2005 Annual Meeting E8

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2005 Annual Meeting E8

  1. 1. 2004-05 ACCOMPLISHMENTS Designed for Success
  2. 2. <ul><li>Business Plan </li></ul><ul><li>Region-wide homebuyer education program </li></ul><ul><li>Housing counseling assistance </li></ul><ul><li>New home construction or acquisition/rehab of existing </li></ul><ul><li>Rental housing development & management </li></ul>
  3. 3. what we have Accomplished Housing Development – NEW CONSTRUCTION
  4. 4. 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
  5. 5. New home construction construction in Greene County
  6. 6. Eastern Eight Home construction in Johnson City
  7. 7. construction in Greene County
  8. 8. construction in Carter County
  9. 9. construction in Hawkins County
  10. 10. 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
  11. 11. construction in Washington County
  12. 12. construction in Sullivan County
  13. 13. construction in Washington County
  14. 14. Summary <ul><li>For the 2004-2005 fiscal year, we have assisted 19 individuals or families in buying $3,245,289.00 in owner occupied real estate </li></ul><ul><li>Average cost of an assisted home: $81,596 </li></ul><ul><li>Average annual household income: $14,100 </li></ul>
  15. 15. Homeownership Assistance <ul><li>Since Eastern Eight CDC was formed in 1998, we have assisted a total of 34 households purchase $2,541,000 in real estate </li></ul><ul><li>13 homeowners utilized SHOP sweat equity grants to lower the mortgage cost of their home an average of $7,000 </li></ul><ul><li>14 homeowners utilized THDA ADDI grants to assist with down payments and closing costs </li></ul>
  16. 16. Rental housing development <ul><li>Three 2-bedroom rental group homes serving special needs tenants </li></ul><ul><li>5-unit apartment building rehabilitated (low income tenants) </li></ul><ul><li>4-unit townhouse apartments serving special needs tenants </li></ul>We have completed:
  17. 17. Housing Counseling Assistance <ul><li>184 households completed homebuyer education course </li></ul><ul><li>41 households participated in housing counseling </li></ul>
  18. 18. Housing Counseling Assistance <ul><li>23 homebuyer education classes held in region </li></ul><ul><li>15 homebuyer orientation sessions presented to special audiences </li></ul>
  19. 19. <ul><li>Partnership Accomplishments: </li></ul><ul><li>Entered into contract with the First Tennessee Development District for management services; staff prepared 5 grant applications, all funded </li></ul><ul><li>Section 8 to Homeownership Program with Kingsport Housing & Redevelopment Authority </li></ul><ul><li>Memorandum of Agreement with Dawn of Hope to provide housing for special needs tenants </li></ul><ul><li>Memorandum of Agreement with Frontier Health to provide housing for special needs tenants </li></ul><ul><li>Acquired two HUD foreclosure homes for rehabilitation/resale </li></ul>
  20. 20. <ul><li> Where Do We Go From Here? </li></ul>
  21. 21. New Funding Awards <ul><li>THDA – 2005 HOME </li></ul><ul><li>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 </li></ul><ul><li>HUD – RHED 2005 150,000 </li></ul><ul><li> ___________ Total grant awards $1,754,000 </li></ul>
  22. 22. Example: <ul><li>Unique program partners a GED education program for young adults (16-24) with hands-on construction training </li></ul><ul><li>Provides affordable housing units for low and very-low families </li></ul>NEW PARTNERSHIPS: Alliance of Business & Training
  23. 23. We Are Making A Difference One Life at a Time
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