2006 annual meeting e8
DESCRIPTION
TRANSCRIPT
Keys To
Dreams
2005 – 2006 Accomplishments
Eastern Eight Community Development Corporation
2006Keys to DreamsE8CDC
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
2006Keys to DreamsE8CDC
2005-06 accomplishments:
New Home Construction
County Sale price 1st Mortgage
2nd Mortgage
Grant Assistanc
e
Programs
1 Washington
$112,900 THDA New Start- 0%
Bk of TN 0
2 Washington
$107,000 THDA New Start- 0%
Bk of TN 7,500 HOME Consortium
3 Greene $ 95,000 THDA New Start- 0%
Bk of TN
4 Washington
$123,500 THDA New Start- 0%
RD 4,860 HOME Consortium
5 Washington
$90,000 THDA New Start- 0%
Bk of TN $7,5008,000
HOME ConsortiumSHOP loan
TOTAL $528,400 $27,860
2006Keys to DreamsE8CDC
construction in Washington County
2006Keys to DreamsE8CDC
2006Keys to DreamsE8CDC
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
2006Keys to DreamsE8CDC
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
2006Keys to DreamsE8CDC
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)
2006Keys to DreamsE8CDC
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)
2006Keys to DreamsE8CDC
2005-06 accomplishments:
Homeownership AssistanceCounty Sale price 1st Mortgage 2nd
MortgageGrant
AssistancePrograms
1 Sullivan 89,600 Rural Development 7,500 Home Consortium
2 Greene 120,000 Rural Development 5,000 THDA ADDI
3 Washington 107,000 THDA Bk of TN 7,500 Home Consortium
4 Greene 87,000 Rural Development 5,000 THDA ADDI
5 Greene 63,300 Rural Development 5,000 THDA ADDI
6 Greene 87,100 Rural Development 5,000 THDA ADDI
7 Hawkins 105,000 Rural Development 5,000 THDA ADDI
8 Hawkins 48,000 Rural Development 5,000 THDA ADDI
9 Carter 92,500 Rural Development 5,000 THDA ADDI
10 Sullivan 79,000 AmSouth Bank 5,000 Home Consortium
11 Greene 64,900 Rural Development 5,000 THDA ADDI
12 Greene 64,900 Rural Development 5,000 THDA ADDI
13 Greene 80,000 Rural Development 5,000 THDA ADDI
14 Johnson 48,000 Rural Development 5,000 THDA ADDI
15 Greene 82,000 Rural Development 5,000 THDA ADDI
16 Johnson 81,000 Rural Development 5,000 THDA ADDI
17 Hawkins 65,900 Rural Development 5,000 THDA ADDI
TOTAL 1,365,200 90,000
2006Keys to DreamsE8CDC
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
2006Keys to DreamsE8CDC
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:
2006Keys to DreamsE8CDC
Rental Housing Development
• 8-unit, 2-bedroom• Partnership with the Town of Mountain City• Serving special needs tenants• Section 8 housing vouchers
New Project:
2006Keys to DreamsE8CDC
Housing Counseling Assistance
• 121 households completed homebuyer education course
• 80 households participated in housing counseling
2006Keys to DreamsE8CDC
Housing Counseling Assistance
• 27 homebuyer education classes held in region
• 17 homebuyer orientation sessions presented to special audiences
2006Keys to DreamsE8CDC
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
2006Keys to DreamsE8CDC
• 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
2006Keys to DreamsE8CDC
Carter County $1 HUD Home
2006Keys to DreamsE8CDC
Keys to the Future
2006Keys to DreamsE8CDC
New Funding Awards
AHP – 2006 Fed. Home Loan Bank-Cincinnati $ 244,000
HAC SHOP award 90,000HOME Consortium – CHDO 288,843 ___________Total 05-06 grant awards $ 622,843
Current prior awards $ 1,754,000 _____________
Total awards available $ 2,376,843
2006Keys to DreamsE8CDC
2006Keys to DreamsE8CDC
The Property
2006Keys to DreamsE8CDC
2006Keys to DreamsE8CDC
Project DesignProperty Acquisition
THDA – BUILD program loan
Site Pre-development CostsTHDA – BUILD program loan
Construction Financing for home unitsTHDA – HOME grant (CHDO)
Mortgage Financing to Homebuyers THDA – “New Start” program – 1st
RD – 502 loan – 2nd
Homebuyer Assistance Resources Provided
HAC – SHOP grants HOME program $$ assistance
2006Keys to DreamsE8CDC
Ground breaking ceremonyJune 8, 2006
County Mayor, Dick Grayson
Total attendance: 60+
2006Keys to DreamsE8CDC
2006Keys to DreamsE8CDC
Dreams under construction…..
2006Keys to DreamsE8CDC
Preservation Point
2006Keys to DreamsE8CDC
2006Keys to DreamsE8CDC
E8 style!
BEFORE
AFTER
2006Keys to DreamsE8CDC
E8 style!
BEFORE
AFTER
Making a difference,
one key at a time