2005 annual meeting e8

2004-05ACCOMPLISHMENTS

Designed for Success

2005Designed for SuccessE8CDC

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


2004-05 accomplishments:

New Home Construction

TOTAL

Washington

Greene

Washington

Hawkins

Washington

Carter

Greene

Washington

Washington

Sullivan

Washington

County

$56,595

$10,000

$10,000

$7,500

$7,125

$7,275

$6,000

$8,695

Grant Assistance

SunTrust Bank$146,5009

FAHETHDA New Start- 0%$68,5004

THDA ADDIFAHETHDA New Start- 0%$80,50011

SHOPFAHETHDA New Start- 0%$95,0005


HOME ConsortiumFAHETHDA New Start- 0%$85,0007

THDA ADDIFAHETHDA New Start- 0%$96,3008

Wells Fargo$104,70010

$984,225

FAHETHDA New Start- 0%$85,0003

CDBG -BristolFAHETHDA New Start- 0%$59,2252


Programs2nd Mortgage

1st Mortgage

Sale price


New home construction

construction in Greene County


Eastern Eight Home construction in Johnson City


construction in Greene County


construction in Carter County


construction in Hawkins County


2004-05 accomplishments:

Homeownership Assistance

TOTAL

Sullivan

Sullivan

Sullivan

Hawkins

Hawkins

Carter

Sullivan

Washington

County

$67,500

$10,000

$10,000

$10,000

$10,000

$10,000

$7,500

$10,000

Grant Assistance

THDA ADDI SunTrust Bank$88,0004

THDA ADDI Rural Development$98,5005

THDA ADDI SunTrust Bank$54,9006


AmSouth Bank$96.2008

$694,150

THDA ADDI FAHE$83,0003

Home Consortium FAHE$80,6002


Programs2nd Mortgage

1st Mortgage

Sale price


construction in Washington County


construction in Sullivan County


construction in Washington County


Summary

• For the 2004-2005 fiscal year, we have assisted 19 individuals or families in buying $3,245,289.00 in owner occupied real estate

• Average cost of an assisted home: $81,596

• Average annual household income: $14,100


Homeownership Assistance

• Since Eastern Eight CDC was formed in 1998, we have assisted a total of 34 households purchase $2,541,000 in real estate

• 13 homeowners utilized SHOP sweat equity grants to lower the mortgage cost of their home an average of $7,000

• 14 homeowners utilized THDA ADDI grants to assist with down payments and closing costs


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:


Housing Counseling Assistance

• 184 households completed homebuyer education course

• 41 households participated in housing counseling


Housing Counseling Assistance

• 23 homebuyer education classes held in region

• 15 homebuyer orientation sessions presented to special audiences


Partnership Accomplishments:

Entered into contract with the First Tennessee Development District for management services; staff prepared 5 grant applications, all funded

Section 8 to Homeownership Program with Kingsport Housing & Redevelopment Authority

Memorandum of Agreement with Dawn of Hope to provide housing for special needs tenants

Memorandum of Agreement with Frontier Health to provide housing for special needs tenants

Acquired two HUD foreclosure homes for rehabilitation/resale


Where Do We Go

From Here?


New Funding Awards

THDA – 2005 HOME w/Town of Mountain City $ 500,000

THDA – 2005 HOME CHDO 500,000THDA – 2005 HOME CHDO 500,000USDA – RD 532 – 2005 HPG 104,000

HUD – RHED 2005 150,000

___________

Total grant awards $1,754,000


Example:

• Unique program partners a GED education program for young adults (16-24) with hands-on construction training

• Provides affordable housing units for low and very-low families

NEW PARTNERSHIPS:

Alliance of Business & Training

We Are Making

A Difference

One Life at a Time

2005 annual meeting e8

Documents