2007 annual meeting e8
TRANSCRIPT
2006-07ACCOMPLISHMENTS
Designed for Success
FY 2006-07Designed for SuccessE8CDC
2006-07 GOALS:
Strengthen and expand region-wide homebuyer education program
Partnerships and Leadership (Executive Director) in place Build 15 new homes or acquisition/rehab of existing Expand rental housing development & management
what we have
Accomplished
Housing Development
FY 2006-07Designed for SuccessE8CDC
Summary
• Goal: Build/rehab 15 homes– During the 2006-2007 fiscal year, we
constructed 15 new homes and acquired/rehabilitated 5 homes (total = 20 units)
• Assisted 19 individuals/families in purchasing $1,965,000 in owner-occupied real estate
• Average homebuyer income: $17,971
FY 2006-07Designed for SuccessE8CDC
Statistics
• Average price of home: $103,420
• Average home sq. ft: 1,132
• Average price per sq. ft: $91
• Average construction cost per sq. ft: $78
FY 2006-07Designed for SuccessE8CDC
New Home Construction
SHOP, THDA HOME$19,000RDTHDA New Start- 0%$114,000Johnson12
THDA HOME$6,000RDTHDA New Start- 0%$111,900Carter14
SHOP, THDA HOME$18,000RDTHDA New Start- 0%$112,000Johnson11
HOME Consortium$5,000RDTHDA New Start- 0%$114,000Washington13
TOTAL
Washington
Johnson
Johnson
Johnson
Johnson
Washington
Washington
Washington
Greene
Carter
Greene
County
$215,000
$15,000
$17,000
$17,000
$18,000
$5,000
$15,000
$15,000
$15,000
$30,000
$15,000
$5,000
Grant Assistance
SHOP, THDA HOMERDTHDA New Start- 0%$110,0009
SHOP, HOME Consort.RDTHDA New Start- 0%$118,0004
SHOP, HOME Consort.RDTHDA New Start- 0%$114,00015
SHOP, HOME Consort.RDTHDA New Start- 0%$119,5005
SHOP, HOME Consort.RDTHDA New Start- 0%$131,7506
THDA HOMERDTHDA New Start- 0%$96,0007
SHOP, THDA HOMERDTHDA New Start- 0%$110,0008
SHOP, THDA HOMERDTHDA New Start- 0%$110,00010
$1,638,000
HOME, FHLB-CinHeritage Bank – 6%$67,0003
HOME, SHOPRDTHDA New Start- 0%$115,0002
THDA ADDIRDTHDA New Start- 0%$95,0001
Programs2nd Mortgage
1st Mortgage
Sale price
FY 2006-07Designed for SuccessE8CDC
Acquisition/Rehab
TOTAL
Sullivan
Washington
Carter
Sullivan
Johnson
County
$32,500
$17,500
$5,000
$5,000
$5,000
Grant Assistance
HOME, FHLB-Cin, State of Franklin Bank
State of Franklin Bank$84,5004
(not closed)$82,0005
$408,500
THDA ADDI Rural Development$80,0003
HOME Consortium Rural Development$85,0002
THDA ADDI Rural Development$77,0001
Programs2nd Mortgage
1st Mortgage
Sale price
FY 2006-07Designed for SuccessE8CDC
Homeownership Assistance
• 9 homeowners utilized SHOP sweat equity grants to lower the mortgage cost of their home an average of $12,000
• 3 homeowners utilized THDA ADDI grants ($5,000)to assist with closing costs
• 6 homeowners utilized TN/VA HOME Consortium homeownership assistance program ($5,000) to assist with closing costs
• 10 homeowners utilized E8CDC HOME program funds to assist with closing costs ($1,000-$14,999)
FY 2006-07Designed for SuccessE8CDC
Rental Housing Development
• Development cost: $744,000• 8-unit, 2-bedroom• Partnership with the Town of Mountain
City• Serving special needs tenants• Section 8 housing vouchers
New Project:
WaylandPlace
FY 2006-07Designed for SuccessE8CDC
Meet the Tenants
FY 2006-07Designed for SuccessE8CDC
Inside views
FY 2006-07Designed for SuccessE8CDC
Rental Property Management
Currently own/manage 20 rental units: 3 special needs group rental homes
(6 tenants) scattered Johnson City sites 5-unit apartment bldg in Johnson City 4-unit apartment bldg in Sullivan County 8-unit apartment bldg in Mountain City FY07 increase of 8 units
FY 2006-07Designed for SuccessE8CDC
Homebuyer Education
• 26 homebuyer education classes held in region
• 151 households completed homebuyer education course
• 5 homebuyer education presentations for 132 various conference attendees
FY 2006-07Designed for SuccessE8CDC
