2008-20092008-2009ACCOMPLISHMENTSACCOMPLISHMENTS

Eastern Eight Community

Development Corporation

GoalsSeedling

2008-09 GOALS:

Build 40 new homes (prior year: 20) Expand acquisition/rehab/resale of existing units Expand rental housing development & management Develop staff capacity/program/knowledge/experience Strive for self-sufficiency Develop marketing strategies Develop 2 new programs/partnerships

Mortgage foreclosure prevention/counseling Create a post-purchase education program

New Construction Summary

FY 2009 Goal: Build 40 homes

30 homes closed/sold 7 homes 100% complete, not

closed 15 homes under construction (25-

80% completed) Total = 52 units as of June 30, 2009

Acquisition & Rehabilitation of Existing Units

12 units completed/sold/leased

2 units completed/vacant

3 units acquired/under construction

Total for year: 17 units

New Construction

Homeownership Statistics

42 homes sold – real estate added to

area property tax base: $4,396,100– Average appraised

value of home: $104,669

17 hope vi homes sold –

real estate added to area property tax base: $2,601,000

2009 TOTAL $6,997,1000

Homeownership Statistics

Total to date:151 homes sold

Real estate added to regional property tax base: $11,982,626

Roots provide strength & nourishment Eastern Eight’s team of staff members

Roots provide strength & nourishment Eastern Eight’s team of staff members

Roots provide strength & nourishment

Roots provide strength & nourishment Eastern Eight’s team of staff members

BranchesPrograms

Homeownership Assistance

During 2009, E8CDC assisted homebuyersin accessing $757,570 in grants and other assistance towards the purchase of their home:

11 homeowners utilized the $8,000 federal tax credit for 1st time homebuyers

5 homeowners utilized SHOP sweat equity grants to lower the mortgage cost of their home an average of $12,000

3 homeowners utilized THDA ADDI grants ($5,000)to assist with closing costs

26 homeowners utilized TN/VA HOME Consortium homeownership assistance program ($5,000) to assist with closing costs

16 homeowners utilized E8CDC HOME program funds to assist with closing costs ($1,000-14,999)

Homebuyer Education Program

STATISTICS: 28 homebuyer education

classes held in region Locations enlarged to

include: Johnson City Kingsport Bristol Greeneville Rogersville Mountain City Elizabethton

226 households completed homebuyer education course

Housing Counseling Assistance

8 homebuyer orientation sessions presented to special audiences

61 households participated in housing counseling

• Partnerships with Johnson City Housing Authority and Kingsport Housing & Redevelopment Authority

Revolving Mortgage Loan Fund

Established a Revolving Loan Fund to provide low-interest (0 – 4%) mortgages to homebuyers of redevelopment neighborhood properties

$500,000 funds available 6 Homebuyers assisted to date

[$437,790] Balance available: $62,210

Foreclosure Prevention Loss Mitigation Services

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 – $300,000 total grants awarded, includes rescue funds available

Partnership with Upper East Tennessee Human Development Agency for counseling/referral program for rescue funds available

110 homeowners assisted in FY 2009

60 homeowners assisted in past 2 months

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 for the homeowner, and cost little more to build

Received $35,000 grant from SeedCo Financial Services for program capacity building

Te

Property Management

Currently own/manage subsidized low-income rental units:

5-unit apartment bldg in Johnson 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 8-unit apartment bldg in Mountain City 4-unit apartment bldg in Sullivan County 5 scattered-site single-family rental homes

Total 34 rental units

Willow Creek 4 3-bedroom units

Rental Properties

8th Avenue Apts 5 2- and 3-bedroom units

Scattered site rental special needs group home

Project-Based Section 8 Rental Properties

Wayland Place 8 2-bedroom units

Bristol Caverns 4 2-br units

Rental Housing Development

• Awarded 2009 THDA HOME $500,000 grant to develop Wayland Place II, Mountain City (8-unit apartment bldg) [construction to begin fall 2009]

• Purchased 7-unit apartment bldg for transitional rental housing – 500 Lamont St, Johnson City [rehab to begin winter 2010]

• Purchased 8-unit apartment bldg for transitional rental housing – 122 Wilson Ave, Johnson City [rehab to begin winter 2010]

Program Partnership with Alliance for Business & Training:

Celebrating our 4th program award:

• Elizabethton (2 homes)

• Kingsport (4 homes)

• Johnson City (1 home)

• Kingsport II (4 homes)

Producing 11 new homes built

Manufactured Housing “done right”

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

Key Selling Features

Energy Star rated homeUniversal design standardsQuicker turn-around: 2 monthsMore square feet for same price

(1,400 vs 1,100)

Qualifies for regular permanent mortgage financing Standard interior upgrades:

Tile backsplash/edging on countertopsRecessed lightingCrown moldingBathrooms upgradeCustom cabinetry (cherry/oak)

Families AssistedFamilies AssistedFoliageFoliage

“To be able to move from an older mobile home in bad shape to a new home is wonderful!”

“Houses of Hope” - Dawn of Hope Foundation

Show me the money!

Show me the money!

FY09 Funding Sources

THDA – 2008 HOME $ 273,858 HAC – 2008 SHOP 75,000 SeedCo Financial 35,000 Citi Foundation 30,000 THDA – 2008 NFCLM 17,000 FHLB-Atlanta – AHP 120,000 FHLB-Cincinnati – AHP 160,000 FHLB-Cincinnati – PAD 100,000 FAHE grant 7,500 Fannie Mae Foundation 25,000 ___________Total grant awards FY $ 843,358

Mature Forest

Future Growth

FY10 Funding to date

THDA – 2009 HOME $ 500,000 THDA – 2009 NSP 1,306,318

HAC – 2009 SHOP 75,000 THDA – 2009 NFCLM 17,000 FHLB-Cincinnati – PAD 200,000

___________

Total grant awards to date $ 2,098,318

How 2 Club

Post-purchase homeowner education program

$200 fee at closing; value refunded upon program completion

Monthly workshops on variety of topics

Community volunteer guest speakers

Gifts in Kind

Pallets of products!

Neighborhood Stabilization Program (NSP)

$187,000 grant - 2 units for resale in Johnson City

$176,000 grant – partnership with the City of Johnson City - 2 units for rental

$944,000 grant – 9 units for rental – regional – for Continuum of Care partners

18 month timeline

Total investment $1.3 million

New Construction

Acquisition & Rehabilitation of Foreclosed, Abandoned, or Blighted Existing Units

Rental Acquisition & Rehabilitation

500 Lamont Street (7 efficiencies for transitional housing needs

122 Wilson Ave (8 1-BR apartments) 4 HUD 811 facilities in Greene County

– conversion from 8-BR to 4-BR group homes for special needs housing

Total investment $1.5 million

New Construction

Acquisition & Rehabilitation of Foreclosed, Abandoned, or Blighted Rental Units

Example: 122 Wilson Ave

The Village at Kingsprings

New subdivision development currently in concept phase

Partnership with the City of Johnson City – 10 acre site donated

Planned community of mixed housing

Marketing & Education Outreach

Production of “The Ridgeline” newsletter

Website redesign and enhancement; interactive

Thank you for your support!

Tell our story to others!

Impacting our region, one ‘tree’ at a time