2009 Annual Meeting E8

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  • 2009 Annual Meeting E8

    1. 1. 2008-2009 ACCOMPLISHMENTS Eastern Eight Community Development Corporation
    2. 2. Seedling becomes the Trunk Goals Seedling
    3. 3. <ul><li>2008-09 GOALS: </li></ul><ul><li>Build 40 new homes (prior year: 20) </li></ul><ul><li>Expand acquisition/rehab/resale of existing units </li></ul><ul><li>Expand rental housing development & management </li></ul><ul><li>Develop staff capacity/program/knowledge/experience </li></ul><ul><li>Strive for self-sufficiency </li></ul><ul><li>Develop marketing strategies </li></ul><ul><li>Develop 2 new programs/partnerships </li></ul><ul><ul><li>Mortgage foreclosure prevention/counseling </li></ul></ul><ul><ul><li>Create a post-purchase education program </li></ul></ul>
    4. 4. New Construction Summary <ul><li>FY 2009 Goal : Build 40 homes </li></ul><ul><li>30 homes closed/sold </li></ul><ul><li>7 homes 100% complete, not closed </li></ul><ul><li>15 homes under construction (25-80% completed) </li></ul><ul><li>Total = 52 units </li></ul><ul><li>as of June 30, 2009 </li></ul>
    5. 5. Acquisition & Rehabilitation of Existing Units <ul><li>12 units completed/sold/leased </li></ul><ul><li>2 units completed/vacant </li></ul><ul><li>3 units acquired/under construction </li></ul><ul><li>Total for year: 17 units </li></ul>New Construction
    6. 6. Homeownership Statistics <ul><li>42 homes sold – </li></ul><ul><li>real estate added to area property tax base: $4,396,100 </li></ul><ul><ul><li>Average appraised value of home: $104,669 </li></ul></ul><ul><li>17 hope vi homes sold – </li></ul><ul><li>real estate added to area property tax base: $2,601,000 </li></ul>2009 TOTAL $6,997,1000
    7. 7. Homeownership Statistics <ul><li>Total to date: </li></ul><ul><li>151 homes sold </li></ul><ul><li>Real estate added to regional property tax base: $11,982,626 </li></ul>
    8. 9. Roots provide strength & nourishment Eastern Eight’s team of staff members
    9. 10. Roots provide strength & nourishment Eastern Eight’s team of staff members
    10. 11. Roots provide strength & nourishment
    11. 12. Roots provide strength & nourishment Eastern Eight’s team of staff members
    12. 13. Branches Programs
    13. 14. Homeownership Assistance <ul><li>During 2009, E8CDC assisted homebuyers </li></ul><ul><li>in accessing $757,570 in grants and other </li></ul><ul><li>assistance towards the purchase of their home: </li></ul><ul><li>11 homeowners utilized the $8,000 federal tax credit for 1 st time homebuyers </li></ul><ul><li>5 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>26 homeowners utilized TN/VA HOME Consortium homeownership assistance program ($5,000) to assist with closing costs </li></ul><ul><li>16 homeowners utilized E8CDC HOME program funds to assist with closing costs ($1,000-14,999) </li></ul>
    14. 15. Homebuyer Education Program <ul><li>STATISTICS: </li></ul><ul><li>28 homebuyer education classes held in region </li></ul><ul><ul><li>Locations enlarged to include: </li></ul></ul><ul><ul><ul><li>Johnson City </li></ul></ul></ul><ul><ul><ul><li>Kingsport </li></ul></ul></ul><ul><ul><ul><li>Bristol </li></ul></ul></ul><ul><ul><ul><li>Greeneville </li></ul></ul></ul><ul><ul><ul><li>Rogersville </li></ul></ul></ul><ul><ul><ul><li>Mountain City </li></ul></ul></ul><ul><ul><ul><li>Elizabethton </li></ul></ul></ul><ul><li>226 households completed homebuyer education course </li></ul>
    15. 16. Housing Counseling Assistance <ul><li>8 homebuyer orientation sessions presented to special audiences </li></ul><ul><li>61 households participated in housing counseling </li></ul><ul><li>Partnerships with Johnson City Housing Authority and Kingsport Housing & Redevelopment Authority </li></ul>
    16. 17. Revolving Mortgage Loan Fund <ul><li>Established a Revolving Loan Fund to provide low-interest (0 – 4%) mortgages to homebuyers of redevelopment neighborhood properties </li></ul><ul><li>$500,000 funds available </li></ul><ul><li>6 Homebuyers assisted to date [$437,790] </li></ul><ul><li>Balance available: $62,210 </li></ul>
