Employer Assisted Housing Effort – Fire Department Recruit Tour

Strategic Goal: Marketing and Promotion

Continue to implement marketing programs locally, regionally and nationally to create awareness of Downtown Rockford housing including but not limited to:

• Artist’s housing opportunities

•Employer Assisted Housing programs

•TIP

•TIF

•River Edge

True to these strategic goals the ELEMENT hosted the City of Rockford Employee Assisted Housing/Fire Department recruit tour…

Strategic Goal: Organizational & CollaborativeMaintain a lean, agile, flexible network organizational structure for The Element in conjunction with community stakeholders.

Support and work with the ongoing efforts of stakeholders and established organizations providing services in the Rockford Arts District.

Strategic Goal: Product DevelopmentDevelop the physical and organizational structures needed to establish Downtown Rockford as an attractive destination for creative talent to live, work and play.

Facilitate real estate development that provides the necessary infrastructure and space to achieve the mission of The Element.

January 28, 2010

How the program works…(Assumes Employee Qualifies – See HR for details)

Example 1 Example 2 Example 2

Lantow Hudson Garrison

Sale Price $139,900.00 $122,900.00 $155,900.00

Employer Assistance $ (5,000.00) $ (5,000.00) $ (5,000.00)

Employee Down Payment* $ (2,000.00) $ (8,000.00) (A) $ 3,000.00

Financed Amount $132,900.00 $109,900.00 $153,900.00

Monthly Principal/Interest Payment @ 6% $ 796.80 $ 658.91 $ 922.71

Taxes/Insurance - estimate $ 443.04 $ 393.76 $ 489.42

Total Estimated Monthly Payment - PITI $ 1,239.84 $ 1,052.67 $ 1,412.13

*Additional closing costs may apply - see a lender representative

(A) Special Tax Credit Financing offer specific to this project

Welcome….Class of 2010 Fire Department

recruits

Recruits tour Garrison Lofts

Recruits brave the cold to tour 4 properties and learn about 6 others…

Recruits tour Garrison Townhomes

Recruits tour Garrison Lofts

Recruits tour Hudson Place Condos…

Recruits tour The William Brown Lofts…

Recruits tour The Lantow Lofts…

During the bus tour other residential opportunities were viewed and discussed…

Tour concludes with lunch…During lunch recruits were surveyed about potential interests in downtown housing, living downtown and their desires to rent or buy…

The surveys show:

•43% currently own homes•36% currently rent•50% intend to make a change in residence•43% prefer to live downtown

Comments include:

•“I appreciate the incentives for moving in…”•“Good program, Hope you keep revitalizing Downtown”•“Keep up the good work with your project (LANTOW LOFTS). I think the green factor is a good selling point”•“I enjoyed the quality of construction in your buildings (ALL)… very hard to find.”

Many thanks to these individuals…

The sincerest thanks to each of these individuals for your support and effort!

Thank you!

Ron Clewer

Mayor Larry Morrissey, City of Rockford

Jessica Jones, City of Rockford

Derek Bergsten, City of Rockford

Matt Knott, City of Rockford

Andrea Hinrichs, City of Rockford

Mike Lunde, Gambino Realtors/Lantow Lofts

Brad Roos, Zion Development

Chandler Anderson, Garrison Lofts and Garrison Townhomes

Ed McCullough, The ELEMENT

Many continued thanks to our downtown housing partners…