REBUILDING HOMEOWNERSHIP INITIATIVE 2014€¦ · White Paper on the 2014 Housing Alliance of Pennsylvania Initiative 5 The following three sections of this White Paper summarize what

REBUILDING HOMEOWNERSHIP INITIATIVE 2014

Published by the Housing Alliance of Pennsylvania

Contribution by the Rebuilding Homeownership Taskforce

Rebuilding Homeownership White Paper on the 2014 Housing Alliance of Pennsylvania Initiative

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The Problem 1. Homeownership rates have dropped since 2009. 2. Fewer young families and people with moderate incomes are becoming homeowners. 3. The regulatory environment has been reshaped around ability to repay.

Our Conviction: Homeownership Is Still a Viable Option For Low And Moderate Income People. The homeownership community should be armed with knowledge, use partnerships to mitigate risk, advocate for greater flexibility, and use or creates products and services to make home ownership accessible again, without repeating past mistakes. The Leadership Initiated by Craig Burkley, Director, NeighborWorks® Association of PA, the Housing Alliance convened stakeholders to start a conversation. The first effort was the Rebuilding Homeownership Summit at the 2013 Homes within Reach conference attended by 60 people, out of which a core leadership group emerged:

� NeighborWorks® � Habitat for Humanity � Rebuilding Together � Large lenders - PNC and Wells Fargo � Federal Home Loan Bank � Pennsylvania Housing Finance Agency (PHFA)

The leadership reached out to and engaged the Pennsylvania Bankers Association (PBA), Pennsylvania Association of Realtors® (PAR) and the Pennsylvania Association of Community Bankers (PACB). The Concept: Jump-Start the Conversation Organize forums around the state to explore what homeownership looks like today, to bring stakeholders together, educate ourselves and start people talking with one another again. The Goals 1. Bring Stakeholders Together - lenders large and small, realtors, PHFA, the Federal Home

Loan Bank, community partners such as Habitat for Humanity, Rebuilding Together and NeighborWorks®

2. Educate Ourselves - about the market, the new regulatory environment, identify opportunities and challenges.

3. Rebuild Partnerships - to re-envision and renew homeownership – together. 4. Record and Assess - report back at the 2014 Rebuilding Homeownership Summit.

This White Paper is the result of this year-long effort. It is intended to record the process and what was learned, and to inform the next stage of the campaign to Rebuild Homeownership.


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Regional Forums Were Held Throughout the State They were held in the Northeast, Southwest, South Central and Southeastern regions of Pennsylvania. There was also a South Central Regional Housing Workshop organized and co-hosted by the South Central Assembly’s Housing and Community Development Committee at Penn State Harrisburg.

Forums were planned by a Diverse, Representative Core Leadership Team � Chris Rockey, Nelson Acevedo, Stephanie Cipriani and Kevin Rogers from PNC � Craig Burkley, Colin Kelley and Jesse Ergot from NeighborWorks® � Dave Buches from FHLBank Pittsburgh � Ernie Hogan from PCRG � Jennifer Shockley from Pennsylvania Association of Realtors® � Joe Schupp from Customers Bank � Kate Newton and Coleen Baumert from PHFA � Stacie Reidenbaugh from Habitat for Humanity � Stefanie Seldin from Rebuilding Together � Stephanie Wall and Mike Pany from Wells Fargo � Joe Ott from the Federal Reserve Bank of Cleveland Others joined the planning of local forums in their communities. There was a Common Agenda Featuring Information, Education, Discussion and Networking

I. Data - to create a common base of understanding and starting point for conversation: i. Housing Market Data by the Federal Reserve Banks of Philadelphia and

Cleveland, Community Development Studies Departments ii. Regulatory Environment presented by the Office of the Comptroller of

Currency II. Panel Presentations - products and services to address new lending rules, partnerships to

mitigate risk, creative approaches to meeting Community Reinvestment Act (CRA) obligation

i. PHFA, Habitat, Neighborworks, Rebuilding Together, FHLB, etc. III. Facilitated Discussion of challenges and opportunities IV. Networking, conversation and information sharing V. Refreshments

Local Hosts Provided the Venues NeighborWorks®, Junior Achievement Mericle Family Center, Wells Fargo Bank and Pennsylvania Association of Realtors® hosted the forums. Sponsors Provided Dollars FHLBank Pittsburgh, Wells Fargo, PHFA, PNC and Customers Bank The Housing Alliance of Pennsylvania provided staffing, continuity, leadership and reporting.


