2007-20082007-2008ACCOMPLISHMENTSACCOMPLISHMENTS
Eastern Eight Community
Development Corporation
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
1. Puzzle Pieces/Partnerships are all around us2. Some Pieces/Partners are big and
small3. Pieces/Partners are multi-sided and fit together in numerous directions
Piecing the Puzzle Together
New 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
New ConstructionNew
Construction
Statistics
• 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
New Construction
Acquisition Acquisition & Rehab of & Rehab of
ExistingExisting
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• 14 Units completed/sold
New Construction
Acquisition Acquisition & Rehab of & Rehab of
ExistingExisting
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
Rental Rental PropertyProperty
New Rental Housing Development
• 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
Willow Creek Residential Homes
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
RentalRental
Project-Based Section 8 Properties
Wayland Place• 8 2-bedroom units
Bristol Caverns• 4 2-bedroom units
HomebuyHomebuyer er
EducationEducation
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
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
ForeclosurForeclosure e
PreventionPrevention
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
YouthBuildYouthBuild
PARTNERSHIP:
Alliance of Business & Training
Celebrating our THIRD program:
• Elizabethton
• Kingsport
• Johnson City
Mountain Home Mountain Home Neighborhood Neighborhood
RedevelopmentRedevelopment
BEFOREAFTER
BEFORE
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
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
502 Wilson Avenue
PRE-CONSTRUCTIONConstruction 50% Complete-Estimated Sale Price $90,000
Eastern Eight Helps Homeless Family Eastern Eight Helps Homeless Family Achieve the American DreamAchieve the American Dream
408 Wilson Avenue Mt. Home Phase II
Angela Thompson
HomeownerHomeownerss
Our Story
Our Story
Homeowners in the news
I’M I’M HOMEHOME
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
Manufactured Housing “done right”
I’M I’M HOMEHOME
Affordable Homeownership Opportunities
Qualifies for regular permanent mortgage financing through ‘New Start’ and/or Rural Development loan programs
Quicker turn-around: 2 monthsMore square feet for same price
(1,400 vs 1,100)
Interior upgrades are standard “Energy Star” rated
• 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
Cottage
Brookdale
Stacy II
Aspen
Key Selling Features
Energy Star rated homeUniversal design standards2x6 exterior wall studsR-40 roof, R22 floor, R-19 wall insulationCustom cabinetry (cherry/oak)Tile backsplash/edging on countertopsRecessed lightingCrown moldingBathrooms upgrade
I’M I’M HOMEHOME
Interior finishing
Master Bath
Built-in drywall shelving
At end of Day 1……
At end of day one………
New New Home Home OfficeOffice
December 2008 – our new office!
New office: 221 E Unaka Ave
Green Green DesignDesign
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
1st “Green” development!
Green Green DesignDesign
The The FutureFuture
New Foundations
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
Neighborhood Neighborhood RedevelopmentRedevelopment
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
Preserving the American Preserving the American DreamDream
Federal Home Loan Bank of Cincinnati
$100,000 grant award
Preservation PointE
Extensive Website Development
New logopossibilities
Homebuyer Homebuyer EducationEducation
RentalRental
Acquisition & Acquisition & Rehab of Rehab of ExistingExisting
Mountain Home Mountain Home Neighborhood Neighborhood
RedevelopmentRedevelopment New New Home Home OfficeOffice
Green Green DesignDesign
Foreclosure Foreclosure PreventionPrevention
New Construction
HomeownersHomeowners
YouthBuildYouthBuild I’M HOMEI’M HOME The The FutureFuture
New Organizational Chart
Making a DifferenceMaking a Difference…..one step at a …..one step at a
timetime
Eastern Eight Community
Development Corporation