AHP Homeownership Center. Annual Report Mission

Transcription

1 AHP Homeownership Center December 10, 2015 Annual Report 2015 Mission The Affordable Housing Partnership of the Capital Region promotes successful, sustainable homeownership and affordable rental housing to strengthen neighborhoods and the financial independence of residents through advisement, financial resources, community organizing, and collaboration. Capital Affordable Housing Funding Corporation 2015 Affordable Housing Partnership Annual Report Page 1

2 Pre-Purchase Counseling Program The Affordable Housing Partnership provides pre- and post-purchase counseling and financial assistance programs. The Partnership offers its services to any household in the Capital District. Residence of new pre-purchase clients in 2015: Customer Residence Albany Menands Cohoes Balance of Alb County Schenectady County Rensselaer County Saratoga County all Other Total = 377 Median Income of Clients Race % At or Below 80% Median Income % Above 80% Median Income Affordable Housing Partnership Annual Report Page 2 Race Asian: 5% Black: 29% Hispanic: 12% White: 46% Other: 2% No Response: 6%

3 Pre-Purchase Education Programs First time buyers sought out information about mortgage and down-payment assistance programs. Attendance at HomeBuyer 101, the Partnership s orientation class attracted 708 households or 923 individuals. Homebuyer 101 Attendees /30/2010 9/30/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015 After attending HomeBuyer 101, customers are referred to AHP s Money Strategies class, or if credit scores are strong enough, to an individual counseling session. In 2015, AHP counseled 78 households on increasing their credit scores through AHP s Money Strategies course. Over 280 new households met one-on-one with our prepurchase counselor in preparation of buying a home. When customers are ready to start looking for a home, they are referred to AHP s comprehensive homebuyer education workshop. 151 households completed the program this year. Great series! I have definitely come out feeling more confident & knowledgeable about the homebuying process Very informative and useful I now feel much better prepared 2015 Affordable Housing Partnership Annual Report Page 3

4 2015 Home Purchases Homebuyer Bank Homeownership AHP has continued to see strong interest in the Federal Home Loan Bank s First Home Club program. This matched savings program offers $4 for every $1 saved up to $7500. First Home Club Status by HUD fiscal year Twelve month period ending Sept. 30 th : Clients Enrolled During Year Homes Purchased using FHC Sandi Santoro s work to assist 101 homebuyers with the First Home Club leveraged the FHLBNY s investment of $808,000 in down payment and closing cost assistance in the Capital Region. Of that amount, $50,500 was earned by AHP for counseling services. AHP assisted 164 households purchase their first home in 2015 for a real estate investment of over $26.2 million. 32 Yrs Old College Educated 1st Time Buyer Single White Female $43,000 income Characteristics of the homebuyer representing median values 2015 Affordable Housing Partnership Annual Report Page 4

5 Income 69% of homebuyers in 2015 earned less than 80% of area median income Race Location 66% of homebuyers in 2015 identified as White 34% of buyers in 2015 were people of color 54 buyers bought homes in the City of Albany The two most popular communities were Colonie and Delaware Area The average house price was $159,895; median price was $146,000 Foreclosure Prevention Counseling Each month, 1,000 Capital Region households receive notices of intent to foreclose from their lender. Default counseling helps families understand their options and negotiate with their lenders when feasible to resolve mortgage delinquency and prevent foreclosure. Tracy Petersen counseled 134 households during the year, of which 98 were new customers in Twenty seven (27) households had positive outcomes: 9: Had mortgage Modified 16: Brought Current Mortgage 2: Preserved through other intervention The Mortgage Assistance Program offered by the NYS Attorney General through Empire Justice Center helped a number of households save their home from foreclosure. Tracy submitted thirty four (34) applications: 15 have been approved; 14 are under review; 4 have been withdrawn and 1 deemed ineligible. The primary cause of mortgage delinquency is loss of income. The top two foreclosing entities are Wells Fargo and CitiMortgage. Thirty six percent (36%) of clients were City of Albany residents; an additional 27% were Albany county residents outside the City Affordable Housing Partnership Annual Report Page 5

