united housing: 20 years of homeownership

20 YEARSOFHOMEOWNERSHIP

Celebrating

#20YRSOFHOME

2 | United Housing

Celebrating 20 Years of Homeownership | 1

Dear Friends of United Housing,The past twenty years have been a blessing. It is so surprising and wonderful to wake up every day over the past two decades and help Mid-South families become financially stable homeowners and neighbors.

In October of 1994, United Housing began with a goal to acquire, renovate, and resell 50 vacant foreclosures. Today, United Housing has acquired and renovated more than 350 foreclosed homes and counseled more than 4,000 families in financial

education or foreclosure prevention, making a $500 million economic impact on the Mid-South.

Over the years weve grown. Weve seen programming and funding come and go, but our mission to support sustainable homeownership has never wavered. Weve been here for Mid-South families, as a constant supporter of their economic well-being for over the past two decades.

Today, I want to thank all of the friends and family, mentors and teachers that have helped me, and the United Housing staff to grow, professionally, personally and spiritually.

Our current and past board of directors, our funders and donors, volunteers and students, everyone has played an instrumental role in shaping United Housings work and impact. But our real heroes are our customers that work hard every day to make ends meet, and to provide a stable home for their families.

Our twenty year impact on the Memphis community is a great one. The numbers are impressive and every time I see them I am grateful to have the opportunity to do this work.

Join me in the next twenty years to continue this work, and provide quality opportunities for Mid-South families.

Tim Bolding Executive Director

2 | United Housing

Staff List:Tim Bolding, Executive DirectorAnne Meadors, Director, Housing + OperationsSharon Walker, Homebuyer Education DirectorAmy Schaftlein, Director, Development + CommunicationsBianca Patel, Data and Operations CoordinatorKendra Love, Homebuyer Education CoordinatorPriscilla Reed, Special Projects CoordinatorAnna Gattuso, Communications and Grants CoordinatorVequitia Barnes, Foreclosure Mitigation CounselorLinda Davis, Program AssistantJo Gross, Reception + Loan ServicerCherry Brooks, Housing Support Specialist

1994 1997 2000 2001 2002

Founded

THDA expands programming with

HOPE III grant

NeighborWorks Certification and Plough

Foundation investment of $2MPartnership for Homebuyer Education in HOPE VI

College Park

CDFI Certification

New First Mortgage Program

Board List:Venita Doggett, ChairLaura Harris, SecretaryMike Fearnley, Treasurer Robert ColemanMaggie ConwayTeresa Cheeks WilsonRev. Leonard DawsonSherman GreerAlex Matlock

Carol McConkeyJerome RubinCarrie HanlonJimmie TuckerKeith TurbettGilda Williams


Founded in 1994 as an affiliate of the United Way of the Mid-

South, United Housing, Inc. is now known as the premiere homeownership agency in our community. UHI quickly grew to be a one-stop shop for homeownership. In 2000, UHI became part of NeighborWorks America. Currently, United Housing serves low to moderate income families throughout West Tennessee.

Over these past 20 years, UHI has served 8,500 families, helping more than 4,000 families buy or save their home and

lending more than $11 million in down payment assistance and rehabilitation loans. In total, this means more than a $500 million impact on our targeted service area.

UHI consistently serves the community by creating safe and affordable housing. We seek to understand the needs of the community and welcome input and involvement while providing education, lending, and housing development that supports neighborhood revitalization.

2005 2009 2011 2012 2014 2015

New First Mortgage Program

Wolf River Bluffs begins, NSP

investment of $4M begins

Plough and Assisi invest in Wolf River Bluffs and

construction begins, NSP 3

Hardest Hit Fund begins and will help more

than 600 families save their homes

Memphis and Shelby County settlement

with Wells Fargo program ends and helps

more than 300 families with DPA more than 4,000 families have been helped with

UHI programs, with more than $500M impact

over 20 years

over 7,000

4,000 people bought or saved their homeannual local property taxes paidHomes renovated/constructed

Annual investment in local community:

$17.3 M $356,437over 300families counseled in financial or foreclosure counseling

4 | United Housing

UHIs 4000th Homeowner, Jasmine MorrisJasmines Story:

