2006 Annual Meeting E8
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2006 Annual Meeting E8

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2006 Annual Meeting E8 2006 Annual Meeting E8 Presentation Transcript

  • Keys To Dreams 2005 – 2006 Accomplishments Eastern Eight Community Development Corporation
    • 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
  • 2005-06 accomplishments: New Home Construction TOTAL Washington Washington Greene Washington Washington County $27,860 $7,500 8,000 4,860 7,500 0 Grant Assistance HOME Consortium RD THDA New Start- 0% $123,500 4 HOME Consortium SHOP loan Bk of TN THDA New Start- 0% $90,000 5 $528,400 Bk of TN THDA New Start- 0% $ 95,000 3 HOME Consortium Bk of TN THDA New Start- 0% $107,000 2 Bk of TN THDA New Start- 0% $112,900 1 Programs 2 nd Mortgage 1 st Mortgage Sale price
  • construction in Washington County
  •  
  • Homeownership Assistance
    • Since Eastern Eight CDC was formed in 1998, we have assisted a total of 56 households purchase $3,069,500 in real estate
    • 19 homeowners utilized SHOP sweat equity grants to lower the mortgage cost of their home an average of $12,000
    • 26 homeowners utilized THDA ADDI grants to assist with down payments and closing costs
  • Affordable Homeownership Opportunities
    • Down payment and closing costs assistance ($1,000 - $14,999)
    • Subsidized/reduced interest rate mortgages (0% - 5.99%)
    • Savings/matching funds programs ($1=$3)
    • ‘ Sweat-Equity’ programs
    • Section 8 vouchers to homeownership
  • Example:
    • First-time homebuyer with $16,000 income
    • Purchases $85,000 home
      • LESS: $14,999 HOME assistance - homeownership assistance grant/loan
      • LESS: $12,000 SHOP sweat equity grant/loan
    • Mortgaged total $58,000 at 0% interest
    • Monthly payment - $165 (30 years)
  • Example:
    • Disabled homebuyer with $8,000 income
    • Purchases $80,000 home
      • LESS: $7,500 HOME assistance - homeownership assistance grant/loan
    • Mortgaged total $72,500 at 2% interest
    • PMI Monthly payment - $414 (30 years)
    • Homeowner pays 29% of income ($190)
    • Section 8 voucher pays remaining ($224)
  • 2005-06 accomplishments: Homeownership Assistance 90,000 1,365,200 TOTAL THDA ADDI 5,000 Rural Development 82,000 Greene 15 THDA ADDI 5,000 Rural Development 48,000 Johnson 14 THDA ADDI 5,000 Rural Development 80,000 Greene 13 THDA ADDI 5,000 Rural Development 64,900 Greene 12 THDA ADDI 5,000 Rural Development 64,900 Greene 11 THDA ADDI 5,000 Rural Development 81,000 Johnson 16 THDA ADDI 5,000 Rural Development 92,500 Carter 9 THDA ADDI 5,000 Rural Development 48,000 Hawkins 8 Home Consortium 5,000 AmSouth Bank 79,000 Sullivan 10 THDA ADDI 5,000 Rural Development 65,900 Hawkins 17 Hawkins Greene Greene Greene Washington Greene Sullivan County 5,000 5,000 5,000 5,000 7,500 5,000 7,500 Grant Assistance THDA ADDI Rural Development 87,000 4 THDA ADDI Rural Development 63,300 5 THDA ADDI Rural Development 87,100 6 THDA ADDI Rural Development 105,000 7 Home Consortium Bk of TN THDA 107,000 3 THDA ADDI Rural Development 120,000 2 Home Consortium Rural Development 89,600 1 Programs 2 nd Mortgage 1 st Mortgage Sale price
  • Summary
    • For the 2005-2006 fiscal year, we have assisted 17 individuals or families in buying $2,059,350.00 in owner occupied real estate
    • Average cost of an assisted home: $93,6066
    • Average annual household income: $14,100
  • 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:
  • Rental Housing Development
    • 8-unit, 2-bedroom
    • Partnership with the Town of Mountain City
    • Serving special needs tenants
    • Section 8 housing vouchers
    New Project:
  • Housing Counseling Assistance
    • 121 households completed homebuyer education course
    • 80 households participated in housing counseling
  • Housing Counseling Assistance
    • 27 homebuyer education classes held in region
    • 17 homebuyer orientation sessions presented to special audiences
    • Partnership Accomplishments:
    • Successful partnership with the First Tennessee Development District for management services
    • Section 8 to Homeownership Program with Kingsport Housing & Redevelopment Authority
    • Section 8 to Homeownership Program with Johnson City Housing Authority
    • Carter County $1.00 HUD House
    • USDA-Rural Development MoA for loan application packaging
    • Alliance for Business & Training – YouthBuild Program
    • Unique program will partner a GED education program for 40 regional young adults (16-24) with hands-on construction training
    • Participants will build two homes in Carter County to provide affordable housing units for low and very-low families
    NEW PARTNERSHIP: Alliance of Business & Training $400,000 grant
  • Carter County $1 HUD Home
    • Keys to
    • the Future
  • New Funding Awards
    • AHP – 2006 Fed. Home Loan
    • Bank-Cincinnati $ 244,000 HAC SHOP award 90,000 HOME Consortium – CHDO 288,843 ___________ Total 05-06 grant awards $ 622,843
    • Current prior awards $ 1,754,000
    • _____________
    • Total awards available $ 2,376,843
  •  
  • The Property
  •  
  • Project Design
    • Property Acquisition
    • THDA – BUILD program loan
    • Site Pre-development Costs
    • THDA – BUILD program loan
    • Construction Financing for home units
    • THDA – HOME grant (CHDO)
    • Mortgage Financing to Homebuyers
    • THDA – “New Start” program – 1 st
    • RD – 502 loan – 2 nd
    • Homebuyer Assistance Resources Provided
    • HAC – SHOP grants
    • HOME program $$ assistance
  • Ground breaking ceremony June 8, 2006 County Mayor, Dick Grayson Total attendance: 60+
  •  
  • Dreams under construction…..
  • Preservation Point
  •  
  • E8 style! BEFORE AFTER
  • E8 style! BEFORE AFTER
  • Making a difference, one key at a time