HAMPTON, VIRGINIA

2013 COMMUNITY REPORTHAMPTON REDEVELOPMENT AND HOUSING AUTHORITY

HAMPTON, VIRGINIA

2013 COMMUNITY REPORTHAMPTON REDEVELOPMENT AND HOUSING AUTHORITY

2 FALL 2013

We also provided educational programs to

potential homebuyers in order to achieve

our goal of creating educated, well-

informed homebuyers.

We focused on improving the quality of existing

housing in Hampton’s older, established

neighborhoods by offering the following

programs to qualified homeowners:

HOMEOWNER REHABILITATION DEFERRED LOAN PROGRAMFunds provided through the HOME Investment

Partnership Program enabled eligible owner-

occupants to correct code deficiencies and

make non-luxury improvements to their

homes. One of the criteria was for the applicant’s total

income to be at or below 80% of the area’s medium

income, based on household size, as prescribed by

the Department of Housing and Urban Development.

During the year, nine homes were rehabilitated

totaling $207,118.

ACQUISITION AND REHABILITATIONFunds provided through the HOME Investment

Partnership Program allowed us to acquire vacant homes

in disrepair. We targeted

neighborhoods where most

of the homes were rental

properties, blighted, or in

disrepair. Once acquired,

we rehabilitated the homes,

turning them into valuable

neighborhood assets. The

home was then placed on

the open market for qualified

homebuyers. During the

year, eight homes were

acquired and rehabbed to

add a potential $800,000

to the City tax base.

WHEELCHAIR RAMP PROGRAMFunds received from the Community Development Block

Grant were used to provide lumber and other materials

to low-to-moderate income residents

in need of wheelchair access to their

homes. In addition to providing the

materials, we also designed ramps,

acquired the permits, and coordinated

volunteer labor for qualified applicants.

During the year, two ramps were

built totaling $4,785.

EXTERIOR IMPROVEMENT PROGRAMFunds received from the Community Development

Block Grant Program were used to provide exterior

repairs and improvements to qualified owner-

occupants. The maximum deferred loan is $10,000,

The quality of a neighborhood impacts almost every aspect of a City. Healthy neighborhoods are places where people want to live and

invest their time, money, and energy. We invest in neighborhoods because we understand the importance of a good neighborhood image – a good image brings in families, increases homes values, and brings businesses to the area. To improve a neighborhood’s image, we focus on improving the quality of existing housing through rehabilitation and new home construction, through demolition of blighted, vacant homes, as well as vacant lots in targeted areas of the city.

OCTOBER 2013Hampton, VIRGINIA

THE PRIMARY OBJECTIVE OF REHABILITATION IS

TO ENHANCE THE QUALITY AND CONDITION OF EXISITING AFFORDABLE HOMES.

2 FALL 2013

We also provided educational programs to

potential homebuyers in order to achieve

our goal of creating educated, well-

informed homebuyers.

We focused on improving the quality of existing

housing in Hampton’s older, established

neighborhoods by offering the following

programs to qualified homeowners:

HOMEOWNER REHABILITATION DEFERRED LOAN PROGRAMFunds provided through the HOME Investment

Partnership Program enabled eligible owner-

occupants to correct code deficiencies and

make non-luxury improvements to their

homes. One of the criteria was for the applicant’s total

income to be at or below 80% of the area’s medium

income, based on household size, as prescribed by

the Department of Housing and Urban Development.

During the year, nine homes were rehabilitated

totaling $207,118.

ACQUISITION AND REHABILITATIONFunds provided through the HOME Investment

Partnership Program allowed us to acquire vacant homes

in disrepair. We targeted

neighborhoods where most

of the homes were rental

properties, blighted, or in

disrepair. Once acquired,

we rehabilitated the homes,

turning them into valuable

neighborhood assets. The

home was then placed on

the open market for qualified

homebuyers. During the

year, eight homes were

acquired and rehabbed to

add a potential $800,000

to the City tax base.

WHEELCHAIR RAMP PROGRAMFunds received from the Community Development Block

Grant were used to provide lumber and other materials

to low-to-moderate income residents

in need of wheelchair access to their

homes. In addition to providing the

materials, we also designed ramps,

acquired the permits, and coordinated

volunteer labor for qualified applicants.

During the year, two ramps were

built totaling $4,785.

EXTERIOR IMPROVEMENT PROGRAMFunds received from the Community Development

Block Grant Program were used to provide exterior

repairs and improvements to qualified owner-

occupants. The maximum deferred loan is $10,000,

The quality of a neighborhood impacts almost every aspect of a City. Healthy neighborhoods are places where people want to live and

invest their time, money, and energy. We invest in neighborhoods because we understand the importance of a good neighborhood image – a good image brings in families, increases homes values, and brings businesses to the area. To improve a neighborhood’s image, we focus on improving the quality of existing housing through rehabilitation and new home construction, through demolition of blighted, vacant homes, as well as vacant lots in targeted areas of the city.

