2009 Annual Meeting E8

2008-2009 ACCOMPLISHMENTS Eastern Eight Community Development Corporation

Seedling becomes the Trunk Goals Seedling

2008-09 GOALS:
Build 40 new homes (prior year: 20)
Expand acquisition/rehab/resale of existing units
Expand rental housing development & management
Develop staff capacity/program/knowledge/experience
Strive for self-sufficiency
Develop marketing strategies
Develop 2 new programs/partnerships
Mortgage foreclosure prevention/counseling
Create a post-purchase education program

New Construction Summary
FY 2009 Goal : Build 40 homes
30 homes closed/sold
7 homes 100% complete, not closed
15 homes under construction (25-80% completed)
Total = 52 units
as of June 30, 2009

Acquisition & Rehabilitation of Existing Units
12 units completed/sold/leased
2 units completed/vacant
3 units acquired/under construction
Total for year: 17 units
New Construction

Homeownership Statistics
42 homes sold –
real estate added to area property tax base: $4,396,100
Average appraised value of home: $104,669
17 hope vi homes sold –
real estate added to area property tax base: $2,601,000
2009 TOTAL $6,997,1000

Homeownership Statistics
Total to date:
151 homes sold
Real estate added to regional property tax base: $11,982,626

Roots provide strength & nourishment Eastern Eight’s team of staff members

Roots provide strength & nourishment

Roots provide strength & nourishment Eastern Eight’s team of staff members

Branches Programs

Homeownership Assistance
During 2009, E8CDC assisted homebuyers
in accessing $757,570 in grants and other
assistance towards the purchase of their home:
11 homeowners utilized the $8,000 federal tax credit for 1 st time homebuyers
5 homeowners utilized SHOP sweat equity grants to lower the mortgage cost of their home an average of $12,000
3 homeowners utilized THDA ADDI grants ($5,000)to assist with closing costs
26 homeowners utilized TN/VA HOME Consortium homeownership assistance program ($5,000) to assist with closing costs
16 homeowners utilized E8CDC HOME program funds to assist with closing costs ($1,000-14,999)

Homebuyer Education Program
STATISTICS:
28 homebuyer education classes held in region
Locations enlarged to include:
Johnson City
Kingsport
Bristol
Greeneville
Rogersville
Mountain City
Elizabethton
226 households completed homebuyer education course

Housing Counseling Assistance
8 homebuyer orientation sessions presented to special audiences
61 households participated in housing counseling
Partnerships with Johnson City Housing Authority and Kingsport Housing & Redevelopment Authority

Revolving Mortgage Loan Fund
Established a Revolving Loan Fund to provide low-interest (0 – 4%) mortgages to homebuyers of redevelopment neighborhood properties
$500,000 funds available
6 Homebuyers assisted to date [$437,790]
Balance available: $62,210

Foreclosure Prevention Loss Mitigation Services
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 – $300,000 total grants awarded, includes rescue funds available
Partnership with Upper East Tennessee Human Development Agency for counseling/referral program for rescue funds available
110 homeowners assisted in FY 2009
60 homeowners assisted in past 2 months

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 for the homeowner, and cost little more to build
Received $35,000 grant from SeedCo Financial Services for program capacity building

14 homes completed First energy bills - $55 Te

Property Management
Currently own/manage subsidized low-income rental units:
5-unit apartment bldg in Johnson 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
8-unit apartment bldg in Mountain City
4-unit apartment bldg in Sullivan County
5 scattered-site single-family rental homes
Total 34 rental units
Willow Creek 4 3-bedroom units

Rental Properties 8 th Avenue Apts 5 2- and 3-bedroom units

Scattered site rental special needs group home

Project-Based Section 8 Rental Properties Wayland Place 8 2-bedroom units Bristol Caverns 4 2-br units

Rental Housing Development
Awarded 2009 THDA HOME $500,000 grant to develop Wayland Place II, Mountain City (8-unit apartment bldg) [construction to begin fall 2009]
Purchased 7-unit apartment bldg for transitional rental housing – 500 Lamont St, Johnson City [rehab to begin winter 2010]
Purchased 8-unit apartment bldg for transitional rental housing – 122 Wilson Ave, Johnson City [rehab to begin winter 2010]

Program Partnership with Alliance for Business & Training:
Celebrating our 4 th program award:
Elizabethton (2 homes)
Kingsport (4 homes)
Johnson City (1 home)
Kingsport II (4 homes)
Producing 11 new homes built

Manufactured Housing “done right”

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

Key Selling Features
Energy Star rated home
Universal design standards
Quicker turn-around: 2 months
More square feet for same price
(1,400 vs 1,100)
Qualifies for regular permanent mortgage financing
Standard interior upgrades:
Tile backsplash/edging on countertops
Recessed lighting
Crown molding
Bathrooms upgrade
Custom cabinetry (cherry/oak)

Families Assisted Foliage

“ To be able to move from an older mobile home in bad shape to a new home is wonderful!”

“ Houses of Hope” - Dawn of Hope Foundation

Show me the money!

FY09 Funding Sources
THDA – 2008 HOME $ 273,858
HAC – 2008 SHOP 75,000
SeedCo Financial 35,000
Citi Foundation 30,000
THDA – 2008 NFCLM 17,000
FHLB-Atlanta – AHP 120,000
FHLB-Cincinnati – AHP 160,000
FHLB-Cincinnati – PAD 100,000
FAHE grant 7,500
Fannie Mae Foundation 25,000
___________ Total grant awards FY $ 843,358

Mature Forest Future Growth

FY10 Funding to date
THDA – 2009 HOME $ 500,000
THDA – 2009 NSP 1,306,318
HAC – 2009 SHOP 75,000
THDA – 2009 NFCLM 17,000
FHLB-Cincinnati – PAD 200,000
___________
Total grant awards to date $ 2,098,318

How 2 Club
Post-purchase homeowner education program
$200 fee at closing; value refunded upon program completion
Monthly workshops on variety of topics
Community volunteer guest speakers

Gifts in Kind
Pallets of products!

Neighborhood Stabilization Program (NSP)
$187,000 grant - 2 units for resale in Johnson City
$176,000 grant – partnership with the City of Johnson City - 2 units for rental
$944,000 grant – 9 units for rental – regional – for Continuum of Care partners
18 month timeline
Total investment $1.3 million
New Construction Acquisition & Rehabilitation of Foreclosed, Abandoned, or Blighted Existing Units

Rental Acquisition & Rehabilitation
500 Lamont Street (7 efficiencies for transitional housing needs
122 Wilson Ave (8 1-BR apartments)
4 HUD 811 facilities in Greene County – conversion from 8-BR to 4-BR group homes for special needs housing
Total investment $1.5 million
New Construction Acquisition & Rehabilitation of Foreclosed, Abandoned, or Blighted Rental Units

Example: 122 Wilson Ave

The Village at Kingsprings
New subdivision development currently in concept phase
Partnership with the City of Johnson City – 10 acre site donated
Planned community of mixed housing

Marketing & Education Outreach
Production of “The Ridgeline” newsletter
Website redesign and enhancement; interactive

Thank you for your support! Tell our story to others!

Impacting our region, one ‘tree’ at a time

2009 Annual Meeting E8

by Eastern Eight on Mar 23, 2010

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2009 Annual Meeting E8 — Presentation Transcript