United Housing specializes in getting low-moderate income families into homes, but why do we do this? We believe that people who work hard and want a better life for their families deserve a bridge to homeownership, because homeownership provides empowerment, safety, and opportunity for families. We would like to introduce Jasmine Morris, our 4000th homebuyer in 20 years of homeownership at United Housing. Jasmine is 27 years old, and a mother of Kennedie, age 7 and Bryson, age 4. She supports her family with her work at The Animal Emergency Center as a veterinary technician. Ms. Morris did not know that she could buy a house until taking the Homebuyer Education class, where she learned that she could take out a second mortgage to cover closing costs and fees, which made all of the difference in becoming homeownership ready.


We helped Jasmine get into a house, but more importantly, our Homebuyer Education class empowered her with the knowledge that she was ready and able to buy a home. Jasmine believes that the act of homeownership is meaningful, not just for the physical aspect of having a nice place to live, but for what it can mean to her children, showing them that if you want something bad enough and work for it then you can have it.

This house is special not just because of the amazing benchmark of helping 4000 people, but in that it represents a partnership with Grace-St. Lukes Episcopal Church, the home parish of United Housing Executive Director Tim Bolding. The partnership is indicative of the style that UHI has embraced and that has made us successful and sustainable. We believe in working with our partners, helping them achieve their goals, whether we partner with a family wanting to buy a house, or a community partner wanting a meaningful volunteer experience for their community.

Im looking forward to my kids playing in the neighborhood and making friends.

Jasomine Morris

6 | United Housing

Thanks to United Housing, I feel very blessed and happy to be in my new home

Lisa Brice

Im especially proud of the work United Housing has done to provide high quality, well-designed and affordable housing throughout our City. It is priceless work that continues to have a profound impact toward improving lives and revitalizing neighborhoods.

Jimmie Tucker

We did it for our kids, because we want our kids to grow up in a safe neighborhood and environment.

Lamar Perry

United Housing does a superb job in leveraging its resources for additional opportunities for our citizens.

Regina Walker, Former Senior VP for Community Engagement and Alignment at United Way of the Mid-South


Assets and ownership are fundamental to economic opportunity and mobility. Rooflines Shelterforce Blog

Our comprehensive set of programs gives our clients the tools they need to understand their financial situation and make better

decisions, not only with homeownership, but budgeting, and borrowing. They are better neighbors because they dont end up in foreclosure. Their children are more likely to get the services they need, and establish good financial practices because they see these

habits at home.

We introduce our clients to the benefits of banking so that they can save money, plan for their financial futures proactively, and so that they are able to pass along this knowledge to their own children.

Homebuyer Education: The purpose of our Homebuyer Education and Financial Counseling Program is to encourage self-empowerment and self-sufficiency,

provide the tools for families to become financially stable, and in doing so

strengthen families and neighbors for a greater Memphis.

Housing Production: Improving the quality of affordable housing stock is a key strategy toward neighborhood revitalization and community development. Beyond the impact to the property value and tax base, resident engagement and citizen pride are dramatically affected by their built environment.

Lending: Access to affordable and trustworthy Lending Services is a key gap in the conventional financial market

for prospective low income homebuyers. Below market interest rates, blending loan products and other special products and services are exclusive to qualified

nonprofit lenders.

United Housings average homebuyers are:

68% female

64% African-American

88% First Time homebuyers

32%female-headed, single-

parent households

What Makes the Difference?

8 | United Housing

20 YEARS OF HOMEOWNERSHIP Homebuyer Education

Housing Production

New Construction Rehab Owner-Occ Rehab Homes Sales in construction and sales value

Foreclosure PreventionUHI helped 693 families save their homes from foreclosure with $24.4 million in financial assistance. This assistancein the form of loan modifications, refinances, and grants via the Hardest Hit Fundleveraged $106.8 million in saved mortgages. Preventing these foreclosures spurred $10.8 million in local economic development by keeping $7 million in the pockets of families. These are funds that would have gone to the cost effects foreclosure has on families, such as direct costs of re-locating, lost credit and equity.

all anti-poverty work should aim to result in financial empowerment and ownership. Regardless of the area of needwhether in health, education, housing, or serving the re-entry populationwe should all have an eye toward connecting clients with partners who do have this financial empowerment expertise.

