1 Targeting Home Improvement 9/29/2015

2 Our Mission: Housing is the foundation for success, so we collaborate with individuals, communities and partners to create, preserve and finance affordable housing.

3 Current Programs

4 Primary Financing Options Rehabilitation Loan Program Deferred Forgivable Income limit Fix Up Loan Program Fully amortized Monthly payment Income limit Community Fix Up Loan Program Subset of Fix Up loan program Allows interest rate discount

5 Framing the Issue

6 Income service gap between programs

7 Forming a Solution

8 Targeted Home Improvement Pilot Development $500,000 Funding Define targeted income Establish need Organizational capacity Marketing/outreach strategy RFP

9 Targeted Home Improvement Pilot Development Twelve lenders responded-all funded Four were new applicants Interest rates ranged from 0%-4% All incomes 80% AMI or less Multiple lenders leveraged Small Cities Program Multiple improvement needs Applications

10 Targeted Home Improvement Program Goals Serve 200 low- and moderate-income homeowners Lower the overall median income served by Fix Up and Community Fix Up

11 Progress

12 Income Distribution

13 For More Information Contact: Krissi Hoffmann