Housing Counseling Assistance
• 11 homebuyer orientation sessions presented to special audiences
• 42 households participated in housing counseling
Successful Partnerships
Securing Partnerships - Puzzle Pieces Attached Together
1. Puzzle Pieces/Partnerships surround us everywhere 2. Some Pieces/Partners are big and small 3. Pieces/Partners are multi-sided and fit together in numerous directions
Carter County
$1 HUD House
:Puzzle Pie ce s Buyer? Carter County Funds? $1 to purchase property Who rehabs? Prisoner labor Who markets, sells? CHDO (Eastern Eight) Home sold for? $80,000 Net profit? $55,000 Profit utilized for next CHDO project in Carter
County
State of Franklin Savings Bank
Mountain Home Neighborhood Redevelopment
:Puzzle Box Neighborhood transitioned from homeowner-
occupied to rental properties Declining property values, dilapidated
structures Area of drug and prostitution activity Properties in bank foreclosure Neighborhood association organized and
actively involved in crime watch, city assistance
Mountain Home Neighborhood Redevelopment
(7 ):Puzzle Pie ce s Partners State of Franklin Savings Bank, holding foreclosure
properties City of Johnson City Northeast Tennessee/Virginia HOME Consortium Eastern Eight Community Development Corporation Appalachian Service Project Federal Home Loan Bank of Cincinnati Tennessee Housing Trust Fund
Mountain Home Neighborhood Redevelopment
:Puzzle Pie ce s Project financed? 0% loan for purchase for
12 months Rehab funds? $288,843 HOME grant Labor? Mix of volunteers and subcontractors Down payment/closing costs assistance Permanent financing? 4% 30-yr mortgage
funds (FHLB) and 2% 30-yr mortgage funds (Housing Trust Fund pilot program)
Urban Rehabilitation
YouthBuild Program
:Puzzle Pie ce s Program Administrator? AB&T Trainers/classroom instruction? AB&T Construction sites? E8CDC Labor? YouthBuild participants,
subcontractors Building materials, construction financing?
E8CDC Marketing/sale of home? E8CDC
Unique program will partner a GED education program for 40 regional young adults (16-24) with hands-on construction training
Participants build homes in region to provide affordable housing units for low and very-low families
PARTNERSHIP:
Alliance of Business & Training
$400,000 grant
$700,000 grant
Town of Mountain City
Before
After
Wayland Place
:Puzzle Pie ce s Area targeted by Town as blighted Need for special needs rental units Construction funding? $500,000 THDA HOME Gap funding? $244,000 FHLB-Cincinnati AHP Grant sub-recipient – owner/developer
Wayland Place
(9):Partnerships Town of Mountain City Tennessee Housing Development Agency Eastern Eight CDC Federal Home Loan Bank of Cincinnati Bank of Tennessee Kingsport Housing & Redevelopment Authority Frontier Health NE TN Career Center ARCH
Wayland Place Partners
Dawn of Hope Foundation
Houses of Hope
3-Bedroom group homes - 3 residents Provides quality, well-maintained affordable
handicap-accessible rental housing options $500,000 THDA HOME grant - special needs
matrix E8CDC serves as HOME grant administrator Dawn of Hope Foundation - owner/developer Johnson City Area Homebuilders Association
partnered to complete one home
Johnson County
:Puzzle Pie ce s
Need for affordable new single-family homes for low-moderate income families
Need for affordable building lots Thirty-three (33) households expressed
interest in affordable homeownership
Project Design
Property AcquisitionTHDA – BUILD program loan
Site Pre-development CostsTHDA – BUILD program loan
Construction Financing for home unitsTHDA – HOME grant (CHDO)
Mortgage Financing to Homebuyers THDA – “New Start” program – 1st
RD – 502 loan – 2nd
Homebuyer Assistance Resources Provided
HAC – SHOP grants HOME program $$ assistance
The Property
Shady Meadows
Where Do We Go From Here?
