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Supporting DC Families & Preserving Washingtons Affordable Housing

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1City First Family of OrganizationsCity First EnterprisesCity First BankCity First New MarketsCity First Homes

Cumulatively:Assets of $200MMMission finance: $750MMNMTCs: $370MMJobs created: 4,000Aff. homes created: 5,000

2Income need to purchase a home in DC Cost in DC3

Working families priced out of Homeownership Source: Fannie Mae / Urban Institute State of Housing in the Nations CapitalRaised grant subsidy did R&D work and built coalition of supporters to tackle this problem.3

City First Homes

Program Highlights: Permanent Affordability Wealth-building Work with private sector Homebuyer Support

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Homeowner Support: Homebuyer Education Classes Assistance Attaining Mortgage Post Purchase Support

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Creating mixed-income communities6CFHomes: Units Created7Year Two: Portfolio Snapshot

7Social Innovation Fund: 2012 - 2017Social Innovation Fund

CFE selected as one of the nations most innovative & high impact nonprofits

One of 10 affordable homeownership programs selected nation-wide

Objective: grow program while proving impact through metrics driven-approach

Federal funds matched by Ford Foundation 8

8Additional Recognition, Accomplishments

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INSERTED BY TAHIRA9Sector Leadership & Technical Assistance 10

INSERTED BY TAHIRA10IZs Challenges: Banks, Sales, StabilityLendersReject Deed Restrictions Surviving ForeclosureRequire Substantial Technical SupportSalesSubstantial fall-outRequires very hands-on buyer supportStabilityHigh rates of foreclosure in some casesMitigate through stewardship

11Responding to IZ Challenges: What WorksWinning LendersRemove Foreclosure Survival RequirementOr fund short sale reserveRequire Substantial Technical SupportFormally introduce to programWalk through secondary market compliance requirements Detail how their own policies will need to be adjustedWalk through approval process

12City First Partner Mortgage Lenders13

INSERTED BY TAHIRA13Responding to IZ Challenges: What WorksEnabling SalesBuyers require very hands-on support Build personal relationshipsDetailed and rigorous trainingWalk through mortgage approval processSimplify a confusing process for buyer Banks already know us, buyers come preapproved

14Responding to IZ Challenges: What WorksPromoting stability, preventing foreclosuresOwners benefit from post-purchase support Maintain personal relationshipsPost-purchase homebuyer supportAffirmative: Financial planning, Home maintenanceCrisis prevention: Monitoring, Early interventionProperty condition & compliance monitoringManage resale & enforce restrictions

15Since 2005, Denver created 1,000 IZ units over 3 projectsDenver, CO IZ Example16FORECLOSURE RATES

Community 1Community 2Community 322%14%0%No StewardshipNo StewardshipStewardship

Stewardship FunctionsWhat Works: Stewardship18Foreclosure Rates: Stewarded Housing vs. National AverageSource: National Community Land Trust Network, Mortgage Bankers AssociationRaised grant subsidy did R&D work and built coalition of supporters to tackle this problem.18Chart11438785046049041397722634925414

Sheet1Annual income needed143,878Teacher50,460Police Officer49,041Nurse39,772Retail Salesperson26,349Janitor25,414

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