2007 Annual Meeting E8

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2007 Annual Meeting E8

  1. 1. 2006-07 ACCOMPLISHMENTS Designed for Success
  2. 2. <ul><li>2006-07 GOALS: </li></ul><ul><li>Strengthen and expand region-wide homebuyer education program </li></ul><ul><li>Partnerships and Leadership (Executive Director) in place </li></ul><ul><li>Build 15 new homes or acquisition/rehab of existing </li></ul><ul><li>Expand rental housing development & management </li></ul>
  3. 3. what we have Accomplished Housing Development
  4. 4. Summary <ul><li>Goal: Build/rehab 15 homes </li></ul><ul><ul><li>During the 2006-2007 fiscal year, we constructed 15 new homes and acquired/rehabilitated 5 homes ( total = 20 units ) </li></ul></ul><ul><li>Assisted 19 individuals/families in purchasing $1,965,000 in owner-occupied real estate </li></ul><ul><li>Average homebuyer income: $17,971 </li></ul>
  5. 5. Statistics <ul><li>Average price of home: $103,420 </li></ul><ul><li>Average home sq. ft: 1,132 </li></ul><ul><li>Average price per sq. ft: $91 </li></ul><ul><li>Average construction cost </li></ul><ul><li>per sq. ft: $78 </li></ul>
  6. 6. New Home Construction SHOP, THDA HOME $19,000 RD THDA New Start- 0% $114,000 Johnson 12 THDA HOME $6,000 RD THDA New Start- 0% $111,900 Carter 14 SHOP, THDA HOME $18,000 RD THDA New Start- 0% $112,000 Johnson 11 HOME Consortium $5,000 RD THDA New Start- 0% $114,000 Washington 13 TOTAL Washington Johnson Johnson Johnson Johnson Washington Washington Washington Greene Carter Greene County $215,000 $15,000 $17,000 $17,000 $18,000 $5,000 $15,000 $15,000 $15,000 $30,000 $15,000 $5,000 Grant Assistance SHOP, THDA HOME RD THDA New Start- 0% $110,000 9 SHOP, HOME Consort. RD THDA New Start- 0% $118,000 4 SHOP, HOME Consort. RD THDA New Start- 0% $114,000 15 SHOP, HOME Consort. RD THDA New Start- 0% $119,500 5 SHOP, HOME Consort. RD THDA New Start- 0% $131,750 6 THDA HOME RD THDA New Start- 0% $96,000 7 SHOP, THDA HOME RD THDA New Start- 0% $110,000 8 SHOP, THDA HOME RD THDA New Start- 0% $110,000 10 $1,638,000 HOME, FHLB-Cin Heritage Bank – 6% $67,000 3 HOME, SHOP RD THDA New Start- 0% $115,000 2 THDA ADDI RD THDA New Start- 0% $95,000 1 Programs 2 nd Mortgage 1 st Mortgage Sale price
  7. 7. Acquisition/Rehab TOTAL Sullivan Washington Carter Sullivan Johnson County $32,500 $17,500 $5,000 $5,000 $5,000 Grant Assistance HOME, FHLB-Cin, State of Franklin Bank State of Franklin Bank $84,500 4 (not closed) $82,000 5 $408,500 THDA ADDI Rural Development $80,000 3 HOME Consortium Rural Development $85,000 2 THDA ADDI Rural Development $77,000 1 Programs 2 nd Mortgage 1 st Mortgage Sale price
  8. 8. Homeownership Assistance <ul><li>9 homeowners utilized SHOP sweat equity grants to lower the mortgage cost of their home an average of $12,000 </li></ul><ul><li>3 homeowners utilized THDA ADDI grants ($5,000)to assist with closing costs </li></ul><ul><li>6 homeowners utilized TN/VA HOME Consortium homeownership assistance program ($5,000) to assist with closing costs </li></ul><ul><li>10 homeowners utilized E8CDC HOME program funds to assist with closing costs ($1,000-$14,999) </li></ul>
  9. 9. Rental Housing Development <ul><li>Development cost: $744,000 </li></ul><ul><li>8-unit, 2-bedroom </li></ul><ul><li>Partnership with the Town of Mountain City </li></ul><ul><li>Serving special needs tenants </li></ul><ul><li>Section 8 housing vouchers </li></ul>New Project: Wayland Place
  10. 10. Meet the Tenants
  11. 11. Inside views
  12. 12. Rental Property Management <ul><li>Currently own/manage 20 rental units: </li></ul><ul><ul><li>3 special needs group rental homes (6 tenants) scattered Johnson City sites </li></ul></ul><ul><ul><li>5-unit apartment bldg in Johnson City </li></ul></ul><ul><ul><li>4-unit apartment bldg in Sullivan County </li></ul></ul><ul><ul><li>8-unit apartment bldg in Mountain City </li></ul></ul><ul><ul><li>FY07 increase of 8 units </li></ul></ul>