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180 People Participated PHFA, builders, realtors, lenders, large banks, community banks, not-for-profit housing counseling, home repair and homeownership organizations, advocates and local officials. Participants Loved the Regional Rebuilding Homeownership Forums! “It was great to learn about the success of current programs to increase home ownership and how the real estate community can do more.” “The background information was necessary, but the real bang for the buck was the panel!” “It was informative in terms of learning about previously unheard of opportunities and learning new things about existing opportunities.” “I had no idea there were so many programs for first time home buyers. It was great to hear everyone giving out information on partnering.” Takeaways Fear and a lack of information are impeding homeownership. At the same time, there are both resources and potential partnerships available. 1. Homeownership still offers an important wealth-building and community development

opportunity for individuals and families of all income levels;

2. There is an appetite for rebuilding homeownership - among banks, community leaders, non-profits, government and realtors;

3. There are interested stakeholders who welcome the opportunity to work in partnerships to

help qualified consumers become homeowners – and to grow the number of prospective homebuyers while also mitigating risk;

4. There are products and services available to help people become homeowners and sustain

homeownership even in a tight regulatory environment, if people are informed, educated and engaged;

5. Partnerships between lenders, realtors and community organizations can mitigate risk and

increase the pool of qualified applicants when funded and when evidence-based approaches are employed;

6. There remain significant challenges to rebuilding homeownership such as student loan

debt, appraisal bias, fear, lack of information, lack of funding for quality nonprofit partners and layering on of regulations. These challenges do need to be addressed.

NOTE: The appendices provide detailed information from the forums.


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The following three sections of this White Paper summarize what was learned through the forums and points to next steps for the campaign to Rebuild Homeownership. It is divided into three sections:

I. Snapshot of Today’s Housing Market II. Understanding the New Regulatory Environment III. Challenges and Opportunities

SNAPSHOT OF TODAY’S HOUSING MARKET

� The housing inventory in the US is close to where it was pre-crash. In the first quarter of 2000, the supply of single-family homes on the market was equivalent to roughly 4.2 months of sales. Supply exceeded 10 months at certain points during the housing crisis but was back down to 5.7 months in the second quarter of 2014. Existing single-family homes sold at an annual rate of 4.6 million in the first quarter of 2000 and at 4.0 million in the first quarter of 2014.1

� In 2012-2013, the median age for all homebuyers was 42 years, the median household

income was $83,300, and 86% of homebuyers were Caucasian. Repeat homebuyers during this period tended to be older (52), had higher incomes ($96,000), and were more likely to be Caucasian (90%) than were first-time homebuyers.1

� Mortgage rejection rates in Pennsylvania decreased between 2007 and 2012. This may

suggest that some prospective homebuyers who did not expect to be approved for a mortgage were not applying for one at the end of the period.1

� In the U.S., between mid-2000 and early 2014, the number of renter-occupied

households grew by 6.8 million, while the number of owner-occupied households increased by 5.6 million. Growth during these years was uneven, occurring in the early part of the period for the owner-occupied sector and later for renters.1

� Mortgage lending standards were tightened by many lenders from 2007 through early

2010, but the data suggest that the tendency to loosen standards in subsequent years has not been as widespread. 1

� Student loan debt and below market appraisals may be impediments to homeownership

for some young people and low/mod buyers.1

� There are a high percentage of prospective buyers who start their home buying process online compared with pre-crash figures. 2

Based on data prepared and presented by the Federal Reserve Bank of Philadelphia, Community Development Studies and Education Department. For their charts please see Appendix B.


