2006 Annual Meeting E8

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


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


Bk of TN 7,500 HOME Consortium

3 Greene $ 95,000 THDA New Start- 0%

Bk of TN

4 Washington


RD 4,860 HOME Consortium

5 Washington


Bk of TN $7,5008,000

HOME ConsortiumSHOP loan

TOTAL $528,400 $27,860


construction in Washington County


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


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


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)


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)


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




7 Hawkins 105,000 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




14 Johnson 48,000 Rural Development 5,000 THDA ADDI


16 Johnson 81,000 Rural Development 5,000 THDA ADDI


TOTAL 1,365,200 90,000


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


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:


Rental Housing Development

• 8-unit, 2-bedroom• Partnership with the Town of Mountain City• Serving special needs tenants• Section 8 housing vouchers

New Project:


Housing Counseling Assistance

• 121 households completed homebuyer education course

• 80 households participated in housing counseling


Housing Counseling Assistance

• 27 homebuyer education classes held in region

• 17 homebuyer orientation sessions presented to special audiences


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


• 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


Carter County $1 HUD Home


Keys to the Future


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


The Property


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


Ground breaking ceremonyJune 8, 2006

County Mayor, Dick Grayson

Total attendance: 60+


Dreams under construction…..


Preservation Point


E8 style!

BEFORE

AFTER

Making a difference,

one key at a time

2006 Annual Meeting E8

Documents

Transcript of 2006 Annual Meeting E8