Dennis Oshiro

. . . building stronger communities one homeowner at a time. . . ~ Since 2003 ~ ALOHA!

Presentation Agenda
HHOC’s Mission and Goals
Our partners and collaborators
“ Wins and Challenges”
Questions and Answers

“ Why is homeownership
so important?”

Source: U.S. Census Bureau State FIPS Code 1990 1995 2000 2005 2006 2007 2008 Unit indicator (%) (%) (%) (%) (%) (%) (%) United States 00000 63.9 64.7 67.4 68.9 68.8 68.1 67.8 Dist. of Columbia 11000 36.4 39.2 41.9 45.8 45.9 47.2 44.1 New York 36000 53.3 52.7 53.4 55.9 55.7 55.9 55.0 California 06000 53.8 55.4 57.1 59.7 60.2 58.3 57.5 Hawaii 15000 55.5 50.2 55.2 59.8 59.9 60.1 59.1 Nevada 32000 55.8 58.6 64.0 63.4 65.7 63.3 63.6 Rhode Island 44000 58.5 57.9 61.5 63.1 64.6 64.9 64.5 Texas 48000 59.7 61.4 63.8 65.9 66.0 66.0 65.5 Massachusetts 25000 58.6 60.2 59.9 63.4 65.2 64.3 65.7 Oregon 41000 64.4 63.2 65.3 68.2 68.1 65.7 66.2 Washington 53000 61.8 61.6 63.6 67.6 66.7 66.8 66.2

Educational Success Attributable to Homeownership
In a study jointly authored by a sociologist and an economist, a higher overall quality of life among homeowners is believed to contribute to the well-being of both homeowners and their children in a number of ways.
Young children of homeowners tend to have higher levels of achievement in math and reading and fewer behavioral problems.

Because it appears that educational outcomes were strongly influenced by homeownership and residential stability, government policies that promote homeownership or residential stability should be considered in any strategy to improve education .
The future of education does not rely solely on more expenditures for more schools.

The decision to stay in school by teenage students is higher for those raised by home owning parents compared to those in renter households. Furthermore, daughters of homeowners have a much lower incidence of teenage pregnancy

• Social stability; • Educational achievement; • Civic participation including voting and volunteerism; • Health outcomes and the ability to pay for health care; • Lower crime and domestic violence rates “ Why Is Homeownership Important?”

“ Who Is HHOC?”
NeighborWorks Organization
Congressionally Chartered Non-Profit
Network of Organizations Nationwide
Training & Technical Assistance
Financial Support

Hawai’i HomeOwnership Center
“ What is the HHOC? ”
A non-profit 501(c)3 organization that provides HUD-approved counseling and education.
Formed in 2003
Oahu..Hawaii..Kauai..

#1 EDUCATION

Hawai’i HomeOwnership Center
Since 2003,
Over 700 families have become homeowners…
302 were <80% AMI; would not qualify
More than 2,000 families statewide

#2 FORECLOSURES
Foreclosure Intervention Counseling ; since Feb 1, 2009

#3 MORTGAGE LENDING

# 3 HHOC Mortgage’s
HUD-approved lender
Down Payment Assistance Loan (DPAL)
Emerging CDFI lender

DPAL BENEFITS
Available to First-time Homebuyers
Finance up to 95% of Purchase Price
Provides a lower monthly payment
compared to FHA
compared to Conventional loan with PMI
compared to Portfolio 1 st and 2 nd piggy loan
No mortgage insurance
Mortgage interest is tax deductible

Loan Program Comparison $ 13,250 $ 13,250 $ 13,250 $ 13,250 5% Down payment n/a n/a $ 39,750 $ 39,750 2nd mortgage loan amount $ 251,750 $ 256,155 $ 212,000 $ 212,000 1st mortgage loan amount n/a $ 4,405 n/a n/a UFMIP ( financed ) $ 251,750 $ 251,750 $ 212,000 $ 212,000 1st mortgage base loan amount $ 265,000 $ 265,000 $ 265,000 $ 265,000 Purchase Price 5% 5% 5% 5% % of Down Required Monthly BPMI FHA MI Portfolio 2nd DPAL 2nd Second or Mortgage Insurance Conv. w/ MI FHA Portfolio Loan Conventional Loan Program

Outreach Goals
Increase Public Awareness
Help is available
Creating and Sustaining Homeownership

Key Partners
Peer non-profits
Industry affiliates
Trade Groups & Unions
Community groups

“ Success and Challenges”
Wins
Word-of-mouth works
Collaboration maximizes funding and effort
Partners assist in many ways
Issuses
High cost of housing
Low supply of affordable housing

. . . building stronger communities one homeowner at a time. . . ~ Since 2003 ~ MAHALO!

Dennis Oshiro

by National Housing Conference & the Center for Housing Policy on Oct 14, 2010

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Dennis Oshiro — Presentation Transcript