    17. 18. Foreclosure Prevention Loss Mitigation Services <ul><li>Partnership with THDA to provide foreclosure prevention counseling and mortgage mitigation activities to regional residents </li></ul><ul><li>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 </li></ul><ul><li>Partnership with Upper East Tennessee Human Development Agency for counseling/referral program for rescue funds available </li></ul><ul><li>110 homeowners assisted in FY 2009 </li></ul><ul><li>60 homeowners assisted in past 2 months </li></ul>
    18. 20. Certified Green Builder <ul><li>Eastern Eight received certified EarthCraft House builder status in May, 2008 </li></ul><ul><li>Building an EarthCraft house is about constructing a healthy, more valuable home while minimizing environmental impacts </li></ul><ul><li>EarthCraft homes perform better, is more economical for the homeowner, and cost little more to build </li></ul><ul><li>Received $35,000 grant from SeedCo Financial Services for program capacity building </li></ul>
    19. 22. 14 homes completed First energy bills - $55 Te
    20. 24. Property Management <ul><li>Currently own/manage subsidized low-income rental units: </li></ul><ul><li>5-unit apartment bldg in Johnson City </li></ul><ul><li>4 special needs group rental homes in Greene County (12 tenants) </li></ul><ul><li>3 special needs group homes (6 tenants) scattered Johnson City sites </li></ul><ul><li>5 scattered site single-family homes </li></ul><ul><li>8-unit apartment bldg in Mountain City </li></ul><ul><li>4-unit apartment bldg in Sullivan County </li></ul><ul><li>5 scattered-site single-family rental homes </li></ul><ul><li>Total 34 rental units </li></ul>Willow Creek 4 3-bedroom units
    21. 25. Rental Properties 8 th Avenue Apts 5 2- and 3-bedroom units
    22. 26. Scattered site rental special needs group home
    23. 27. Project-Based Section 8 Rental Properties Wayland Place 8 2-bedroom units Bristol Caverns 4 2-br units
    24. 28. Rental Housing Development <ul><li>Awarded 2009 THDA HOME $500,000 grant to develop Wayland Place II, Mountain City (8-unit apartment bldg) [construction to begin fall 2009] </li></ul><ul><li>Purchased 7-unit apartment bldg for transitional rental housing – 500 Lamont St, Johnson City [rehab to begin winter 2010] </li></ul><ul><li>Purchased 8-unit apartment bldg for transitional rental housing – 122 Wilson Ave, Johnson City [rehab to begin winter 2010] </li></ul>
    25. 29. <ul><li>Program Partnership with Alliance for Business & Training: </li></ul><ul><li>Celebrating our 4 th program award: </li></ul><ul><li>Elizabethton (2 homes) </li></ul><ul><li>Kingsport (4 homes) </li></ul><ul><li>Johnson City (1 home) </li></ul><ul><li>Kingsport II (4 homes) </li></ul><ul><li>Producing 11 new homes built </li></ul>
    26. 30. Manufactured Housing “done right”
    27. 31. Pilot Program: I’M HOME Program <ul><li>THDA provided 80 hours of training and NeighborWorks Training Institute certification to counselors and participating non-profits </li></ul><ul><li>Partnership with THDA to provide foreclosure prevention counseling and mortgage mitigation activities to regional residents </li></ul><ul><li>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 </li></ul><ul><li>20 homeowners assisted since May 2008 </li></ul>
    28. 32. <ul><li>Key Selling Features </li></ul><ul><li>Energy Star rated home </li></ul><ul><li>Universal design standards </li></ul><ul><li>Quicker turn-around: 2 months </li></ul><ul><li>More square feet for same price </li></ul><ul><ul><ul><li>(1,400 vs 1,100) </li></ul></ul></ul><ul><li>Qualifies for regular permanent mortgage financing </li></ul><ul><li>Standard interior upgrades: </li></ul><ul><ul><ul><li>Tile backsplash/edging on countertops </li></ul></ul></ul><ul><ul><ul><li>Recessed lighting </li></ul></ul></ul><ul><ul><ul><li>Crown molding </li></ul></ul></ul><ul><ul><ul><li>Bathrooms upgrade </li></ul></ul></ul><ul><ul><ul><li>Custom cabinetry (cherry/oak) </li></ul></ul></ul>
    29. 33. Families Assisted Foliage
    30. 34. “ To be able to move from an older mobile home in bad shape to a new home is wonderful!”