OCTOBER 2013Hampton, VIRGINIA

THE PRIMARY OBJECTIVE OF REHABILITATION IS

TO ENHANCE THE QUALITY AND ENHANCE THE QUALITY AND ENHANCE THE QUALITYCONDITION OF EXISITING AFFORDABLE HOMES.

3COMMUNITY REPORT FROM HRHA

Statement of Net Assets Statement of Rev, Exp & Changes in Net Assets

Cash and Cash Equivalents

Receivables

(Short- and Long-Term)

Prepaids & Inventories

Restricted Cash

Capital Assets

(Net of Accum Depr)

Total Assets:

Current Liabilities

Non-Current Liabilities

Total Liabilities:

Invested in Cap Assets

Restricted Net Assets

Unstricted Net Assets

Total Net Assets:

$16,991,663

2,169,864

390,994

4,196,888

50,433,946

74,183,355

1,433,197

19,228,697

20,661,894

34,040,143

2,196,003

17,285,315

53,521,461

Tenant Revenue

Gov’t Operating & Capital Grants

Interest Revenue

Other Revenue

Total Revenue:

Administrative Expenses

Tenant Services Expenses

Utilities, Maint & Protective Services

Insurance & Other Expenses

Interest Expense

Housing Assistance Payments

Depreciation

Total Expenses:

Change in Net Assets

$2,311,783

28,089,402

31,304

1,673,551

32,106,040

3,476,428

423,800

3,342,003

2,648,179

19,786

21,977,151

1,416,330

33,303,677

(1,197,637)

HAMPTON REDEVELOPMENT & HOUSING AUTHORITYPRIMARY GOVERNMENT & COMPONENT UNITS

FOR YEAR ENDING DECEMBER 31, 2012 (UNAUDITED)

which is forgiven over a five year period. During the

year, one exterior improvement project was

completed totaling $9,137.

COMMUNITY HOUSING DEVELOPMENT ORGANIZATIONS (CHDOS)CHDO funds were used to support their affordable

housing activities. CHDOs are private, non-profit

community based service organizations whose primary

purpose is to provide and develop decent affordable

housing in the community. We work with CHDOs in

carrying out their mission. During the year, two

programs were supported totaling $70,000.

WEATHERIZATION AND ENERGY EFFICIENCY Funds received from the Community Development Block

Grant Program were used to provide up to $20,000 in

weatherization and energy efficiency improvements

to qualified Hampton homeowners. On average, the

value of the weatherization improvements to a home

is more than two times greater than the cost of the

improvement. The energy efficiency improvements that

make up weatherization services are long lived, with

the savings adding up over time. During the year, six

projects were completed expensing a total

of $94,993.

NEIGHBORHOOD STABILIZATION PROGRAM Funds received from the program were used to purchase

and rehabilitate foreclosed and abandoned homes in

an effort to stabilize neighborhoods. During the year,

three homes were purchased, rehabilitated, a

potential $300,000 to the City’s tax base.

The Authority provides education for homebuyers

through a series of seminars and workshops involving

banks, mortgage corporations and builders.

WEATHERIZATION SERVICES ARE LONG LIVED, WITH THE SAVINGS ADDING UP OVER TIME.

3

Statement of Net Assets Statement of Rev, Exp & Changes in Net Assets

Cash and Cash Equivalents

Receivables

(Short- and Long-Term)

Prepaids & Inventories

Restricted Cash

Capital Assets

(Net of Accum Depr)

Total Assets:

Current Liabilities

Non-Current Liabilities

Total Liabilities:

Invested in Cap Assets

Restricted Net Assets

Unstricted Net Assets

Total Net Assets:

$16,991,663

2,169,864

390,994

4,196,888

50,433,946

74,183,355

1,433,197

19,228,697

20,661,894

34,040,143

2,196,003

17,285,315

53,521,461

Tenant Revenue

Gov’t Operating & Capital Grants

Interest Revenue

Other Revenue

Total Revenue:

Administrative Expenses

Tenant Services Expenses

Utilities, Maint & Protective Services

Insurance & Other Expenses

Interest Expense

Housing Assistance Payments

Depreciation

Total Expenses:

Change in Net Assets

$2,311,783

28,089,402

31,304

1,673,551

32,106,040

3,476,428

423,800

3,342,003

2,648,179

19,786

21,977,151

1,416,330

33,303,677

(1,197,637)

HAMPTON REDEVELOPMENT & HOUSING AUTHORITYPRIMARY GOVERNMENT & COMPONENT UNITS

FOR YEAR ENDING DECEMBER 31, 2012 (UNAUDITED)

which is forgiven over a five year period. During the

year, one exterior improvement project was

completed totaling $9,137.