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THE NEW REGULATORY ENVIRONMENT The Wall Street Reform and Consumer Protection Act (commonly known as “Dodd-Frank”) was enacted by Congress in 2010 to also address the abuses that contributed to the mortgage and foreclosure crisis. This Act enhanced the regulatory requirements for originating residential mortgages and addressing specific consumer protections.3

� The regulatory mortgage environment created new standards for mortgage qualification

organized around evaluating and documenting the borrower’s Ability To Repay and the Qualified Mortgages (QM) rules.3

� The sheer number of new regulations in addition to ATR/QM has presented a challenge to lenders in terms of identifying gaps in their current policies and procedures, training staff, and incorporating the changes into their infrastructure.

� There are some temporary QM and ATR exemptions for certain types of mortgage

programs including those by some approved mortgage providers. These include State Housing Finance Agencies (including the Pennsylvania Housing Finance Agency or PHFA), Community Development Financial Institutions (CDFIs), HUD-approved Down-Payment Assistance Providers, and Community Housing Development Organizations.3

� Community organizations such as Habitat for Humanity and NeighborWorks® can help

to mitigate risk for lenders through partnerships. Pre and post mortgage counseling and credit counseling are other ways lenders and community organizations can work together to further mitigate risk.3

� Funding loan pools or offering credit risk guaranty could potentially help expand mortgage credit opportunities especially for the low and moderate income.

Excerpted from information prepared and presented by the Office of the Comptroller of the Currency, Community Affairs Department. For Power Point presentation please see Appendix C.


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CHALLENGES Challenge 1. Fear There is a common conception that acquiring a mortgage to purchase a home is hard. Many people don’t realize there are education resources available for them to be successful. Challenge 2. Strict Credit Standards Qualifying for a mortgage is harder than it used to be. The minimum credit score needed for a mortgage is too high for many low/mod families. People who have steady employment and are otherwise stable financially are being overlooked. New mortgage rules are layered on top of fair lending and other regulations making it more cumbersome, complicated and confusing for all. Challenge 3. Lack of Information about Available Resources Over and over again in the forums participants exclaimed: “I wish I had known about this!” There is no centralized website or resource directory available to provide information about rehab and repair, consumer credit counseling, financial products and services that are helpful to lenders, realtors and counselors in rebuilding low/mod homeownership. Challenge 4. Shortage of Affordable Home Repair Available to Low/Mod Homeowners Nonprofits such as Rebuilding Together and Habitat for Humanity can help make sustained homeownership affordable – when they have adequate funding. PHFA and others have rehab and repair products, but can’t meet demand. Federal funding requirements for rehab for resale have tightened to the extent that we need to retool. Affordable new products are needed. Challenge 5. Young People are Not Becoming Homeowners Young people who might otherwise be buying a home are not doing so. This could be because of student loan debt. They can’t afford to pay the down payments or qualify for a loan because they have too much debt. There also seems to be hesitancy around purchasing. Challenge 6. Fragile State of Local Counseling Efforts There is limited availability of Homeownership and credit counseling. Nonprofit credit counseling agencies are struggling with financing issues due to federal cutbacks and limited local resources. Rural areas have little available face to face counseling and now several small cities are losing counseling agencies and services. Challenge 7. Appraisal Bias High appraisals in communities that are improving are displacing homeowners who can’t afford the increased property taxes that come with the high appraisals. The determination of value impacts the buying process. Challenge 8. Foreclosures Still. Abandoned, foreclosed and zombie properties are unavailable to sell and bring down adjacent property values. In addition, the disposition process for foreclosed properties continues to be cumbersome and difficult to assess.


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Challenge 9. Flood Zoning and Flood Insurance With the Federal Government ending its subsidization of the National Flood Insurance Program, premiums are going through the roof in many areas. Remapping of river areas to include them as part of flood zones creates a variety of issues for homeowners in the designated flood areas. Insurance rates are too high for homeowners. In addition, homeowners can’t sell their homes.


