Hampton Redevelopment - Community Report 2013
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Transcript of Hampton Redevelopment - Community Report 2013
HAMPTON, VIRGINIA
2013 COMMUNITY REPORTHAMPTON REDEVELOPMENT AND HOUSING AUTHORITY
HAMPTON, VIRGINIA
2013 COMMUNITY REPORTHAMPTON REDEVELOPMENT AND HOUSING AUTHORITY
2 FALL 2013
We also provided educational programs to
potential homebuyers in order to achieve
our goal of creating educated, well-
informed homebuyers.
We focused on improving the quality of existing
housing in Hampton’s older, established
neighborhoods by offering the following
programs to qualified homeowners:
HOMEOWNER REHABILITATION DEFERRED LOAN PROGRAMFunds provided through the HOME Investment
Partnership Program enabled eligible owner-
occupants to correct code deficiencies and
make non-luxury improvements to their
homes. One of the criteria was for the applicant’s total
income to be at or below 80% of the area’s medium
income, based on household size, as prescribed by
the Department of Housing and Urban Development.
During the year, nine homes were rehabilitated
totaling $207,118.
ACQUISITION AND REHABILITATIONFunds provided through the HOME Investment
Partnership Program allowed us to acquire vacant homes
in disrepair. We targeted
neighborhoods where most
of the homes were rental
properties, blighted, or in
disrepair. Once acquired,
we rehabilitated the homes,
turning them into valuable
neighborhood assets. The
home was then placed on
the open market for qualified
homebuyers. During the
year, eight homes were
acquired and rehabbed to
add a potential $800,000
to the City tax base.
WHEELCHAIR RAMP PROGRAMFunds received from the Community Development Block
Grant were used to provide lumber and other materials
to low-to-moderate income residents
in need of wheelchair access to their
homes. In addition to providing the
materials, we also designed ramps,
acquired the permits, and coordinated
volunteer labor for qualified applicants.
During the year, two ramps were
built totaling $4,785.
EXTERIOR IMPROVEMENT PROGRAMFunds received from the Community Development
Block Grant Program were used to provide exterior
repairs and improvements to qualified owner-
occupants. The maximum deferred loan is $10,000,
The quality of a neighborhood impacts almost every aspect of a City. Healthy neighborhoods are places where people want to live and
invest their time, money, and energy. We invest in neighborhoods because we understand the importance of a good neighborhood image – a good image brings in families, increases homes values, and brings businesses to the area. To improve a neighborhood’s image, we focus on improving the quality of existing housing through rehabilitation and new home construction, through demolition of blighted, vacant homes, as well as vacant lots in targeted areas of the city.
OCTOBER 2013Hampton, VIRGINIA
THE PRIMARY OBJECTIVE OF REHABILITATION IS
TO ENHANCE THE QUALITY AND CONDITION OF EXISITING AFFORDABLE HOMES.
2 FALL 2013
We also provided educational programs to
potential homebuyers in order to achieve
our goal of creating educated, well-
informed homebuyers.
We focused on improving the quality of existing
housing in Hampton’s older, established
neighborhoods by offering the following
programs to qualified homeowners:
HOMEOWNER REHABILITATION DEFERRED LOAN PROGRAMFunds provided through the HOME Investment
Partnership Program enabled eligible owner-
occupants to correct code deficiencies and
make non-luxury improvements to their
homes. One of the criteria was for the applicant’s total
income to be at or below 80% of the area’s medium
income, based on household size, as prescribed by
the Department of Housing and Urban Development.
During the year, nine homes were rehabilitated
totaling $207,118.
ACQUISITION AND REHABILITATIONFunds provided through the HOME Investment
Partnership Program allowed us to acquire vacant homes
in disrepair. We targeted
neighborhoods where most
of the homes were rental
properties, blighted, or in
disrepair. Once acquired,
we rehabilitated the homes,
turning them into valuable
neighborhood assets. The
home was then placed on
the open market for qualified
homebuyers. During the
year, eight homes were
acquired and rehabbed to
add a potential $800,000
to the City tax base.
WHEELCHAIR RAMP PROGRAMFunds received from the Community Development Block
Grant were used to provide lumber and other materials
to low-to-moderate income residents
in need of wheelchair access to their
homes. In addition to providing the
materials, we also designed ramps,
acquired the permits, and coordinated
volunteer labor for qualified applicants.
During the year, two ramps were
built totaling $4,785.
EXTERIOR IMPROVEMENT PROGRAMFunds received from the Community Development
Block Grant Program were used to provide exterior
repairs and improvements to qualified owner-
occupants. The maximum deferred loan is $10,000,
The quality of a neighborhood impacts almost every aspect of a City. Healthy neighborhoods are places where people want to live and
invest their time, money, and energy. We invest in neighborhoods because we understand the importance of a good neighborhood image – a good image brings in families, increases homes values, and brings businesses to the area. To improve a neighborhood’s image, we focus on improving the quality of existing housing through rehabilitation and new home construction, through demolition of blighted, vacant homes, as well as vacant lots in targeted areas of the city.