  13. 13. Homebuyer Education <ul><li>26 homebuyer education classes held in region </li></ul><ul><li>151 households completed homebuyer education course </li></ul><ul><li>5 homebuyer education presentations for 132 various conference attendees </li></ul>
  14. 14. Housing Counseling Assistance <ul><li>11 homebuyer orientation sessions presented to special audiences </li></ul><ul><li>42 households participated in housing counseling </li></ul>
  15. 15. Successful Partnerships
  16. 16. Securing Partnerships - Puzzle Pieces Attached Together <ul><li>1. Puzzle Pieces/Partnerships </li></ul><ul><li>surround us everywhere </li></ul><ul><li>2. Some Pieces/Partners are big and small </li></ul><ul><li>3. Pieces/Partners are </li></ul><ul><li>multi-sided and </li></ul><ul><li>fit together in </li></ul><ul><li>numerous directions </li></ul>
  17. 17. Carter County
  18. 18. $1 HUD House <ul><li>Puzzle Pieces: </li></ul><ul><li>Buyer? Carter County </li></ul><ul><li>Funds? $1 to purchase property </li></ul><ul><li>Who rehabs? Prisoner labor </li></ul><ul><li>Who markets, sells? CHDO (Eastern Eight) </li></ul><ul><li>Home sold for? $80,000 </li></ul><ul><li>Net profit? $55,000 </li></ul><ul><li>Profit utilized for next CHDO project in Carter County </li></ul>
  19. 19. State of Franklin Savings Bank
  20. 20. Mountain Home Neighborhood Redevelopment <ul><li>Puzzle Box: </li></ul><ul><li>Neighborhood transitioned from homeowner-occupied to rental properties </li></ul><ul><li>Declining property values, dilapidated structures </li></ul><ul><li>Area of drug and prostitution activity </li></ul><ul><li>Properties in bank foreclosure </li></ul><ul><li>Neighborhood association organized and actively involved in crime watch, city assistance </li></ul>
  21. 21. Mountain Home Neighborhood Redevelopment <ul><li>Puzzle Pieces (7 Partners): </li></ul><ul><li>State of Franklin Savings Bank, holding foreclosure properties </li></ul><ul><li>City of Johnson City </li></ul><ul><li>Northeast Tennessee/Virginia HOME Consortium </li></ul><ul><li>Eastern Eight Community Development Corporation </li></ul><ul><li>Appalachian Service Project </li></ul><ul><li>Federal Home Loan Bank of Cincinnati </li></ul><ul><li>Tennessee Housing Trust Fund </li></ul>
  22. 22. Mountain Home Neighborhood Redevelopment <ul><li>Puzzle Pieces: </li></ul><ul><li>Project financed? 0% loan for purchase for 12 months </li></ul><ul><li>Rehab funds? $288,843 HOME grant </li></ul><ul><li>Labor? Mix of volunteers and subcontractors </li></ul><ul><li>Down payment/closing costs assistance </li></ul><ul><li>Permanent financing? 4% 30-yr mortgage funds (FHLB) and 2% 30-yr mortgage funds (Housing Trust Fund pilot program) </li></ul>
  23. 23. Urban Rehabilitation
  24. 24. YouthBuild Program <ul><li>Puzzle Pieces: </li></ul><ul><li>Program Administrator? AB&T </li></ul><ul><li>Trainers/classroom instruction? AB&T </li></ul><ul><li>Construction sites? E8CDC </li></ul><ul><li>Labor? YouthBuild participants, subcontractors </li></ul><ul><li>Building materials, construction financing? E8CDC </li></ul><ul><li>Marketing/sale of home? E8CDC </li></ul>
  25. 25. <ul><li>Unique program will partner a GED education program for 40 regional young adults (16-24) with hands-on construction training </li></ul><ul><li>Participants build homes in region to provide affordable housing units for low and very-low families </li></ul>PARTNERSHIP: Alliance of Business & Training $400,000 grant $700,000 grant
  26. 26. Town of Mountain City Before After
