2007 annual meeting e8

2006-07ACCOMPLISHMENTS

Designed for Success

FY 2006-07Designed for SuccessE8CDC

2006-07 GOALS:

Strengthen and expand region-wide homebuyer education program

Partnerships and Leadership (Executive Director) in place Build 15 new homes or acquisition/rehab of existing Expand rental housing development & management

what we have

Accomplished

Housing Development

Summary

• Goal: Build/rehab 15 homes– During the 2006-2007 fiscal year, we

constructed 15 new homes and acquired/rehabilitated 5 homes (total = 20 units)

• Assisted 19 individuals/families in purchasing $1,965,000 in owner-occupied real estate

• Average homebuyer income: $17,971

Statistics

• Average price of home: $103,420

• Average home sq. ft: 1,132

• Average price per sq. ft: $91

• Average construction cost per sq. ft: $78

New Home Construction

SHOP, THDA HOME$19,000RDTHDA New Start- 0%$114,000Johnson12

THDA HOME$6,000RDTHDA New Start- 0%$111,900Carter14

SHOP, THDA HOME$18,000RDTHDA New Start- 0%$112,000Johnson11

HOME Consortium$5,000RDTHDA New Start- 0%$114,000Washington13

Washington

Johnson

Washington

Greene

Carter

Greene

County

$215,000

$15,000

$17,000

$18,000

$5,000

$15,000

$30,000

$15,000

$5,000

Grant Assistance

SHOP, THDA HOMERDTHDA New Start- 0%$110,0009

SHOP, HOME Consort.RDTHDA New Start- 0%$118,0004

THDA HOMERDTHDA New Start- 0%$96,0007

$1,638,000

HOME, FHLB-CinHeritage Bank – 6%$67,0003

HOME, SHOPRDTHDA New Start- 0%$115,0002

THDA ADDIRDTHDA New Start- 0%$95,0001

Programs2nd Mortgage

1st Mortgage

Sale price

Acquisition/Rehab

Sullivan

Washington

Carter

Sullivan

Johnson

County

$32,500

$17,500

$5,000

Grant Assistance

HOME, FHLB-Cin, State of Franklin Bank

State of Franklin Bank$84,5004

(not closed)$82,0005

$408,500

THDA ADDI Rural Development$80,0003

HOME Consortium Rural Development$85,0002

THDA ADDI Rural Development$77,0001

Programs2nd Mortgage

1st Mortgage

Sale price

Homeownership Assistance

• 9 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

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

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

Rental Housing Development

• Development cost: $744,000• 8-unit, 2-bedroom• Partnership with the Town of Mountain

City• Serving special needs tenants• Section 8 housing vouchers

New Project:

WaylandPlace

Meet the Tenants

Inside views

Rental Property Management

Currently own/manage 20 rental units: 3 special needs group rental homes

(6 tenants) scattered Johnson City sites 5-unit apartment bldg in Johnson City 4-unit apartment bldg in Sullivan County 8-unit apartment bldg in Mountain City FY07 increase of 8 units

Homebuyer Education

• 26 homebuyer education classes held in region

• 151 households completed homebuyer education course

• 5 homebuyer education presentations for 132 various conference attendees

Housing Counseling Assistance

• 11 homebuyer orientation sessions presented to special audiences

• 42 households participated in housing counseling

Successful Partnerships

Securing Partnerships - Puzzle Pieces Attached Together

1. Puzzle Pieces/Partnerships surround us everywhere 2. Some Pieces/Partners are big and small 3. Pieces/Partners are multi-sided and fit together in numerous directions

Carter County

$1 HUD House

:Puzzle Pie ce s Buyer? Carter County Funds? $1 to purchase property Who rehabs? Prisoner labor Who markets, sells? CHDO (Eastern Eight) Home sold for? $80,000 Net profit? $55,000 Profit utilized for next CHDO project in Carter