6 HomeSave Coalition Achievements: Monthly HomeSave Coalition meetings facilitated by AHP Counselors and legal service providers stay current with program initiatives and troubleshoot issues. Continuing education for counselors and attorneys Data analysis of foreclosure data from the Department of Financial Services. Monthly mailings to delinquent households about availability of services. Maintained HomeSave.info website. Landlord Training In collaboration with United Tenants and CDARPO, AHP offers Landlord Training classes to help small property owners become successful landlords. In 2015, AHP facilitated 3 workshops attended by 50 current and potential rental property owners. AHP also connects homebuyers to CDTA bus passes in an effort to promote use of mass transit. HomeSmartNY HomeSmartNY is a statewide coalition of housing counseling agencies like AHP. We work at the regional and state levels to bring additional resources to housing counseling programs. Regionally, AHP hosted 3 continuing education and networking meetings among housing agencies. At the State level, AHP worked to support better connections with SONYMA/NYS Housing Finance Agency and the Federal Home Loan Bank of New York. HomeSmartNY is exploring new funding models and is developing a marketing campaign to raise awareness of the benefits of homeownership education Affordable Housing Partnership Annual Report Page 6

7 Energy Efficiency Outreach Program AHP is pleased to partner with NYSERDA in the implementation of the Green Jobs-Green New York Outreach program to inform Capital Region residents of the availability the Home Performance with Energy Star energy retrofit program through NYSERDA. This program features free or reduced cost home energy assessments coupled with financial incentives to complete recommended energy saving improvements Homeowners contacted Households assessed 221 Households moved forward with retrofits During 2015, AHP focused on assisting households who had an energy assessment move forward with an energy retrofit: 61% of households completing energy improvements earned less than 80% of median income. Projects over the past two years have totaled over $1.5 million in energy improvements; NYSERDA grant funds of $341,796 have been leveraged. AHP has assisted fifty (50) households with $287,000 from NYS Affordable Housing Corporation. Thanks to the work of Kathleen and Orin, AHP met its contract retrofit goal in December 2015 of 140 retrofits, enabling us to qualify for the full NYSERDA bonus payment of $40,413. AHP has also been proactive in working with NYSERDA to improve and streamline the program for easier use by low- and moderate-income households Affordable Housing Partnership Annual Report Page 7

8 Capital Affordable Mortgage Program The REO/Delinquency committee continued its work under the new leadership of Eric Dahl. At the end of 2015, Capital Affordable had two properties in REO. Two buildings sold at auction during the year. The delinquency rate, including foreclosures, has remained fairly constant at approximately 20%. The portfolio now includes 102 loans with an outstanding balance of $2,326,408. Loan balances are fairly small at 11/30/15, only one loan in the portfolio has a balance over $50,000. Community Realty Community Realty is a social-purpose real estate brokerage launched by the Homeownership Collaborative. From 2005 through 2013, Community Realty closed 233 transactions for nearly $640,000 in revenue from real estate transactions. Community Realty also provided significant real estate consulting services to public and private housing development organizations. Community Realty now provides high quality rental property management. Dan Torres, an experienced property manager, manages 45 residential rental units for the Albany Community Land Trust and 12 commercial units located at the Albany Center for Economic Success at 255 Orange St., Albany. As needed, Community Realty also manages Capital Affordable REO, including property management and marketing. The Partnership has contracted with independent real estate broker Steven Davis to hold the Community Realty license Affordable Housing Partnership Annual Report Page 8