53 58207 329 $44 M

4,000 families bought or saved their homes $110,053,000 in facilitated sales

more than 7,000 families counseled

Lending/Down Payment Assistance

$20.2 million in second mortgagesMSCHHP

in down payment assistance loans

families zip codes in Shelby County Leveraged $33 M in mortgages

$4.1 M $33 M314Over

30


After 20 years of service, UHI has a reputation for quality services with impressive program outcomes. Beyond numbers on paper, the jobs and employment value created ultimately equals lives affected by the work UHI employs in the local economy.

The housing industry provides construction services, realtor commissions, and conventional lending practices that all utilize a large labor force, which has an effect on capital markets.

Did you know, on average, UHI facilitates the sale of over 200 homes annually in the Mid-South? Thats roughly $2 million in home values per year.United Housing will continue to advocate for quality and affordable housing access for all Memphis and Shelby County residents.

more than 7,000 families counseledAffordable Housing is good for business.Total impact of United Housings operations, programs, products and services on the local market:

$131.7 million in program output838 jobs$32.6 million in earnings$79 million in employment value in local economy

584 jobs and $23.5 million in earnings from construction and real estate commissions alone

List of top lending partners1. Community Mortgage2. Magna Bank3. Bartlett Mortgage4. Iberia Bank Mortgage5. Prime Lending Mortgage6. Renasant Bank7. Patriot Bank8. Mortgage Investor Group9. American Mortgage Services Inc.10. Habitat for Humanity of Greater Memphis

How Do We Build Community?

10 | United Housing

Since its beginning in 1994 United Housings total economic benefits have exceeded

$500 million and supported several hundred jobs throughout all major industry groups. Local governments are receiving an estimated $356,437 annually in property and sales taxes, primarily from properties built or improved by United Housing. Furthermore, the great majority of these benefits are long-lasting, continuing

well beyond UHIs initial expenditure as they contribute to household wealth accumulation and an increased tax base for local government.

Annual Fiscal Impact

Over 20 years UHI generated on average, $7.1 million in property and sales taxes in Memphis and Shelby County.

1994 to 2010 2011 to 2014 Total

Shelby County Property Taxes $126,263 $60,638 $186,901

City of Memphis Property Taxes 100,373 47,178 147,551

Total Property Taxes $226,636 $107,816 $334,452

Sales Taxes (annual average) 21,985 21,985

Total Annual Local Tax Revenue $237,617 $356,437

Memphis City Council Districts Shelby County Commission Districts

City Council and County Commission Maps


Quality Housing Programs Make Economic SenseCosts to Local GovernmentsForeclosed or abandoned properties cost local governments an estimated $20,000 per house for lost property taxes and utility fees, increased police and fire calls, and

public works and code enforcement problems. This totals $13.9 million in savings for the 693 properties.

Spillover Effects on Neighborhood Property ValuesThere is an estimated reduction in value of $1,058 (estimate for Memphis) for each house within a 1/8 mile radius of a foreclosed house. However, more recent research has shown that these property values usually return once the house is reoccupied. Based on a density of 35.26 houses per 1/8 mile radius this temporary negative impact totals $37,305 per foreclosure, or $25.9 million for the 693 foreclosures prevented.1

We removed blight by preventing 693 foreclosures and saving local governments and Mid-South neighborhoods a total cost of $39.8 million.Through an integrated mix of services supporting home ownership, United Housing provides very substantial economic and fiscal benefits throughout the Memphis

Metropolitan Statistical Area (MSA) and beyond.

BEFOREAFTER

1 [Based on information in: Sheltering Neighborhoods from the Subprime Foreclosure Storm, Joint Economic Committee, U.S. Senate (2007) and other sources

12 | United Housing

Year to Date Financials FY2015

Private Grants and Donations: $150,274

Public Grants: $897,705

Program Revenue: $592,650

Developer Fees: $111,231

Revenue Streams FY2015 Year to Date

(as of December 2014)

Total YTD: $1,751,861

Thanks to Our Supporters and Partners

2750 Colony Park Dr. Memphis, TN 38118

www.uhinc.org

united housing: 20 years of homeownership

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