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HomeMy WebLinkAbout05-14-14 Agenda supplemental for CAHAB, RTH request FY15 R BUILDING A COMMUNITY April 30, 2014 T � -> - Roam �s 0 Mr. Chris Kukulski Bozeman City Manager PO Box 1230 Bozeman, MT 59771-1230 f W'Dear Mr. Kukulski `g The HRDC Road to Home Homeownership Center would like to thank the City for their ongoing support.The City's commitment to homeownership remains unparalleled by other municipalities across the state.The " Road to Home requests$40,000 to support our work in the coming year. City funds requested for July 1,2014 through June 30,2015: $40,000. Our Homeownership Center provides HUD-certified homeownership education,pre-and post-purchase counseling,and access to affordable lending options. HRDC projects the Road to Home will provide services to approximately 625 households from July 1, 2014 to June 30, 2015. Our homebuyer's education course covers all aspects of home buying from budgeting and credit to understanding the mortgage process and closing the deal. The course and accompanying counseling sessions create a well educated buyer who is better prepared to manage the responsibilities of being a homeowner. The Road to Home also provides post-purchase counseling to help families sustain homeownership; preventing foreclosure, maintaining home values and increasing community stability. Our goal with each client is to assess their ability to remain in the home,provide them with information to help them keep their home,and to assist them as they work with their loan servicers. In addition to education and counseling,the Road to Home provides access to affordable financing options, including down-payment assistance and low-interest mortgages. We work in partnership with lenders, realtors,employers,agencies,and other stakeholders to help them better serve the needs of homebuyers. Since 2003,the Road to Home has been an essential tool in the City s affordable housing efforts,with services that have endured our community's housing booms and busts. Despite changes in our housing market,our program can be counted on to provide sound advice and affordable financing.The City's Affordable Housing plan identifies support of the homeownership center as a key initiative to address our community's affordable housing needs, In previous years,the City has provided financial support to the Road to Home, support we ask you to continue. We look forward to continuing our efforts with the City to provide increased homeownership opportunities to Bozeman's families. Gratefully, p: 406.587,4486 r e: hello`athehrdc.org C/� a: 32 South Tracy Sara Savage Bozeman, Montana 59715 HRDC Housing epartment Director CC: Community Affordable Housing Advisory Board Anna Rosenberry, Director of Administrative Services HRDC BUILDING A BETTER COMMUNITY Annual Report to the City of Bozeman The Road to Home Homeownership Center Human Resource Development Council of District IX City funds received from July 1, 2013 through March 31,2014:$40,000 Allocation of Funds Road to Home Homeownership Center: $ 40,000 *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. Road to Home Homeownership Center: $ 40,000 Road to Home Homeownership Center funds remaining: $ 0 Year to Date Program Achievements: From July 1, 2013 to April 30, 2014,the Road to Home has: • Provided Homeownership Education to 302 customers. • Provided 102 households with pre-purchase counseling. • Provided foreclosure prevention counseling to 66 families. Of those families 21 (32%) were able to avoid foreclosure through loan modification or making mortgage current, 10 were foreclosed on and 35 are still receiving counseling. • Provided 4 first time homebuyers with down payment assistance in the form of second mortgages totaling$114,400.93. Since 2004, RTH has provided First time homebuyers with down payment assistance totaling$2,551,823.42. • Leveraged over$192,000 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.