    31. 42. “ Houses of Hope” - Dawn of Hope Foundation
    32. 43. Show me the money!
    33. 44. FY09 Funding Sources <ul><li>THDA – 2008 HOME $ 273,858 </li></ul><ul><li>HAC – 2008 SHOP 75,000 </li></ul><ul><li>SeedCo Financial 35,000 </li></ul><ul><li>Citi Foundation 30,000 </li></ul><ul><li>THDA – 2008 NFCLM 17,000 </li></ul><ul><li>FHLB-Atlanta – AHP 120,000 </li></ul><ul><li>FHLB-Cincinnati – AHP 160,000 </li></ul><ul><li>FHLB-Cincinnati – PAD 100,000 </li></ul><ul><li>FAHE grant 7,500 </li></ul><ul><li>Fannie Mae Foundation 25,000 </li></ul><ul><li>___________ Total grant awards FY $ 843,358 </li></ul>
    34. 45. Mature Forest Future Growth
    35. 46. FY10 Funding to date <ul><li>THDA – 2009 HOME $ 500,000 </li></ul><ul><li>THDA – 2009 NSP 1,306,318 </li></ul><ul><li>HAC – 2009 SHOP 75,000 </li></ul><ul><li>THDA – 2009 NFCLM 17,000 </li></ul><ul><li>FHLB-Cincinnati – PAD 200,000 </li></ul><ul><li> ___________ </li></ul><ul><li>Total grant awards to date $ 2,098,318 </li></ul>
    36. 47. How 2 Club <ul><li>Post-purchase homeowner education program </li></ul><ul><li>$200 fee at closing; value refunded upon program completion </li></ul><ul><li>Monthly workshops on variety of topics </li></ul><ul><li>Community volunteer guest speakers </li></ul>
    37. 48. Gifts in Kind <ul><li>Pallets of products! </li></ul>
    38. 49. Neighborhood Stabilization Program (NSP) <ul><li>$187,000 grant - 2 units for resale in Johnson City </li></ul><ul><li>$176,000 grant – partnership with the City of Johnson City - 2 units for rental </li></ul><ul><li>$944,000 grant – 9 units for rental – regional – for Continuum of Care partners </li></ul><ul><li>18 month timeline </li></ul><ul><li>Total investment $1.3 million </li></ul>New Construction Acquisition & Rehabilitation of Foreclosed, Abandoned, or Blighted Existing Units
    39. 50. Rental Acquisition & Rehabilitation <ul><li>500 Lamont Street (7 efficiencies for transitional housing needs </li></ul><ul><li>122 Wilson Ave (8 1-BR apartments) </li></ul><ul><li>4 HUD 811 facilities in Greene County – conversion from 8-BR to 4-BR group homes for special needs housing </li></ul><ul><li>Total investment $1.5 million </li></ul>New Construction Acquisition & Rehabilitation of Foreclosed, Abandoned, or Blighted Rental Units
    40. 51. Example: 122 Wilson Ave
    41. 52. The Village at Kingsprings <ul><li>New subdivision development currently in concept phase </li></ul><ul><li>Partnership with the City of Johnson City – 10 acre site donated </li></ul><ul><li>Planned community of mixed housing </li></ul>
    42. 54. Marketing & Education Outreach <ul><li>Production of “The Ridgeline” newsletter </li></ul><ul><li>Website redesign and enhancement; interactive </li></ul>
    43. 56. Thank you for your support! Tell our story to others!
    44. 57. Impacting our region, one ‘tree’ at a time

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