  27. 27. Wayland Place <ul><li>Puzzle Pieces: </li></ul><ul><li>Area targeted by Town as blighted </li></ul><ul><li>Need for special needs rental units </li></ul><ul><li>Construction funding? $500,000 THDA HOME </li></ul><ul><li>Gap funding? $244,000 FHLB-Cincinnati AHP </li></ul><ul><li>Grant sub-recipient – owner/developer </li></ul>
  28. 28. Wayland Place <ul><li>Partnerships (9): </li></ul><ul><li>Town of Mountain City </li></ul><ul><li>Tennessee Housing Development Agency </li></ul><ul><li>Eastern Eight CDC </li></ul><ul><li>Federal Home Loan Bank of Cincinnati </li></ul><ul><li>Bank of Tennessee </li></ul><ul><li>Kingsport Housing & Redevelopment Authority </li></ul><ul><li>Frontier Health </li></ul><ul><li>NE TN Career Center </li></ul><ul><li>ARCH </li></ul>
  29. 29. Wayland Place Partners
  30. 30. Dawn of Hope Foundation
  31. 31. Houses of Hope
  32. 33. <ul><li>3-Bedroom group homes - 3 residents </li></ul><ul><li>Provides quality, well-maintained affordable handicap-accessible rental housing options </li></ul><ul><li>$500,000 THDA HOME grant - special needs matrix </li></ul><ul><li>E8CDC serves as HOME grant administrator </li></ul><ul><li>Dawn of Hope Foundation - owner/developer </li></ul><ul><li>Johnson City Area Homebuilders Association partnered to complete one home </li></ul>
  33. 34. Johnson County <ul><li>Puzzle Pieces: </li></ul><ul><li>Need for affordable new single-family homes for low-moderate income families </li></ul><ul><li>Need for affordable building lots </li></ul><ul><li>Thirty-three (33) households expressed interest in affordable homeownership </li></ul>
  34. 36. Project Design <ul><li>Property Acquisition </li></ul><ul><li>THDA – BUILD program loan </li></ul><ul><li>Site Pre-development Costs </li></ul><ul><li>THDA – BUILD program loan </li></ul><ul><li>Construction Financing for home units </li></ul><ul><li>THDA – HOME grant (CHDO) </li></ul><ul><li>Mortgage Financing to Homebuyers </li></ul><ul><li>THDA – “New Start” program – 1 st </li></ul><ul><li>RD – 502 loan – 2 nd </li></ul><ul><li>Homebuyer Assistance Resources Provided </li></ul><ul><li>HAC – SHOP grants </li></ul><ul><li>HOME program $$ assistance </li></ul>
  35. 37. The Property
  36. 38. Shady Meadows
  37. 41. Where Do We Go From Here?
  38. 42. New Funding Awards <ul><li>THDA – 2007 HOME </li></ul><ul><li>w/ComCare (Greeneville) $ 369,000 </li></ul><ul><li>THDA – 2007 HOME CHDO </li></ul><ul><li> (Carter County) 500,000 </li></ul><ul><li> ___________ </li></ul><ul><li>Total grant awards to date $ 869,000 </li></ul>
  39. 43. Dawn of Hope Foundation
  40. 50. Preservation PointE
  41. 52. Celebrate The Keys to Dreams
  42. 53. Tour of Homes construction in Greene County
  43. 54. Eastern Eight Home construction in Johnson City Roan Mountain (Carter County)
  44. 55. construction in Carter County
  45. 56. Roan Mountain (Carter County)
  46. 57. construction in Greene County
  47. 58. construction in Greene County
  48. 59. Johnson County
  49. 60. Johnson County
  50. 61. Johnson County
  51. 62. Johnson County
  52. 63. Elizabethton
  53. 64. Elizabethton
  54. 65. Elizabethton
  55. 67. Jonesborough Duplex <ul><li>Front view </li></ul>Washington County
  56. 68. Johnson County
  57. 69. Kingsport
  58. 71. Washington County
  59. 72. Johnson County
  60. 73. Johnson County
  61. 75. Johnson County
  62. 76. Johnson County
  63. 77. Washington County
  64. 84. <ul><li>Bluff City - Acquisition/Rehab </li></ul>
  65. 85. Carter County Acquisition/Rehab
  66. 86. E8 style! BEFORE AFTER
  67. 87. Kingsport Acquisition/Rehab
  68. 88. Johnson City Acquisition/Rehab – BEFORE
  69. 89. Johnson City Acquisition/Rehab – AFTER
  70. 90. Johnson City Acquisition/Rehab – BEFORE
  71. 91. Johnson City Acquisition/Rehab – AFTER
  72. 92. Making a difference, one key at a time

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