County

State of Franklin Savings Bank

Mountain Home Neighborhood Redevelopment

:Puzzle Box Neighborhood transitioned from homeowner-

occupied to rental properties Declining property values, dilapidated

structures Area of drug and prostitution activity Properties in bank foreclosure Neighborhood association organized and

actively involved in crime watch, city assistance

(7 ):Puzzle Pie ce s Partners State of Franklin Savings Bank, holding foreclosure

properties City of Johnson City Northeast Tennessee/Virginia HOME Consortium Eastern Eight Community Development Corporation Appalachian Service Project Federal Home Loan Bank of Cincinnati Tennessee Housing Trust Fund

:Puzzle Pie ce s Project financed? 0% loan for purchase for

12 months Rehab funds? $288,843 HOME grant Labor? Mix of volunteers and subcontractors Down payment/closing costs assistance Permanent financing? 4% 30-yr mortgage

funds (FHLB) and 2% 30-yr mortgage funds (Housing Trust Fund pilot program)

Urban Rehabilitation

YouthBuild Program

:Puzzle Pie ce s Program Administrator? AB&T Trainers/classroom instruction? AB&T Construction sites? E8CDC Labor? YouthBuild participants,

subcontractors Building materials, construction financing?

E8CDC Marketing/sale of home? E8CDC

Unique program will partner a GED education program for 40 regional young adults (16-24) with hands-on construction training

Participants build homes in region to provide affordable housing units for low and very-low families

PARTNERSHIP:

Alliance of Business & Training

$400,000 grant

$700,000 grant

Town of Mountain City

Before

Wayland Place

:Puzzle Pie ce s Area targeted by Town as blighted Need for special needs rental units Construction funding? $500,000 THDA HOME Gap funding? $244,000 FHLB-Cincinnati AHP Grant sub-recipient – owner/developer

Wayland Place

(9):Partnerships Town of Mountain City Tennessee Housing Development Agency Eastern Eight CDC Federal Home Loan Bank of Cincinnati Bank of Tennessee Kingsport Housing & Redevelopment Authority Frontier Health NE TN Career Center ARCH

Wayland Place Partners

Dawn of Hope Foundation

Houses of Hope

3-Bedroom group homes - 3 residents Provides quality, well-maintained affordable

handicap-accessible rental housing options $500,000 THDA HOME grant - special needs

matrix E8CDC serves as HOME grant administrator Dawn of Hope Foundation - owner/developer Johnson City Area Homebuilders Association

partnered to complete one home

Johnson County

:Puzzle Pie ce s

Need for affordable new single-family homes for low-moderate income families

Need for affordable building lots Thirty-three (33) households expressed

interest in affordable homeownership

Project Design

Property AcquisitionTHDA – 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

The Property

Shady Meadows

Where Do We Go From Here?

03/23/10 42

New Funding Awards

THDA – 2007 HOME w/ComCare (Greeneville) $ 369,000 THDA – 2007 HOME CHDO (Carter County) 500,000

___________

Total grant awards to date $ 869,000

Dawn of Hope Foundation

03/23/10 50

Preservation PointE

Celebrate The Keys

to Dreams

Tour of Homes

construction in Greene County

Eastern Eight Home construction in Johnson City

Roan Mountain (Carter County)

construction in Carter County

Roan Mountain (Carter County)

Johnson County

Elizabethton

Jonesborough Duplex

• Front view

Washington County

Johnson County

Kingsport

Washington County

Johnson County

Washington County

• Bluff City - Acquisition/Rehab

FY 2006-07Designed for SuccessE8CDCCarter County Acquisition/Rehab

E8 style!

BEFORE

Kingsport Acquisition/Rehab

FY 2006-07Designed for SuccessE8CDCJohnson City Acquisition/Rehab – BEFORE

FY 2006-07Designed for SuccessE8CDCJohnson City Acquisition/Rehab – AFTER

Johnson City Acquisition/Rehab –

BEFORE

Johnson City Acquisition/Rehab –

Making a difference, one key at a time

2007 annual meeting e8

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