2008 Annual Meeting E8

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2008 Annual Meeting E8

  1. 1. Eastern Eight Community Development Corporation 2007-2008 ACCOMPLISHMENTS
  2. 2. 2007-08 GOALS:  Build 20 new homes or acquisition/rehab of existing  Expand rental housing development & management  Develop 2 new program partnerships  Develop staff capacity/program/knowledge/experience  Develop marketing  Find a “home” for Eastern Eight CDC
  3. 3. Piecing the Puzzle Together 1. Puzzle Pieces/Partnerships are all around us 2. Some Pieces/Partners are big and small 3. Pieces/Partners are multi-sided and fit together in numerous directions
  4. 4. New New Construction New Construction Construction Summary • FY 2008 Goal: Build 20 homes • 14 homes completed & closed/sold • 4 homes 100% completed • 8 homes under construction (25-80% completed) • Total = 26 units as of June 30, 2008
  5. 5. Statistics New Construction • 22 homes sold – real estate added to area property tax base: $2,441,188 • Average FY08 homebuyer income: $19,451 • Average FY08 appraised value of home: $116,247
  6. 6. Acquisition & Rehab of Existing
  7. 7. Acquisition & Rehabilitation of Existing Units • Mountain Home Neighborhood Redevelopment, Johnson City • 6 units completed • 7 additional properties acquired May 2008 • Scattered Sites: • Whirlaway Drive, Kingsport • 1017 Sevier St, Kingsport • Total to date: • 21 Units acquired Acquisition & • 14 Units completed/sold Rehab of Existing
  8. 8. Pilot Program  E8 awarded $500,000 THDA Housing Trust Fund grant  Established a Revolving Loan Fund to provide low-interest (0 – 4%) mortgages to homebuyers of redevelopment neighborhood properties
  9. 9. Rental Property
  10. 10. New Rental Housing Development Willow Creek Residential Homes • Development cost: $510,000 • 4 group homes, 3-bedroom • Houses 12 special needs tenants • Partnership with Comcare, Inc. • Construction began Feb/08; completed July/08
  11. 11. Property Management Currently own/manage 29 rental units:  5-unit apartment bldg in Johnson City  4-unit apartment bldg in Sullivan County  8-unit apartment bldg in Mountain City  4 special needs group rental homes in Greene County (12 tenants)  3 special needs group homes (6 tenants) scattered Johnson City sites  5 scattered site single-family homes Rental
  12. 12. Project-Based Section 8 Properties Bristol Caverns • 4 2-bedroom units Wayland Place • 8 2-bedroom units
  13. 13. Homebuyer Education
  14. 14. Homebuyer Education STATISTICS: • 26 homebuyer education classes held in region – Locations enlarged to include: • Johnson City • Kingsport • Bristol • Greeneville • Rogersville • Mountain City • Elizabethton • 254 households completed homebuyer education course
  15. 15. Housing Counseling Assistance • 11 homebuyer orientation sessions presented to special audiences • 42 households participated in housing counseling • Partnerships with Johnson City Housing Authority and Kingsport Housing & Redevelopment Authority
  16. 16. Foreclosure Prevention
  17. 17. Pilot Program: Foreclosure Prevention/Mitigation Services  THDA provided 80 hours of training and NeighborWorks Training Institute certification to counselors and participating non-profits  Partnership with THDA to provide foreclosure prevention counseling and mortgage mitigation activities to regional residents  Partnership with Federal Home Loan Bank of Cincinnati and member banks Bank of Tennessee and State of Franklin Savings Bank – $100,000 grant includes rescue funds available  20 homeowners assisted since May 2008
  18. 18. YouthBuild
  19. 19. PARTNERSHIP: Alliance of Business & Training Celebrating our THIRD program: • Elizabethton • Kingsport • Johnson City
  20. 20. Mountain Home Neighborhood Redevelopment
  21. 21. BEFORE AFTER
  22. 22. BEFORE
  23. 23. STATISTICS  FIVE (5) HOMES SOLD  AVERAGE SALES PRICE = $77,500  AVERAGE SUBSIDY LEFT WITH UNIT = $20,000  AVERAGE HOMBUYER INCOME = $12,500  AVERAGE PRINCIPAL BUYDOWN ASSISTANCE LEFT WITH HOMEBUYER = $8000
  24. 24. PHASE II  Eight (8) foreclosed properties purchased in the Mountain Home Neighborhood • Two (2) homes sold • One (1) home lease to purchase • Four (4) homes under construction
