1. Eastern Eight Community
Development Corporation
2007-2008
ACCOMPLISHMENTS

2. 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

3. Piecing the Puzzle Together
1. Puzzle Pieces/Partnerships are
all around us
2. Some Pieces/Partners are big and small
3. Pieces/Partners are multi-sided and
fit together in numerous directions

4. New
New
Construction
New Construction
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

5. Statistics New
Construction
• 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

6. Acquisition &
Rehab of
Existing

7. 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 Acquisition &
• 14 Units completed/sold Rehab of
Existing

8. 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

9. Rental
Property

10. New Rental Housing Development
Willow Creek Residential Homes
• 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

12. 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
Rental

13. Project-Based Section 8 Properties
Bristol Caverns
• 4 2-bedroom units
Wayland Place
• 8 2-bedroom units

14. Homebuyer
Education

15. 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

16. 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

17. Foreclosure
Prevention

18. 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

19. YouthBuild

20. PARTNERSHIP:
Alliance of Business &
Training
Celebrating our THIRD program:
• Elizabethton
• Kingsport
• Johnson City

23. Mountain Home
Neighborhood
Redevelopment

25. BEFORE
AFTER

26. BEFORE

27. 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

28. 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

29. 502 Wilson Avenue
Construction 50% Complete-Estimated Sale Price $90,000
PRE-CONSTRUCTION

30. Eastern Eight Helps Homeless Family
Achieve the American Dream
408 Wilson Avenue
Mt. Home Phase II
Angela
Thompson

31. Homeowners

32. Our Story

33. Homeowners in the news
Our Story

34. I‟M
HOME

35. 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

37. Manufactured Housing “done right”
I‟M
HOME

38. Affordable Homeownership Opportunities
 Qualifies for regular permanent
mortgage financing through
„New Start‟ and/or Rural
Development loan programs
 Quicker turn-around: 2 months
 More square feet for same price
(1,400 vs 1,100)
 Interior upgrades are standard
 “Energy Star” rated

39. • 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

40. Cottage

41. Brookdale

42. Stacy II

43. Aspen

44. Key Selling Features
Energy Star rated home
Universal design standards
2x6 exterior wall studs
R-40 roof, R22 floor, R-19 wall insulation
Custom cabinetry (cherry/oak)
Tile backsplash/edging on countertops
Recessed lighting
Crown molding
Bathrooms upgrade

45. Interior finishing

46. Master Bath

49. Built-in drywall
shelving

50. At end of day one………
At end of Day 1……

51. New
Home
Office

52. December 2008 – our new office!

53. New office: 221 E Unaka Ave

54. Green
Design

55. 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

56. Green
Design
1st “Green”
development!

57. The
Future

58. New
Foundations

59. 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

60. Neighborhood
Redevelopment

61. 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

62. Preserving the American Dream
Federal Home Loan
Bank of Cincinnati
$100,000 grant award

63. Preservation PointE

65. Extensive Website Development

66. New logo
possibilities

67. Mountain Home
Homebuyer Neighborhood
New Construction New
Education Redevelopment
Home
Office
Acquisition &
Foreclosure Homeowners
Rehab of Green
Prevention
Existing Design
Rental YouthBuild I‟M HOME The Future

68. New Organizational Chart

70. Eastern Eight Community
Development Corporation
Making a Difference
…..one step at a time