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2005 Annual Meeting E8
 

2005 Annual Meeting E8

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    2005 Annual Meeting E8 2005 Annual Meeting E8 Presentation Transcript

    • 2004-05 ACCOMPLISHMENTS Designed for Success
      • Business Plan
      • Region-wide homebuyer education program
      • Housing counseling assistance
      • New home construction or acquisition/rehab of existing
      • Rental housing development & management
    • what we have Accomplished Housing Development – NEW CONSTRUCTION
    • 2004-05 accomplishments: New Home Construction TOTAL Washington Greene Washington Hawkins Washington Carter Greene Washington Washington Sullivan Washington County $56,595 $10,000 $10,000 $7,500 $7,125 $7,275 $6,000 $8,695 Grant Assistance SunTrust Bank $146,500 9 FAHE THDA New Start- 0% $68,500 4 THDA ADDI FAHE THDA New Start- 0% $80,500 11 SHOP FAHE THDA New Start- 0% $95,000 5 SHOP FAHE THDA New Start- 0% $81,500 6 HOME Consortium FAHE THDA New Start- 0% $85,000 7 THDA ADDI FAHE THDA New Start- 0% $96,300 8 Wells Fargo $104,700 10 $984,225 FAHE THDA New Start- 0% $85,000 3 CDBG -Bristol FAHE THDA New Start- 0% $59,225 2 SHOP FAHE THDA New Start- 0% $82,000 1 Programs 2 nd Mortgage 1 st Mortgage Sale price
    • New home construction construction in Greene County
    • Eastern Eight Home construction in Johnson City
    • construction in Greene County
    • construction in Carter County
    • construction in Hawkins County
    • 2004-05 accomplishments: Homeownership Assistance TOTAL Sullivan Sullivan Sullivan Hawkins Hawkins Carter Sullivan Washington County $67,500 $10,000 $10,000 $10,000 $10,000 $10,000 $7,500 $10,000 Grant Assistance THDA ADDI SunTrust Bank $88,000 4 THDA ADDI Rural Development $98,500 5 THDA ADDI SunTrust Bank $54,900 6 THDA ADDI Rural Development $90,000 7 AmSouth Bank $96.200 8 $694,150 THDA ADDI FAHE $83,000 3 Home Consortium FAHE $80,600 2 THDA ADDI Rural Development $102,950 1 Programs 2 nd Mortgage 1 st Mortgage Sale price
    • construction in Washington County
    • construction in Sullivan County
    • construction in Washington County
    • Summary
      • For the 2004-2005 fiscal year, we have assisted 19 individuals or families in buying $3,245,289.00 in owner occupied real estate
      • Average cost of an assisted home: $81,596
      • Average annual household income: $14,100
    • Homeownership Assistance
      • Since Eastern Eight CDC was formed in 1998, we have assisted a total of 34 households purchase $2,541,000 in real estate
      • 13 homeowners utilized SHOP sweat equity grants to lower the mortgage cost of their home an average of $7,000
      • 14 homeowners utilized THDA ADDI grants to assist with down payments and closing costs
    • Rental housing development
      • Three 2-bedroom rental group homes serving special needs tenants
      • 5-unit apartment building rehabilitated (low income tenants)
      • 4-unit townhouse apartments serving special needs tenants
      We have completed:
    • Housing Counseling Assistance
      • 184 households completed homebuyer education course
      • 41 households participated in housing counseling
    • Housing Counseling Assistance
      • 23 homebuyer education classes held in region
      • 15 homebuyer orientation sessions presented to special audiences
      • Partnership Accomplishments:
      • Entered into contract with the First Tennessee Development District for management services; staff prepared 5 grant applications, all funded
      • Section 8 to Homeownership Program with Kingsport Housing & Redevelopment Authority
      • Memorandum of Agreement with Dawn of Hope to provide housing for special needs tenants
      • Memorandum of Agreement with Frontier Health to provide housing for special needs tenants
      • Acquired two HUD foreclosure homes for rehabilitation/resale
      • Where Do We Go From Here?
    • New Funding Awards
      • THDA – 2005 HOME
      • w/Town of Mountain City $ 500,000 THDA – 2005 HOME CHDO 500,000 THDA – 2005 HOME CHDO 500,000 USDA – RD 532 – 2005 HPG 104,000
      • HUD – RHED 2005 150,000
      • ___________ Total grant awards $1,754,000
    • Example:
      • Unique program partners a GED education program for young adults (16-24) with hands-on construction training
      • Provides affordable housing units for low and very-low families
      NEW PARTNERSHIPS: Alliance of Business & Training
    • We Are Making A Difference One Life at a Time
    •