03/23/10 42
New Funding Awards
THDA – 2007 HOME w/ComCare (Greeneville) $ 369,000 THDA – 2007 HOME CHDO (Carter County) 500,000
___________
Total grant awards to date $ 869,000
Dawn of Hope Foundation
03/23/10 50
Preservation PointE
FY 2006-07Designed for SuccessE8CDC
Celebrate The Keys
to Dreams
FY 2006-07Designed for SuccessE8CDC
Tour of Homes
construction in Greene County
FY 2006-07Designed for SuccessE8CDC
Eastern Eight Home construction in Johnson City
Roan Mountain (Carter County)
FY 2006-07Designed for SuccessE8CDC
construction in Carter County
FY 2006-07Designed for SuccessE8CDC
Roan Mountain (Carter County)
FY 2006-07Designed for SuccessE8CDC
construction in Greene County
FY 2006-07Designed for SuccessE8CDC
construction in Greene County
FY 2006-07Designed for SuccessE8CDC
Johnson County
FY 2006-07Designed for SuccessE8CDC
Johnson County
FY 2006-07Designed for SuccessE8CDC
Johnson County
FY 2006-07Designed for SuccessE8CDC
Johnson County
FY 2006-07Designed for SuccessE8CDC
Elizabethton
FY 2006-07Designed for SuccessE8CDC
Elizabethton
FY 2006-07Designed for SuccessE8CDC
Elizabethton
FY 2006-07Designed for SuccessE8CDC
FY 2006-07Designed for SuccessE8CDC
Jonesborough Duplex
• Front view
Washington County
FY 2006-07Designed for SuccessE8CDC
Johnson County
FY 2006-07Designed for SuccessE8CDC
Kingsport
FY 2006-07Designed for SuccessE8CDC
FY 2006-07Designed for SuccessE8CDC
Washington County
FY 2006-07Designed for SuccessE8CDC
Johnson County
FY 2006-07Designed for SuccessE8CDC
Johnson County
FY 2006-07Designed for SuccessE8CDC
FY 2006-07Designed for SuccessE8CDC
Johnson County
FY 2006-07Designed for SuccessE8CDC
Johnson County
FY 2006-07Designed for SuccessE8CDC
Washington County
FY 2006-07Designed for SuccessE8CDC
FY 2006-07Designed for SuccessE8CDC
FY 2006-07Designed for SuccessE8CDC
FY 2006-07Designed for SuccessE8CDC
FY 2006-07Designed for SuccessE8CDC
FY 2006-07Designed for SuccessE8CDC
FY 2006-07Designed for SuccessE8CDC
• Bluff City - Acquisition/Rehab
FY 2006-07Designed for SuccessE8CDCCarter County Acquisition/Rehab
FY 2006-07Designed for SuccessE8CDC
E8 style!
BEFORE
AFTER
FY 2006-07Designed for SuccessE8CDC
Kingsport Acquisition/Rehab
FY 2006-07Designed for SuccessE8CDCJohnson City Acquisition/Rehab – BEFORE
FY 2006-07Designed for SuccessE8CDCJohnson City Acquisition/Rehab – AFTER
FY 2006-07Designed for SuccessE8CDC
Johnson City Acquisition/Rehab –
BEFORE
FY 2006-07Designed for SuccessE8CDC
Johnson City Acquisition/Rehab –
AFTER
FY 2006-07Designed for SuccessE8CDC
Making a difference, one key at a time