30.57%+. 1 in every 116 housing units in this census tract are in foreclosure

Data Source: TRF Policy Map

Foreclosure Score

2009 HUD NSP Data Sets (Round 2)

Data Source: US Department of Housing and Urban Development

• The ''Foreclosure Risk Score'' is

based on ranking census tracts by two measures: (i) percent of foreclosure problems and (ii) number of foreclosure problems

• All census tracts were assigned a

score of 1 - 20

• All census tracts in the CRA

received a score of 20

Vacancy Rate

Percent of All Units Vacant, January - March 2009

Data Source: United States Postal Service

• Vacant as of USPS Quarter ending

March 2009

• The Vacancy Rate for all the

census tracts in the CRA is over 6.10%, except for Census Tract 205.02

• Some of the census tracts in the

CRA have vacancy rates over 8%

Year Purchased

Year Foreclosed Properties Were Purchased

3.75 7.5 11.25 15 2000 2001 2002 2003 2004 2005 2006 2007

2008 Foreclosures 2009 Foreclosures

Data Source: Broward County Property Appraiser

Post Foreclosure

52% 47%

Bank Owned Purchased

17% 83%

Homesteaded Not Homesteaded

Average Length of Bank Ownership = 13 Months Average Decrease in Assessed Value = $43,451.36 or 23% decrease

Data Source: Broward County Property Appraiser

Commercial Foreclosures

1790 NW 54 Avenue

• Assessed Value (2007): $1,339,030
• Assessed Value (2009): $1,139,400
• Purchased in 2007: $1,350,000
• Building SF: 22,783
• Foreclosure Date: April 14, 2009
• Currently owned by the bank

3200 NW 62nd Avenue

• Assessed Value (2009): $16,885,020
• Property currently in foreclosure
• Purchased in 2005
• Year Built: 2009
• Building SF: 114,956
• Majority of retail space is currently

vacant

Margate Code

• Purpose and Intent
• Limit and reduce the amount of abandoned and personal

property within the City

• Abandoned residential property program to protect residential

neighborhoods from blighted conditions

• Procedure
• Foreclosed properties must be registered with the code

compliance unit and an annual registration fee is charged

• Maintenance Requirements
• Must be kept free of weeds, overgrown brush, dead

vegetation, trash, etc.

• Landscaped and maintained to neighborhood standards
• Pools and spas must be kept in working order

Abandoned Real and Personal Property

First-Time Homebuyer Assistance

• Open to all employees of the City of Margate, the Broward

County Board of County Commissioners and the North Broward Hospital District

• Provides down-payment assistance to approximately 20 eligible

buyers whose total household income falls within 80% - 120% of the median family income

• Applicants must have a 3% down payment and are responsible

for closing costs

• Assistance is provided in the form of a deferred payment loan
• f up to $7,000 per household and an additional amount of

$3,000 is available for bank-owned foreclosured properties in need of repair

Neighborhood Stabilization Program

NSP 1

• City allocated $2,106,555
• The targeted geography in the NSP Substantial Amendment

includes all of the residential census tracts in the CRA

• Activities include acquiring and rehabilitating foreclosed

properties and making the properties available for rent to households at or below 120% of the area median income

• The goal is to acquire and rehabilitate at least 14 properties (10

properties for households at or below 120% of the area median income and 4 properties for households at or below 50% of the area median income) NSP 2

• The City of Margate applied for NSP 2 funding in a joint

application with Broward County and other local municipalities

Contact Information

Practical Strategies for CRAs to Address the Foreclosure Crisis

Dennis Holste Jr. Assistant Director Margate CRA 5790 Margate Boulevard Margate, FL 33063 Phone: (954) 935-5324 www.MargateCRA.org