HomeMy WebLinkAboutAnnual Report from HRDC, rcvd 9-23.docAnnual Report to the City of Bozeman
The Road to Home
City funds received from July 1, 2009 thru June 30, 2010: $140,000
Allocation of funds:
Down-payment assistance program $100,000
Homeownership Center $ 40,000
TOTAL $140,000
*Homeownership Center funds are used for homeownership education, pre-purchase counseling, special programs development, foreclosure prevention efforts, and development of new funding
sources for RTH customers. Down-payment assistance funds are loaned to qualifying households as deferred second mortgages through a revolving loan fund.
City funds expended from July 1, 2009 thru June 30, 2010:
Down-payment assistance administration $ 2,400
Down-payment assistance loans $ 40,000
Down-payment assistance TOTAL $ 42,400
Down-payment assistance funds remaining $ 57,600
Homeownership Center $ 40,000
Homeownership Center funds remaining $ 0
Year to Date Program achievements:
From July 1, 2009 to June 30, 2010, The Road to Home has:
Provided homeownership education 162 families;
Provided 212 households with pre-purchase counseling;
Provided foreclosure prevention counseling for 77 families. Of those families, 7 were able to avoid foreclosure through workout plans, forbearance, or pre-sale, 1 home was lost to foreclosure,
and 69 households are continuing to receive counseling;
Provided 13 first-time homebuyers with down-payment assistance in the form of second mortgages totaling $247,200. Since 2004, RTH has provided 93 first-time homebuyers with down-payment
assistance totaling $1,915,037;
Leveraged $115,000 for education and counseling programs through local lenders, Montana Board of Housing, Montana Department of Commerce, and NeighborWorks;
Continued certification as a HUD Approved Housing Counseling Agency and awarded a competitive HUD Housing Counseling Grant.
Received a HUD Award for Counseling Excellence in recognition of both our quality of services and the number of clients served (more clients than any other agency in our state).