OCTOBER 2013Hampton, VIRGINIA
THE PRIMARY OBJECTIVE OF REHABILITATION IS
TO ENHANCE THE QUALITY AND ENHANCE THE QUALITY AND ENHANCE THE QUALITYCONDITION OF EXISITING AFFORDABLE HOMES.
3COMMUNITY REPORT FROM HRHA
Statement of Net Assets Statement of Rev, Exp & Changes in Net Assets
Cash and Cash Equivalents
Receivables
(Short- and Long-Term)
Prepaids & Inventories
Restricted Cash
Capital Assets
(Net of Accum Depr)
Total Assets:
Current Liabilities
Non-Current Liabilities
Total Liabilities:
Invested in Cap Assets
Restricted Net Assets
Unstricted Net Assets
Total Net Assets:
$16,991,663
2,169,864
390,994
4,196,888
50,433,946
74,183,355
1,433,197
19,228,697
20,661,894
34,040,143
2,196,003
17,285,315
53,521,461
Tenant Revenue
Gov’t Operating & Capital Grants
Interest Revenue
Other Revenue
Total Revenue:
Administrative Expenses
Tenant Services Expenses
Utilities, Maint & Protective Services
Insurance & Other Expenses
Interest Expense
Housing Assistance Payments
Depreciation
Total Expenses:
Change in Net Assets
$2,311,783
28,089,402
31,304
1,673,551
32,106,040
3,476,428
423,800
3,342,003
2,648,179
19,786
21,977,151
1,416,330
33,303,677
(1,197,637)
HAMPTON REDEVELOPMENT & HOUSING AUTHORITYPRIMARY GOVERNMENT & COMPONENT UNITS
FOR YEAR ENDING DECEMBER 31, 2012 (UNAUDITED)
which is forgiven over a five year period. During the
year, one exterior improvement project was
completed totaling $9,137.
COMMUNITY HOUSING DEVELOPMENT ORGANIZATIONS (CHDOS)CHDO funds were used to support their affordable
housing activities. CHDOs are private, non-profit
community based service organizations whose primary
purpose is to provide and develop decent affordable
housing in the community. We work with CHDOs in
carrying out their mission. During the year, two
programs were supported totaling $70,000.
WEATHERIZATION AND ENERGY EFFICIENCY Funds received from the Community Development Block
Grant Program were used to provide up to $20,000 in
weatherization and energy efficiency improvements
to qualified Hampton homeowners. On average, the
value of the weatherization improvements to a home
is more than two times greater than the cost of the
improvement. The energy efficiency improvements that
make up weatherization services are long lived, with
the savings adding up over time. During the year, six
projects were completed expensing a total
of $94,993.
NEIGHBORHOOD STABILIZATION PROGRAM Funds received from the program were used to purchase
and rehabilitate foreclosed and abandoned homes in
an effort to stabilize neighborhoods. During the year,
three homes were purchased, rehabilitated, a
potential $300,000 to the City’s tax base.
The Authority provides education for homebuyers
through a series of seminars and workshops involving
banks, mortgage corporations and builders.
WEATHERIZATION SERVICES ARE LONG LIVED, WITH THE SAVINGS ADDING UP OVER TIME.
3
Statement of Net Assets Statement of Rev, Exp & Changes in Net Assets
Cash and Cash Equivalents
Receivables
(Short- and Long-Term)
Prepaids & Inventories
Restricted Cash
Capital Assets
(Net of Accum Depr)
Total Assets:
Current Liabilities
Non-Current Liabilities
Total Liabilities:
Invested in Cap Assets
Restricted Net Assets
Unstricted Net Assets
Total Net Assets:
$16,991,663
2,169,864
390,994
4,196,888
50,433,946
74,183,355
1,433,197
19,228,697
20,661,894
34,040,143
2,196,003
17,285,315
53,521,461
Tenant Revenue
Gov’t Operating & Capital Grants
Interest Revenue
Other Revenue
Total Revenue:
Administrative Expenses
Tenant Services Expenses
Utilities, Maint & Protective Services
Insurance & Other Expenses
Interest Expense
Housing Assistance Payments
Depreciation
Total Expenses:
Change in Net Assets
$2,311,783
28,089,402
31,304
1,673,551
32,106,040
3,476,428
423,800
3,342,003
2,648,179
19,786
21,977,151
1,416,330
33,303,677
(1,197,637)
HAMPTON REDEVELOPMENT & HOUSING AUTHORITYPRIMARY GOVERNMENT & COMPONENT UNITS
FOR YEAR ENDING DECEMBER 31, 2012 (UNAUDITED)
which is forgiven over a five year period. During the
year, one exterior improvement project was
completed totaling $9,137.
