2008 annual meeting e8

70
2007-2008 2007-2008 ACCOMPLISHMENTS ACCOMPLISHMENTS Eastern Eight Community Development Corporation

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Page 1: 2008 Annual Meeting E8

2007-20082007-2008ACCOMPLISHMENTSACCOMPLISHMENTS

Eastern Eight Community

Development Corporation

Page 2: 2008 Annual Meeting E8

2007-08 GOALS:

Build 20 new homes or acquisition/rehab of existing Expand rental housing development & management Develop 2 new program partnerships Develop staff capacity/program/knowledge/experience Develop marketing Find a “home” for Eastern Eight CDC

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1.  Puzzle Pieces/Partnerships are all around us2. Some Pieces/Partners are big and

small3. Pieces/Partners are multi-sided and fit together in numerous directions

Piecing the Puzzle Together

Page 4: 2008 Annual Meeting E8

New Construction Summary

• FY 2008 Goal: Build 20 homes

• 14 homes completed & closed/sold• 4 homes 100% completed• 8 homes under construction (25-80%

completed)

• Total = 26 units as of June 30, 2008

New ConstructionNew

Construction

Page 5: 2008 Annual Meeting E8

Statistics

• 22 homes sold – real estate added to area property tax base: $2,441,188

• Average FY08 homebuyer income: $19,451

• Average FY08 appraised value of home: $116,247

New Construction

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Acquisition Acquisition & Rehab of & Rehab of

ExistingExisting

Page 7: 2008 Annual Meeting E8

Acquisition & Rehabilitation of Existing Units• Mountain Home Neighborhood

Redevelopment, Johnson City• 6 units completed• 7 additional properties acquired May

2008

• Scattered Sites:• Whirlaway Drive, Kingsport• 1017 Sevier St, Kingsport

• Total to date:• 21 Units acquired• 14 Units completed/sold

New Construction

Acquisition Acquisition & Rehab of & Rehab of

ExistingExisting

Page 8: 2008 Annual Meeting E8

Pilot Program

E8 awarded $500,000 THDA Housing Trust Fund grant

Established a Revolving Loan Fund to provide low-interest (0 – 4%) mortgages to homebuyers of redevelopment neighborhood properties

Page 9: 2008 Annual Meeting E8

Rental Rental PropertyProperty

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New Rental Housing Development

• Development cost: $510,000• 4 group homes, 3-bedroom• Houses 12 special needs tenants• Partnership with Comcare, Inc.• Construction began Feb/08; completed

July/08

Willow Creek Residential Homes

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Property Management

Currently own/manage 29 rental units: 5-unit apartment bldg in Johnson City 4-unit apartment bldg in Sullivan County 8-unit apartment bldg in Mountain City 4 special needs group rental homes in Greene

County (12 tenants) 3 special needs group homes (6 tenants)

scattered Johnson City sites 5 scattered site single-family homes

RentalRental

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Project-Based Section 8 Properties

Wayland Place• 8 2-bedroom units

Bristol Caverns• 4 2-bedroom units

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HomebuyHomebuyer er

EducationEducation

Page 15: 2008 Annual Meeting E8

Homebuyer Education

STATISTICS:

• 26 homebuyer education classes held in region– Locations enlarged to

include:• Johnson City• Kingsport• Bristol• Greeneville• Rogersville• Mountain City• Elizabethton

• 254 households completed homebuyer education course

Page 16: 2008 Annual Meeting E8

Housing Counseling Assistance• 11 homebuyer

orientation sessions presented to special audiences

• 42 households participated in housing counseling

• Partnerships with Johnson City Housing Authority and Kingsport Housing & Redevelopment Authority

Page 17: 2008 Annual Meeting E8

ForeclosurForeclosure e

PreventionPrevention

Page 18: 2008 Annual Meeting E8

Pilot Program:

Foreclosure Prevention/Mitigation Services

THDA provided 80 hours of training and NeighborWorks Training Institute certification to counselors and participating non-profits

Partnership with THDA to provide foreclosure prevention counseling and mortgage mitigation activities to regional residents

Partnership with Federal Home Loan Bank of Cincinnati and member banks Bank of Tennessee and State of Franklin Savings Bank – $100,000 grant includes rescue funds available

20 homeowners assisted since May 2008

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YouthBuildYouthBuild

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PARTNERSHIP:

Alliance of Business & Training

Celebrating our THIRD program:

• Elizabethton

• Kingsport

• Johnson City

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Mountain Home Mountain Home Neighborhood Neighborhood