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OPPORTUNITIES Opportunity 1. Blanket Exemptions PHFA, Habitat for Humanity, and CDFIs have blanket exemptions to Qualified Mortgage rules. This additional flexibility helps lenders and buyers. Opportunity 2. Housing Counseling There is considerable evidence that pre-purchase housing counseling and consumer credit are effective in helping homebuyers remain current on their mortgage and avoid foreclosure, regardless of income level.4, 5

Opportunity 3. Partnerships Housing counseling, home repair, PHFA and FHLB programs used in partnership with lenders not only help new homeowners access mortgages, but they can mitigate lender risk and can be CRA qualified activities. There are many organizations available looking to collaborate on products and programs. Opportunity 4. Information and Education There is much consensus that not only is it beneficial to have lenders and community public partners involved in the rebuilding homeownership conversation, but there are more industries that need to be involved as well.

Opportunity 5. Rehab and Repair Programs and Products Rebuilding Together and Habitat for Humanity, among others, provide a critical service in preventing foreclosure and sustaining property values for owners. Additional funding and financing would be needed to make this resource more widely available. Opportunity 6. Combined Advocacy Lenders, realtors and community partners have overlapping interests in rebuilding homeownership, which provides an opportunity to collaborate in reaching out to, educating and engaging policy makers in breaking down barriers to homeownership. Opportunity 7. Federal Mortgage Assistance Programs Federal mortgage assistance programs are still available with excellent terms for low and moderate income borrowers- HUD FHA, USDA Rural Development Direct and Guaranteed programs are funded, available and partner will with PHFA and local closing cost assistance programs. Opportunity 8. Green Mortgages They offer lower monthly housing costs thereby making the debt to income ratio more favorable to the buyer and lender. This is a potential area for product development.


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BIG IDEAS FOR NEXT STEPS IDEA 1 CREATE AND LAUNCH A CAMPAIGN TO REBUILD HOMEOWNERSHIP Consider using the “Don’t Borrow Trouble Model” of tying into, linking and establishing local Rebuilding Coalitions, a “hub and spokes” model. Act toward measurable goals that show increased low/mod homeownership rates as a result of the effort. � Develop a Rebuilding Homeownership Toolkit based on this white paper and the

experience of the regional forums to take to local communities throughout the state.

� Provide information about products and services that mitigate risk and grow the customer base.

� Promote local partnerships by providing opportunities for realtors, lenders, nonprofit

community organizations, builders, appraisers, and creditors to share the same space and learn what each industry is doing to expand homeownership opportunities.

� Establish a speakers bureau to deploy to local communities.

� Expand outreach and engagement to increase involvement of industries in initiatives to

expand homeownership, such as the Pennsylvania “Jump$tart” Coalition

IDEA 2 MAKE A RESOURCE DIRECTORY OF AVAILABLE PRODUCTS AND SERVICES There was consensus at the forums about having a resource guide available to communities in Pennsylvania, so that information can be accessed quickly and readily. As a start, Appendix D provides a list of contacts for presenters at the forums that provided information about the products and services they offer to homebuyers in their communities.

IDEA 3 DEVELOP AND ADVANCE A SHARED ADVOCACY AGENDA � Support and Grow Neighborhoods of Choice and Opportunity More tools should be available to support existing stable homeownership neighborhoods. Amenities and location are reasons why homeownership is recovering in some areas and not others. This includes repurposing blighted and abandoned foreclosed stock. � Make Mortgage Regulations More Flexible HR 4521 would incentivize small servicers to continue to service mortgage loans. HR 2673 would allow access to useful and in-demand loan products. � Expand Funding and Financing for Products, Programs and Services That Work… Such as homeownership production, repair of occupied homes and financial education. Every first time homebuyer should have to go through an educational component before they are approved for a mortgage. Encourage community bank and local corporate financial support for homeownership counseling services at the local level.

Appendix

APPENDIX

Appendix A: Rebuilding Homeownership Agenda and Evaluation Results

Rebuilding Homeownership is a series of regional informational forums designed to start a conversation about homeownership, products and services to address new lending rules, partnerships and collaboration that mitigate risk, innovations and creative approaches to CRA. Rebuilding Homeownership brings together lenders, the public sector and nonprofits to share information, explore new solutions, air frustrations, and most importantly, to spur new action that renews the American dream of homeownership that is both prudent and fruitful.