COMMUNITY HOUSING DEVELOPMENT ORGANIZATIONS (CHDOS)CHDO funds were used to support their affordable

housing activities. CHDOs are private, non-profit

community based service organizations whose primary

purpose is to provide and develop decent affordable

housing in the community. We work with CHDOs in

carrying out their mission. During the year, two

programs were supported totaling $70,000.

WEATHERIZATION AND ENERGY EFFICIENCY Funds received from the Community Development Block

Grant Program were used to provide up to $20,000 in

weatherization and energy efficiency improvements

to qualified Hampton homeowners. On average, the

value of the weatherization improvements to a home

is more than two times greater than the cost of the

improvement. The energy efficiency improvements that

make up weatherization services are long lived, with

the savings adding up over time. During the year, six

projects were completed expensing a total

of $94,993.

NEIGHBORHOOD STABILIZATION PROGRAM Funds received from the program were used to purchase

and rehabilitate foreclosed and abandoned homes in

an effort to stabilize neighborhoods. During the year,

three homes were purchased, rehabilitated, a

potential $300,000 to the City’s tax base.

The Authority provides education for homebuyers

through a series of seminars and workshops involving

banks, mortgage corporations and builders.

WEATHERIZATION SERVICES ARE LONG LIVED, WITH THE SAVINGS ADDING UP OVER TIME.

33

4 FALL 2013

HOMEBUYER CLUBThe goal of the Homebuyer Club was to educate

participants in all facets of homeownership. Once the

participants have completed the 12-16 month program

they are eligible to receive up to $10,000 in down

payment assistance on a qualified home in Hampton.

During the year, 14 participants completed the

program; one have purchased a home.

HOMEBUYER EDUCATIONWe partnered with banks, mortgage lenders, builders,

non-profits, faith-based organizations, and commercial

businesses to provide housing counseling, homebuyer

schooling, and market available homeownership

programs to qualified participants. Homebuyer

educational programs are mandatory for potential

homebuyers eligible for Virginia Housing Development

Authority and federal housing assistance programs.

During the year, we held eight seminars attended

by 64 prospective homebuyers.

ENTREPRENEUR’S CLUBS We created the Entrepreneur’s Club to promote business

development in Hampton for low-to-moderate income

Hampton residents. The program’s goal is to educate

participants through classes and educational activities

designed to promote business development. During

the program year, one participant completed the

program and was ready to start their business and

was eligible to receive up to $250 toward qualified

business development expenses.

The Teenpreneur Club was also formed to introduce

an entrepreneurial mind-set and skills to Hampton

teens. The program is designed to raise awareness

of entrepreneurship as a viable career option, help

students develop the attributes and skills associated

with successful entrepreneurs, and to motivate students

to pursue further study, exploration, and consideration

of entrepreneurship. During the year, nine Hampton

teens participated in the program.

HAMPTON REDEVELOPMENT

AND HOUSING AUTHORITY

P.O. BOX 280

HAMPTON, VA 23669

HOMEBUYER CLUBThe goal of the Homebuyer Club was to educate

participants in all facets of homeownership. Once the

participants have completed the 12-16 month program

they are eligible to receive up to $10,000 in down

payment assistance on a qualified home in Hampton.

During the year, 14 participants completed the

program; one have purchased a home.

HOMEBUYER EDUCATIONWe partnered with banks, mortgage lenders, builders,

non-profits, faith-based organizations, and commercial

businesses to provide housing counseling, homebuyer

schooling, and market available homeownership

programs to qualified participants. Homebuyer

educational programs are mandatory for potential

homebuyers eligible for Virginia Housing Development

Authority and federal housing assistance programs.

During the year, we held eight seminars attended

by 64 prospective homebuyers.

ENTREPRENEUR’S CLUBS We created the Entrepreneur’s Club to promote business

development in Hampton for low-to-moderate income

Hampton residents. The program’s goal is to educate

participants through classes and educational activities

designed to promote business development. During

the program year, one participant completed the

program and was ready to start their business and

was eligible to receive up to $250 toward qualified

business development expenses.

The Teenpreneur Club was also formed to introduce

an entrepreneurial mind-set and skills to Hampton

teens. The program is designed to raise awareness

of entrepreneurship as a viable career option, help

students develop the attributes and skills associated

with successful entrepreneurs, and to motivate students

to pursue further study, exploration, and consideration

of entrepreneurship. During the year, nine Hampton

teens participated in the program.

HAMPTON REDEVELOPMENT

AND HOUSING AUTHORITY

P.O. BOX 280

HAMPTON, VA 23669