Mike Mercurio

San Diego Association of REALTORS® Ambassadors Foundation “Everyday Heroes ”

History
Financial assistance programs attack the problem of housing affordability at its most basic level: the gap between what people can afford and prices on the market.
High cost of living
Low city wages
Police retention problem

Goal
Everyday Heroes to assist San Diego Police Department (SDPD) employees to become homeowners, providing them and their families a better quality of life as they become vested in homeownership in their surrounding communities.
Provide officers who have served on the SDPD force from 2 to 5 years and who are first time homebuyers with the opportunity to achieve the American dream of homeownership.

How
Provides interest rate buy-downs and/or mortgage insurance buy-outs for qualified officers.

Funding
REALTOR® Member Contributions
REALTOR® Dues Billing - SDAR solicits a voluntary contribution (from each its 11,000 members)
Recognition Program – SDAR implemented higher levels of giving, i.e. $250, $500 and $1,000 to encourage greater participation as well as permitting such Realtors to be called “Ambassadors for San Diego”.
Corporate Contributions
Real Estate Companies
Allied Industries
Other non-profits and organizations
Fundraising Efforts
Annual Everyday Heroes 5K Walk
Annual Everyday Heroes Golf Tournament/Live/Silent Auction
Chili Cook-off

Application Process
Complete application and submit to Ambassadors Foundation.
SDAR Ambassadors Foundation Board reviews applications and invites applicants for interview.
Second stage qualifiers are notified and choose an approved lender and REALTOR® to assist them in the home buying process.
Those who do not qualify will be offered education and assistance to prepare them for future homeownership, including an introduction to similar organizations and programs within San Diego.

Challenges
City
Funding
Political
Declining market guidelines and lender restrictions have halted low down payment conventional programs
New lender approval of the Foundation (lengthy process)

Benefits to city
More police – retention solution
Safe communities
Stimulated other groups

Benefits to Association
Housing leadership role
Creates initiatives that in turn increase the affordable housing stock
Partnerships
Creates new public/private partnerships o the affordable housing effort
Community Housing Works
Wells Fargo Bank
Bank of America
Sierra Pacific Mortgage
Guild Mortgage
Protecting Communities
Helping local police officers buy homes ultimately helps our neighborhoods
Model program for other AORs
Local leaders gain national recognition of their local effort
2007 NAR presented the City of San Diego and SDAR with the Ambassadors for
Cities designation.
Publicity within the Realtor organization (website, magazines, conventions)
Media
Elected Officials
Political involvement on federal/national level
Creates opportunities to strengthen relationships with Elected Officials

Community
The Ambassadors Foundation has assisted 16 San Diego police officers to become homeowner in their local communities and therefore live in the neighborhoods they protect and serve.
Since the launch of the Everyday Heroes in 2007, SDAR has raised $250,000.00 through various events like golf tournaments, walk-a-thons, and member donations.

Opportunity
SDAR hopes to potentially expand funding to additional municipalities such as:
Firefighters
Teachers
Retired military personnel
Create initiatives that in turn increase the affordable housing stock
Create new public/private partnerships
Implement successful local affordable housing strategies than can be shared with and replicated by other REALTOR® associations and the broader public
Sustaining program with continual funding

Mike Mercurio

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

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Mike Mercurio — Presentation Transcript