The agenda for each session will be tailored to the local market and bring local resources, but the overall content and organization of each session will be consistent throughout. Five sessions are planned: Central, Northeast, Northwest, Southeast and Southwest. Look for announcements of the session nearest to you. Or, join our Rebuilding Homeownership Task Force and bring a session to your hometown. Session goals: 1. To provide an opportunity for people with a shared interest in rebuilding homeownership to get together 2. To provide data on the regional and statewide housing market as well as best practices for entering and

sustaining homeownership 3. To provide information about creative approaches to CRA, products and services, partnerships and

collaborations that promote homeownership while mitigating risk 4. To spur new products, services and partnerships that will continue to spur growth in homeownership.

AGENDA 8:30-8:45 Coffee and Networking 8:45-9:00 Welcome and Introductions

Local host, sponsors - why we are here 9:00-9:30 Understanding the Market and Mitigating Risk – What the data says

Federal Reserve Banks of Philadelphia and Cleveland 9:30-10:00 Creative Approaches and Recent Innovations in Mortgage Financing

Office of the Comptroller Currency (OCC) 10:00-11:00 Partnerships, Products and Services

PHFA, FHLBank, Habitat for Humanity, Rebuilding Together, NeighborWorks® Pennsylvania Affiliates, local groups

11:00-11:30 Discussion of Action Steps

Working together to rebuild homeownership 11:30-11:35 Closing Remarks- Liz Hersh, Housing Alliance of Pennsylvania


Lackawanna/Luzerne Rebuilding Homeownership Forum Evaluation Results

Evaluation Responses (10 responses received out of 29 in attendance, 34% response rate)

1. How would you rate the overall content of the forum? 90% of respondents rated the overall content good or excellent!

2. How would you rate the presenters at the forum? 100% of respondents rated the presenters good or excellent!

3. On a scale from 1-5, please rate the usefulness of the forum. 70% of respondents rated the usefulness of the forum good or excellent.

Comments:

x Positive o Action discussed o Products and services piece

� Learning what PHFA and FHLBank programs are available � Presentation by NeighborWorks

o Data presented by Fed- national and local trends, data analysis of housing market o Addressing challenges to homeownership

x Change for next time:

o Handouts of the presentations should be given at the forums o Having low income homeowners be a part of the conversation would be beneficial,

and inform participants on how to help them o More best practices vs. general overviews

x Additional Comments

o Noteworthy that Sec. Moyer was in attendance and engaged in growing homeownership initiatives


South Central PA Rebuilding Homeownership Forum Evaluation Results




3. On a scale from 1-5, please rate the usefulness of the forum. 98% of respondents rated the usefulness of the forum good or excellent!

Comments:

x Positive o It was great to hear from the different groups represented there o There was great conversation o The closing section (Action steps) was beneficial o People did not know there were so many programs available, it was great to hear about the

different programs, and have a sharing component to the forum o The data and statistics were great


o The label for the Action Steps PowerPoint on each slide should be take away instead of next steps

o There should be more conclusions from the data o There should be participation from realtors and appraisers o Acronyms should be explained o All speakers should have PowerPoints o There should be additional time to network o Key areas from this event should be focused on for the next events o There should be tables if space allows o Table tents should be in front of panel presenters with their names o The next sessions should be video recorded


Southeastern PA Rebuilding Homeownership Forum Evaluation Results





Comments:

x Positive o The panel presenters were effective o Both presentations were helpful- esp. the rundown of the regulations, the overview of the

Dodd Frank Act, an overview of the market since 2000, and the area trends on home sales o Creates stronger relationships between industries o The forum gave more awareness to different resources available as well as contacts at these

organizations/associations o There was active dialogue among everyone in the room; it was good that it was with local

state stakeholders o Hearing lender’s viewpoints was helpful


o Format of the OCC presentation was dense- there was a lot of information to absorb o There could be more information on how to get local banks to partner with nonprofits o More specific local data would be useful o The forum could start later in the day o The panel should have less panelists o Highlight community outreach initiatives o Presenters should bring handouts o Have a broader geographic representation


o Excellent source of information o Break-out sessions would be helpful o next time include reverse mortgage institutions