9 Albany Community Land Trust The Partnership continued its strong working relationship with the Albany Community Land Trust and its two programs: acquisition, rehab and management of affordable rental housing and acquisition, rehab and sale of homes to first time buyers. The Land Trust manages 45 affordable rental units with the expert help of Dan Torres and Community Realty. Dan Torres has successfully maintained full occupancy of ACLT units and worked to improve rent collections, address repair work orders, and provide strong communication with all Land Trust tenants. During the year, ACLT acquired 3 additional rental properties, all former foreclosed properties. Each building will be substantially rehabbed. The Land Trust homeownership program features the acquisition and rehabilitation of homes for sale to low-income homebuyers. The ACLT Buyer s Choice program makes $30,000 in funding available to homebuyers to acquire and repair a home. One property was acquired during the year and is ready to be sold to the new homeowner. The Partnership and Land Trust share administrative staff. Community Development Alliance The alliance between the Partnership, Albany Community Land Trust, Community Loan Fund of the Capital Region and United Tenants continued work on its collaborative projects: Sheridan Hollow Opportunity Area: Louise McNeilly, director of the Alliance, and Erin Reale of United Tenants continue to work with residents of the Sheridan Hollow neighborhood to assist them in organizing an effective neighborhood association. Planning work has begun thanks to funding from the Department of State s Brownfield Opportunity Areas program. The program will study the feasibility of housing rehabilitation, create an infrastructure plan, develop plans for strategic sites as well as strategies to increase employment opportunities for neighborhood residents. Advocacy and Education: The Alliance worked with its partners and neighborhood advocates to promote the creation of a revitalization fund that would assist local developers redevelop vacant and blighting buildings Affordable Housing Partnership Annual Report Page 9

10 Funding The Partnership is grateful for the many supporters of its programs. During the year, we had contracts for services with several agencies: New York State Department of State New York State Energy Research and Development Authority NYS Attorney General (HOPP program) Housing Partnership Network (HUD funding) Federal Home Loan Bank of New York Albany Community Land Trust Albany Center for Economic Success Albany Community Development Agency In addition to contributions from individuals, we also receive contributions from several area corporate groups: Bank of America Citizens Bank Cap Com FCU M&T Mortgage & Charitable Foundation SEFCU Trustco Bank Key Bank Wells Fargo Capital Bank Capital District Assoc of Rental Property Owners Buckley Gent MacDonald & Cary PC AHP Income Breakdown Sources of Income Federal Government State & Local Government Property Management Counseling Fee Income Contributions Rental Income Mortgage Interest 2015 Affordable Housing Partnership Annual Report Page 10

11 In Appreciation 2015 Board Members Capital Affordable Housing Funding Corporation: Tom Poitras* Trustco Bank President Eric Dahl M&T Bank Vice President Bob MacLasco SEFCU Mortgage Services Treasurer Lisa Polsinello* Citizens Bank Secretary Scott Card Bank of America Al Wells* Pioneer Bank Johanna Roman Key Bank Ravi Ramdath First Niagara *Also an AHP board member Affordable Housing Partnership of the Capital Region Nancy Andriano Town of Colonie President Linda MacFarlane Community Loan Fund Vice President Darren Scott Albany Housing Authority Secretary Roger Markovics United Tenants/ACLT Treasurer Caitlin Burns TRIP NeighborWorks Homeownership Center Judy Eisgruber Albany County Rural Housing Alliance Valerie Roberts Albany Community Land Trust James Flacke Better Neighborhoods Inc. Sarah Reginelli Capitalize Albany Staff Susan Cotner Executive Director Tracy Petersen Housing Counselor - Foreclosure Sandra Santoro Housing Counselor - Prepurchase Kathleen Langton Energy Program Manager Orin Harcourt Energy Advisor Louise McNeilly Director, Community Development Alliance Jeremy Eberhardt Intake Specialist Daniel Torres Asset Manager, Community Realty Jeannie Spinelli, Sandra Obeido, counseling program advisors Roger Markovics Albany Community Land Trust Eileen Murray Jamie Greenberg Eleanor Laing Mary Connair Volunteer Volunteer Volunteer Volunteer 2015 Affordable Housing Partnership Annual Report Page 11