1.  Providing Affordable Housing Opportunities

2.  The role of the nonprofit community housing development organization Russell Huxtable Vice President 302-422-8255 rhuxtable@milfordhousing.com

3.  A home is built  Client finds home  Client gets a mortgage from bank  Client moves in  Homeowner benefits from Mortgage Interest Deduction  Homeowner has stability, is empowered, sense of community is fostered by owning.

5.  Our Clients:  80% and below median income for the area, with an emphasis on those making less than 50%  Our homes: 3 bedrooms, 2 baths, Energy Star homes, quality construction  Costs are the costs

6. Principle Reduction: DSHA HDF Federal Home Loan Bank Charitable contributions cash in-kind Fee Waivers Other Sources $150,000 30 years 5% $805.20 – Principle Payment $130,000 = $697

7. Interest Subsidy Examples: USDA Direct Loan Program Habitat Loans at 0% $150,000 at 5% = 805.20 $150,000 at 4% = 716.10 $150,000 at 3% = 632.40 $150,000 at 2% = 554.40 $150,000 at 1% = 482.50 $150,000 at 0% = 416.70

10.  Wrap around services o Credit Counseling o Mortgage preparedness o Financial Education o Pre and Post Occupancy counseling o On site Construction supervision o Bookkeeping of construction loans o A complete process

11.  5-8 families in a group, no one can move in until all the homes are complete.  Pledge 30 hours a week (minimum) in the construction of the homes  10-12 month build schedules (depends on the group)  About 1,500 hours of sweat equity into the homes.

12.  Currently averaging over $35,000 in sweat equity o No lien is placed upon this equity, it is the families from the beginning.  Families are building community  Families are empowered by the sheer accomplishment of building their own home  Family Stability  Newly acquired skills  Great Loan Product

13.  The same premise works in multiple programs

14. 300 homeowners served each year All clients less than 50% of AMI Must own your home Mostly in Kent and Sussex Counties efforts to expand to New Castle County Emergency Home Repairs Handicap ramps Combines Volunteer labor Subsidy sources DSHA Other sources, grants, foundations, and you

15. Home Repair Conversion Duplex at super affordable price

16.  Currently we have over 40 units of Self-Help Housing under construction right now in Delaware  We have over 30 approved home repair projects (The Home Repair Project= about 0300 annually)  We have 10 other homeownership projects from NSP to some spec homes  MHDC has about 200 units of family/senior affordable rental units in some stage of development

17. Services Provided  Credit counseling  Budget training  Financial education  Pre and post purchase counseling  A Partnership between MHDC and our families We want our families, investors and partners to know that we take their investment into MHDC and our clients very seriously, for it is our mutual mission to see our partner families successful and achieved, because at the end of the day, that is what matters

18. Thank you!