cobblestone terrace kris clements john lewis community services davenport, iowa

Cobblestone Terrace

Cobblestone Terrace

Kris ClementsJohn Lewis Community Services

Davenport, Iowa

Cobblestone Terrace

John Lewis Community Services-Developer Housing Services Supportive Services Community Meal Site Neighborhood Advocacy

Movement Supportive Youth Services Community and Housing

Development Services

Cobblestone Terrace

John Lewis Community Services

Housing Services: Including shelter, transitional, permanent supportive rental units, master lease program, homeownership rehab and loan programs, multi-family rehab program and single family in-fill homes

Cobblestone Terrace

John Lewis Community Services

Community and Housing Development Services: A service that includes housing development, construction management, property management services, financial literacy programs, grant writing and research, technology services, and facilitation of collaborative projects in support of the mission of JLCS

Cobblestone Terrace

Cobblestone TerraceSite & Project Description

10 Single Family homes 1200-1450 sq. ft.

2.6 acres Established neighborhood, across

from an elementary school and community center

No new development in over 40 years Zoned R-4

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Streetscape

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ROSE – Renters to Owners Savings Equity Program Affordable housing targeting working

families & Individuals at <40% - 50% AMI $50 of rent per month placed in secured

savings program towards home purchase Tenants participate in individualized

training towards home ownership skills, budgeting and financial literacy classes, debt and credit counseling, maintenance & repair classes, and ongoing supportive services.

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Purpose: To create new homeownership

opportunities for working, income limited families who desire to achieve the American dream of owning their own home.

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Multiple Goals

Create Home Ownership Incubator Serve 35 Families Create new buyer pool for local

neighborhood Improve local affordable housing

stock

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Incomes & Unit Rents

40%-4 people <$ 23,200.00 50%-4 people  <$ 29,000.00

Actual Rents w/o Utilities 40% AMI 3 Bd. = $407 50% AMI 3 Bd. = $470 50% AMI 4 Bd. = $541

(Reviewed Sept 2005)

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R.O.S.E.

Unique because it brings together organizations representing a broad range of expertise and experience in fields associated with homeownership such as mortgage financing, housing development and real estate, and critical support services.

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Partners

Local banks, mortgage companies Local Community based organizations – John

Lewis, United Neighbors, Interfaith Housing, DREAM Program Lead Alliance Iowa Department of Economic Development City of Davenport HOME

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Lending Partners

Mortgage counselors specially trained in affordable lending products and services

Down payment assistance available through local programs

Mortgage loans (also known as “portfolio” loans) offered as part of efforts to comply with the federal Community Reinvestment Act.

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Supportive Services Partners Pre-Purchase Borrower Education

and Counseling Homebuyer education class Consumer credit counseling Homeownership plan Budget preparation and mortgage

financing counseling Home Maintenance Skills training

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DREAM Program

Serves 70-80 Families annually Home Buyers Education Classes Down Payment assistance Rehabilitation/Lead remediation

assistance – Up to $24,999 improvements resulting in a 5 year forgivable loan for the cost of the work.

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First Time Home Buyers & Lead Estimated 4.4% of 1-5 year olds

(890,000 children) living in pre-1950 housing rates are highest for 1-2 year old kids 11.2% of black children over 50% of children screened in

some inner city communities

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Lead-Safe Partnerships Provide: Inspectors: Test for the presence of

LBP using special equipment Risk Assessors: Test for the presence

of LBP hazards and make recommendations

Certified contractors: Contractors who have been state certified to perform LBP hazard control

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Desired Outcomes

Provide Affordable Home Ownership Options

Increase Housing AffordabilityIncreased equity in first homeUpgrade Existing HousingAssist 35 families toward

homeownership

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Recommendations/Issues NIMBY misinformation Year 15 LITCH Unit sale price – to sell or

not to sell Rising interest rates Need for Post closing education strategies

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Contact InformationKris Clements

John Lewis Community ServicesDirector of Property Services

563-823-0508kclements@jlcs.org