Southwestern PA Rebuilding Homeownership Forum Evaluation Results





Comments:

x Positive o That it happened. o Examples of collaborative efforts o Experience of the collaboration effort with lenders and goal regulators with housing agencies o Having a diverse group of representation participating at the forum o A comprehensive assessment of current housing market o Discussion at the end (Action steps piece) o Great to learn about the success of current programs to increase home ownership and how the

real estate community can do more o Seeing what various options there are for lending o Open forum to discuss the issues o Learning about products. Let’s get the information on one website o Variety of speakers in program o That there are lenders promoting and creating CRA and other new loan products. The

profound desire to work together

x Change for next time: o Sound quality-just have people speak up. no need for a microphone o Invite housing authorities as presenters o Have a 10 minute break o Discourage and restrict distributing flyers during another panelist's presentation o Longer q and a session o Handout copies of presentation o I would have liked the first two presentations to focus on more local issues and data o Speaker arriving a head of time and data more relevant o Brochures of each organization represented o I would extend the open conversation time at the end


o Raising the screen so the slides could be seen by people seated in the back would have helped. Also move podium slightly to center, so speakers can be seen by all.

Appendix B: Federal Reserve Bank of Philadelphia Charts

0

10

20

30

40

50

60

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Pennsylvania

5+ units

1–4 units

4.6 4.0

0.7 0.5 0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

1Q00 1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14

U.S.Northeast

Housing Market Data from “Homeownership: Surveying the Landscape” Federal Reserve Bank of Philadelphia, Community Development Studies and Education Department Building Permits Issued

Source: U.S. Census Bureau, Building Permits Survey Sales of Existing single-family homes (seasonally adjusted annual rates)

Source: U.S. Census Bureau, New Residential Sales

Thousands

millions


4.2 5.7

0.0

2.0

4.0

6.0

8.0

10.0

12.0


Months’ Supply of single-family homes on the market (US)

Source: National Association of Realtors / Haver Analytics

Characteristics of Homebuyers (2012-2013)

Source: National Association of Realtors, “Profile of Home Buyers and Sellers,” 2013.

Home Mortgage Rates (Pennsylvania)

Overall First-Time Repeat

Median age 42 31 52

Under 35 years 33% 67% 13%

Median household income

$83,300 $67,400 $96,000

Under $55,000 25% 36% 20%

White/Caucasian 86% 80% 90%


28%

16%

36%

22%

44%

33%

-5% 5% 15% 25% 35% 45%

2007

2008

2009

2010

2011

2012

>$60k $41k–$60k <=$40k

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

-2,000

2,000

4,000

6,000

8,000

10,000

12,000

14,000

3Q00 3Q01 3Q02 3Q03 3Q04 3Q05 3Q06 3Q07 3Q08 3Q09 3Q10 3Q11 3Q12 3Q13

Source: Home Mortgage Disclosure Act (HMDA) data downloaded from the Consumer Financial Protection Bureau. Applications are for first-lien loans for owner-occupied one- to four-family dwellings (excl. manufactured housing) for which applicant income was reported. Rejection rates are calculated as loans denied by the lender as a percentage of all applications, excluding those withdrawn, incomplete, or related to preapproval.

Household Growth Trends

Source: U.S. Census Bureau, Current Population Survey/Housing Vacancy Survey, Series H-111

Net percentage of domestic lenders tightening standards for mortgage loans

Net renter-occupied households relative to 2Q00

Net owner occupied households relative to 2Q00

Household growth relative to same quarter prior year

Household growth relative to same quarter prior year


-20

-10

0

10

20

30

40

50

60

70

80


All Loans

Prime Loans

Source: Federal Reserve Board, Senior Loan Officer Opinion Survey on Bank Lending Practices, Chart Data, Figure 3

Appendix C: Office of the Comptroller of the Currency Power Point




Appendix D: Resource Directory

Organization Contact Contact Info Product/Service Bucks Co. Housing Group Sherry Pace [email protected]

