2. 2007-08 GOALS:
Build 20 new homes or acquisition/rehab of existing
Expand rental housing development & management
Develop 2 new program partnerships
Develop staff capacity/program/knowledge/experience
Develop marketing
Find a “home” for Eastern Eight CDC
3. Piecing the Puzzle Together
1. Puzzle Pieces/Partnerships are
all around us
2. Some Pieces/Partners are big and small
3. Pieces/Partners are multi-sided and
fit together in numerous directions
4. New
New
Construction
New Construction
Construction
Summary
• FY 2008 Goal: Build 20 homes
• 14 homes completed & closed/sold
• 4 homes 100% completed
• 8 homes under construction (25-80%
completed)
• Total = 26 units
as of June 30, 2008
5. Statistics New
Construction
• 22 homes sold – real estate
added to area property tax
base: $2,441,188
• Average FY08 homebuyer
income: $19,451
• Average FY08 appraised value
of home: $116,247
7. Acquisition & Rehabilitation
of Existing Units
• Mountain Home Neighborhood
Redevelopment, Johnson City
• 6 units completed
• 7 additional properties acquired May 2008
• Scattered Sites:
• Whirlaway Drive, Kingsport
• 1017 Sevier St, Kingsport
• Total to date:
• 21 Units acquired Acquisition &
• 14 Units completed/sold Rehab of
Existing
8. Pilot Program
E8 awarded $500,000 THDA
Housing Trust Fund grant
Established a Revolving Loan
Fund to provide low-interest
(0 – 4%) mortgages to
homebuyers of redevelopment
neighborhood properties
10. New Rental Housing Development
Willow Creek Residential Homes
• Development cost: $510,000
• 4 group homes, 3-bedroom
• Houses 12 special needs tenants
• Partnership with Comcare, Inc.
• Construction began Feb/08; completed July/08
11.
12. Property Management
Currently own/manage 29 rental units:
5-unit apartment bldg in Johnson City
4-unit apartment bldg in Sullivan County
8-unit apartment bldg in Mountain 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
Rental
13. Project-Based Section 8 Properties
Bristol Caverns
• 4 2-bedroom units
Wayland Place
• 8 2-bedroom units
15. Homebuyer Education
STATISTICS:
• 26 homebuyer education
classes held in region
– Locations enlarged to
include:
• Johnson City
• Kingsport
• Bristol
• Greeneville
• Rogersville
• Mountain City
• Elizabethton
• 254 households
completed homebuyer
education course
16. Housing Counseling
Assistance
• 11 homebuyer orientation
sessions presented to
special audiences
• 42 households
participated in housing
counseling
• Partnerships with
Johnson City Housing
Authority and Kingsport
Housing &
Redevelopment Authority
18. Pilot Program:
Foreclosure Prevention/Mitigation Services
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
27. STATISTICS
FIVE (5) HOMES SOLD
AVERAGE SALES PRICE = $77,500
AVERAGE SUBSIDY LEFT WITH UNIT
= $20,000
AVERAGE HOMBUYER INCOME =
$12,500
AVERAGE PRINCIPAL BUYDOWN
ASSISTANCE LEFT WITH
HOMEBUYER = $8000
28. PHASE II
Eight (8) foreclosed properties
purchased in the Mountain
Home Neighborhood
• Two (2) homes sold
• One (1) home lease to purchase
• Four (4) homes under
construction
29. 502 Wilson Avenue
Construction 50% Complete-Estimated Sale Price $90,000
PRE-CONSTRUCTION
30. Eastern Eight Helps Homeless Family
Achieve the American Dream
408 Wilson Avenue
Mt. Home Phase II
Angela
Thompson
35. 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
38. Affordable Homeownership Opportunities
Qualifies for regular permanent
mortgage financing through
„New Start‟ and/or Rural
Development loan programs
Quicker turn-around: 2 months
More square feet for same price
(1,400 vs 1,100)
Interior upgrades are standard
“Energy Star” rated
39. • The goal of I'M HOME is to make sure that
families who choose a manufactured home
receive the same treatment and benefits as
owners of any other type of home, by
supporting and building the capacity of
organizations that:
– develop and provide access to fair and
responsibly- priced mortgage financing
– address the challenges facing residents
in manufactured housing communities
– advocate for public policies that help
owners of manufactured homes
55. 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 fort he homeowner, and cost little
more to build
Received $35,000 grant
from SeedCo Financial
Services for program
capacity building
59. Housing & Economic Recovery Act
Neigborhood Stabilization Program:
State of Tennessee receives $49 million
FY 2009
E8CDC is regionally positioned to assist
with acquisition and development of
foreclosed properties
Additional foreclosure prevention
counseling funds available
61. New Funding Awards
2008 THDA HOME grant $273,585
CHDO funds
I‟M HOME: Hawkins County
Fannie Mae Foundation $25,000
Preservation Pointe
Citi Foundation $30,000
Post-purchase Education
Program Development
Bank of America Foundation $5,000
Homebuyer Education
FHLB-Cin $100,000
Preserving the Dream Program
THDA BUILD program $300,000
Preservation Pointe financing
FY2009 TOTAL TO DATE: $ 763,585
67. Mountain Home
Homebuyer Neighborhood
New Construction New
Education Redevelopment
Home
Office
Acquisition &
Foreclosure Homeowners
Rehab of Green
Prevention
Existing Design
Rental YouthBuild I‟M HOME The Future