  25. 25. 502 Wilson Avenue Construction 50% Complete-Estimated Sale Price $90,000 PRE-CONSTRUCTION
  26. 26. Eastern Eight Helps Homeless Family Achieve the American Dream 408 Wilson Avenue Mt. Home Phase II Angela Thompson
  27. 27. Homeowners
  28. 28. Our Story
  29. 29. Homeowners in the news Our Story
  30. 30. I‟M HOME
  31. 31. Pilot Program: I‟M HOME Program  THDA provided 80 hours of training and NeighborWorks Training Institute certification to counselors and participating non-profits  Partnership with THDA to provide foreclosure prevention counseling and mortgage mitigation activities to regional residents  Partnership with Federal Home Loan Bank of Cincinnati and member banks Bank of Tennessee and State of Franklin Savings Bank – $100,000 grant includes rescue funds available  20 homeowners assisted since May 2008
  32. 32. Manufactured Housing “done right” I‟M HOME
  33. 33. Affordable Homeownership Opportunities  Qualifies for regular permanent mortgage financing through „New Start‟ and/or Rural Development loan programs  Quicker turn-around: 2 months  More square feet for same price (1,400 vs 1,100)  Interior upgrades are standard  “Energy Star” rated
  34. 34. • The goal of I'M HOME is to make sure that families who choose a manufactured home receive the same treatment and benefits as owners of any other type of home, by supporting and building the capacity of organizations that: – develop and provide access to fair and responsibly- priced mortgage financing – address the challenges facing residents in manufactured housing communities – advocate for public policies that help owners of manufactured homes
  35. 35. Cottage
  36. 36. Brookdale
  37. 37. Stacy II
  38. 38. Aspen
  39. 39. Key Selling Features Energy Star rated home Universal design standards 2x6 exterior wall studs R-40 roof, R22 floor, R-19 wall insulation Custom cabinetry (cherry/oak) Tile backsplash/edging on countertops Recessed lighting Crown molding Bathrooms upgrade
  40. 40. Interior finishing
  41. 41. Master Bath
  42. 42. Built-in drywall shelving
  43. 43. At end of day one……… At end of Day 1……
  44. 44. New Home Office
  45. 45. December 2008 – our new office!
  46. 46. New office: 221 E Unaka Ave
  47. 47. Green Design
  48. 48. Certified Green Builder  Eastern Eight received certified EarthCraft House builder status in May, 2008  Building an EarthCraft house is about constructing a healthy, more valuable home while minimizing environmental impacts  EarthCraft homes perform better, is more economical fort he homeowner, and cost little more to build  Received $35,000 grant from SeedCo Financial Services for program capacity building
  49. 49. Green Design 1st “Green” development!
  50. 50. The Future
  51. 51. New Foundations
  52. 52. Housing & Economic Recovery Act  Neigborhood Stabilization Program:  State of Tennessee receives $49 million FY 2009  E8CDC is regionally positioned to assist with acquisition and development of foreclosed properties  Additional foreclosure prevention counseling funds available
  53. 53. Neighborhood Redevelopment
  54. 54. New Funding Awards  2008 THDA HOME grant $273,585  CHDO funds  I‟M HOME: Hawkins County  Fannie Mae Foundation $25,000  Preservation Pointe  Citi Foundation $30,000  Post-purchase Education Program Development  Bank of America Foundation $5,000  Homebuyer Education  FHLB-Cin $100,000  Preserving the Dream Program  THDA BUILD program $300,000  Preservation Pointe financing FY2009 TOTAL TO DATE: $ 763,585
  55. 55. Preserving the American Dream Federal Home Loan Bank of Cincinnati $100,000 grant award
  56. 56. Preservation PointE
  57. 57. Extensive Website Development
  58. 58. New logo possibilities
  59. 59. Mountain Home Homebuyer Neighborhood New Construction New Education Redevelopment Home Office Acquisition & Foreclosure Homeowners Rehab of Green Prevention Existing Design Rental YouthBuild I‟M HOME The Future
  60. 60. New Organizational Chart
  61. 61. Eastern Eight Community Development Corporation Making a Difference …..one step at a time

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