RedevelopmentRedevelopment

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BEFOREAFTER

Page 26: 2008 Annual Meeting E8

BEFORE

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STATISTICS

FIVE (5) HOMES SOLD AVERAGE SALES PRICE =

$77,500 AVERAGE SUBSIDY LEFT WITH

UNIT = $20,000

AVERAGE HOMBUYER INCOME = $12,500

AVERAGE PRINCIPAL BUYDOWN ASSISTANCE LEFT WITH HOMEBUYER = $8000

Page 28: 2008 Annual Meeting E8

PHASE II

Eight (8) foreclosed properties purchased in the Mountain Home Neighborhood

• Two (2) homes sold• One (1) home lease to

purchase• Four (4) homes under

construction

Page 29: 2008 Annual Meeting E8

502 Wilson Avenue

PRE-CONSTRUCTIONConstruction 50% Complete-Estimated Sale Price $90,000

Page 30: 2008 Annual Meeting E8

Eastern Eight Helps Homeless Family Eastern Eight Helps Homeless Family Achieve the American DreamAchieve the American Dream

408 Wilson Avenue Mt. Home Phase II

Angela Thompson

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HomeownerHomeownerss

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Our Story

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Our Story

Homeowners in the news

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I’M I’M HOMEHOME

Page 35: 2008 Annual Meeting E8

Pilot Program:

I’M HOME Program

THDA provided 80 hours of training and NeighborWorks Training Institute certification to counselors and participating non-profits

Partnership with THDA to provide foreclosure prevention counseling and mortgage mitigation activities to regional residents

Partnership with Federal Home Loan Bank of Cincinnati and member banks Bank of Tennessee and State of Franklin Savings Bank – $100,000 grant includes rescue funds available

20 homeowners assisted since May 2008

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Manufactured Housing “done right”

I’M I’M HOMEHOME

Page 38: 2008 Annual Meeting E8

Affordable Homeownership Opportunities

Qualifies for regular permanent mortgage financing through ‘New Start’ and/or Rural Development loan programs

Quicker turn-around: 2 monthsMore square feet for same price

(1,400 vs 1,100)

Interior upgrades are standard “Energy Star” rated

Page 39: 2008 Annual Meeting E8

• The goal of I'M HOME is to make sure that families who choose a manufactured home receive the same treatment and benefits as owners of any other type of home, by supporting and building the capacity of organizations that:

– develop and provide access to fair and responsibly- priced mortgage financing

– address the challenges facing residents in manufactured housing communities

– advocate for public policies that help owners of manufactured homes

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Cottage

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Brookdale

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Stacy II

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Aspen

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Key Selling Features

Energy Star rated homeUniversal design standards2x6 exterior wall studsR-40 roof, R22 floor, R-19 wall insulationCustom cabinetry (cherry/oak)Tile backsplash/edging on countertopsRecessed lightingCrown moldingBathrooms upgrade

I’M I’M HOMEHOME

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Interior finishing

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Master Bath

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Built-in drywall shelving

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At end of Day 1……

At end of day one………

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New New Home Home OfficeOffice

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December 2008 – our new office!

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New office: 221 E Unaka Ave

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Green Green DesignDesign

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Certified Green Builder

Eastern Eight received certified EarthCraft House builder status in May, 2008

Building an EarthCraft house is about constructing a healthy, more valuable home while minimizing environmental impacts

EarthCraft homes perform better, is more economical fort he homeowner, and cost little more to build

Received $35,000 grant from SeedCo Financial Services for program capacity building

Page 56: 2008 Annual Meeting E8

1st “Green” development!

Green Green DesignDesign

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The The FutureFuture

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New Foundations

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Housing & Economic Recovery Act

Neigborhood Stabilization Program: State of Tennessee receives $49

million FY 2009 E8CDC is regionally positioned to

assist with acquisition and development of foreclosed properties

Additional foreclosure prevention counseling funds available

Page 60: 2008 Annual Meeting E8

Neighborhood Neighborhood RedevelopmentRedevelopment

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New Funding Awards

2008 THDA HOME grant $273,585 CHDO funds I’M HOME: Hawkins County

Fannie Mae Foundation $25,000 Preservation Pointe

Citi Foundation $30,000 Post-purchase Education

Program Development

Bank of America Foundation $5,000 Homebuyer Education

FHLB-Cin $100,000 Preserving the Dream Program

THDA BUILD program $300,000 Preservation Pointe financing

FY2009 TOTAL TO DATE: $ 763,585

Page 62: 2008 Annual Meeting E8

Preserving the American Preserving the American DreamDream

Federal Home Loan Bank of Cincinnati

$100,000 grant award

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Preservation PointE

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Extensive Website Development

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New logopossibilities

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Homebuyer Homebuyer EducationEducation

RentalRental

Acquisition & Acquisition & Rehab of Rehab of ExistingExisting

Mountain Home Mountain Home Neighborhood Neighborhood

RedevelopmentRedevelopment New New Home Home OfficeOffice

Green Green DesignDesign

Foreclosure Foreclosure PreventionPrevention

New Construction

HomeownersHomeowners

YouthBuildYouthBuild I’M HOMEI’M HOME The The FutureFuture

Page 68: 2008 Annual Meeting E8

New Organizational Chart

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Making a DifferenceMaking a Difference…..one step at a …..one step at a

timetime

Eastern Eight Community

Development Corporation