COMMUNITY HOUSING DEVELOPMENT ORGANIZATIONS (CHDOS)CHDO funds were used to support their affordable
housing activities. CHDOs are private, non-profit
community based service organizations whose primary
purpose is to provide and develop decent affordable
housing in the community. We work with CHDOs in
carrying out their mission. During the year, two
programs were supported totaling $70,000.
WEATHERIZATION AND ENERGY EFFICIENCY Funds received from the Community Development Block
Grant Program were used to provide up to $20,000 in
weatherization and energy efficiency improvements
to qualified Hampton homeowners. On average, the
value of the weatherization improvements to a home
is more than two times greater than the cost of the
improvement. The energy efficiency improvements that
make up weatherization services are long lived, with
the savings adding up over time. During the year, six
projects were completed expensing a total
of $94,993.
NEIGHBORHOOD STABILIZATION PROGRAM Funds received from the program were used to purchase
and rehabilitate foreclosed and abandoned homes in
an effort to stabilize neighborhoods. During the year,
three homes were purchased, rehabilitated, a
potential $300,000 to the City’s tax base.
The Authority provides education for homebuyers
through a series of seminars and workshops involving
banks, mortgage corporations and builders.
WEATHERIZATION SERVICES ARE LONG LIVED, WITH THE SAVINGS ADDING UP OVER TIME.
33
4 FALL 2013
HOMEBUYER CLUBThe goal of the Homebuyer Club was to educate
participants in all facets of homeownership. Once the
participants have completed the 12-16 month program
they are eligible to receive up to $10,000 in down
payment assistance on a qualified home in Hampton.
During the year, 14 participants completed the
program; one have purchased a home.
HOMEBUYER EDUCATIONWe partnered with banks, mortgage lenders, builders,
non-profits, faith-based organizations, and commercial
businesses to provide housing counseling, homebuyer
schooling, and market available homeownership
programs to qualified participants. Homebuyer
educational programs are mandatory for potential
homebuyers eligible for Virginia Housing Development
Authority and federal housing assistance programs.
During the year, we held eight seminars attended
by 64 prospective homebuyers.
ENTREPRENEUR’S CLUBS We created the Entrepreneur’s Club to promote business
development in Hampton for low-to-moderate income
Hampton residents. The program’s goal is to educate
participants through classes and educational activities
designed to promote business development. During
the program year, one participant completed the
program and was ready to start their business and
was eligible to receive up to $250 toward qualified
business development expenses.
The Teenpreneur Club was also formed to introduce
an entrepreneurial mind-set and skills to Hampton
teens. The program is designed to raise awareness
of entrepreneurship as a viable career option, help
students develop the attributes and skills associated
with successful entrepreneurs, and to motivate students
to pursue further study, exploration, and consideration
of entrepreneurship. During the year, nine Hampton
teens participated in the program.
HAMPTON REDEVELOPMENT
AND HOUSING AUTHORITY
P.O. BOX 280
HAMPTON, VA 23669
HOMEBUYER CLUBThe goal of the Homebuyer Club was to educate
participants in all facets of homeownership. Once the
participants have completed the 12-16 month program
they are eligible to receive up to $10,000 in down
payment assistance on a qualified home in Hampton.
During the year, 14 participants completed the
program; one have purchased a home.
HOMEBUYER EDUCATIONWe partnered with banks, mortgage lenders, builders,
non-profits, faith-based organizations, and commercial
businesses to provide housing counseling, homebuyer
schooling, and market available homeownership
programs to qualified participants. Homebuyer
educational programs are mandatory for potential
homebuyers eligible for Virginia Housing Development
Authority and federal housing assistance programs.
During the year, we held eight seminars attended
by 64 prospective homebuyers.
ENTREPRENEUR’S CLUBS We created the Entrepreneur’s Club to promote business
development in Hampton for low-to-moderate income
Hampton residents. The program’s goal is to educate
participants through classes and educational activities
designed to promote business development. During
the program year, one participant completed the
program and was ready to start their business and
was eligible to receive up to $250 toward qualified
business development expenses.
The Teenpreneur Club was also formed to introduce
an entrepreneurial mind-set and skills to Hampton
teens. The program is designed to raise awareness
of entrepreneurship as a viable career option, help
students develop the attributes and skills associated
with successful entrepreneurs, and to motivate students
to pursue further study, exploration, and consideration
of entrepreneurship. During the year, nine Hampton
teens participated in the program.
HAMPTON REDEVELOPMENT
AND HOUSING AUTHORITY
P.O. BOX 280
HAMPTON, VA 23669