215-598-3566 1. Bucks County First Time Homebuyer program 2. Counseling and education via 2 hr financial literacy workshop, 8

hr. Homebuyer Education classes, and in depth one on one counseling

Care Ownership Linda Shultz [email protected] 412-301-1606

1. Landlord training program that provides tenants the opportunity to be landlords, and revitalizes blighted properties in the process

Chester Community Improvement Project

Larry Douglas ldouglas@[email protected] 610-876-8663

1. First Time Homebuyers Program 2. Walk to Work 3. Individual Development Account Program

Clarifi Markita Morris-Louis

[email protected] 267-546-0243

1. Partnership with First Front Door

Commission on Economic Opportunity

Dave Ritter [email protected] 570.826.0510x216

1. First Time Homebuyers Program funded through the Luzerne County Housing Trust

2. Integration of PHFA “Building Your Financial Home” learning module

FHLBank Pittsburgh Dave Buches [email protected] 302-242-1257

1. First Front Door Program/Affordable Housing Program 2. Mortgage Partnership Finance Program

Genesis Housing Corporation Judith Memberg [email protected] 610-275-4357

1. Housing Rehab (on vacant and occupied properties) and affordable resale

2. Housing Counseling Habitat for Humanity of Greater Pittsburgh

Daniel Webb [email protected] 412-351-0512 x10

1. Homeownership program 2. Revitalization programs: Weatherization and A Brush of

Kindness Habitat for Humanity Philadelphia

Carrie Rathmann [email protected] 215-765-6000

1. New construction for ownership 2. 2 repair programs for pre-existing homeownership stabilization

Lancaster Area Habitat for Humanity

Stacie Reidenbaugh [email protected] 717-392-8836

1. First time home buyer education and down payment assistance 2. Neighborhood revitalization via purchase of dilapidated homes,

rehabbing them and selling to LMI home buyers Lancaster Housing Opportunity Partnership

Ray D’Agostino [email protected] 717-291-9945 Ext. 4

1. First-time home buyer education and down payment assistance, 2. Neighborhood revitalization through purchase of dilapidated

mostly vacant homes, rehabbing them and selling to LMI home buyers.

NeighborWorks® Northeastern PA

Jesse Ergott [email protected] 570-558-2490

1. Credit/Pre-Purchase Counseling and Education 2. Foreclosure prevention services 3. Home repair and rehabilitation

NeighborWorks® Western PA Craig Burkley [email protected] 412-281-1100

1. Homebuyer Education Workshops 2. Financial Education Workshops

Appendix D: Resource Directory

3. eHome Online Homeownership Program 4. Budget & Credit Counseling 5. Foreclosure Prevention

PathStone Wendy Carter [email protected] 610-925-1880

1. Financial Education 2. Home-buyer Post Purchase Counseling 3. Homebuyer pre purchase education

Pennsylvania Housing Finance Agency

Coleen Baumert [email protected] 717-780-1871

1. Offers conventional financing as well as FHA, VD, and RD financing

2. Down payment and closing cost assistance 3. Mortgage tax credit incentive 4. Programs for those with disabilities 5. Free homebuyers education 6. Loan servicing 7. Home repair programs

Pittsburgh Community Reinvestment Group (PCRG)

Ernie Hogan [email protected] 412-391-6732

1. Fifth Third Bank a $1,500 Down Payment Grant Program for LMI buyers

2. Community Acquisition Rehab Loan (CARL) creating a purchase rehab mortgage loan.

3. PCRG’s Community Capital Fund will be create to establish a continual capital flow to support Purchase Rehab, Home Purchase and Affordable Housing and Economic Development

Rebuilding Together Greater Harrisburg

Susan Gebhart [email protected] 717-574-2639

1. Free home repairs and modifications to low income elderly, the disabled, families with children, and veterans

Rebuilding Together Philadelphia

Stefanie Seldin [email protected] 215-966-1134

1. Home repairs including safe at home projects, healthy home projects, exterior work, and critical repairs

Rebuilding Together Pittsburgh Steve Burris [email protected] 412-922-0953

1. Community Outreach Efforts in partnership with local CDC /CBO

2. Work Experience Program Regional Housing Legal Services

Judy Berkman [email protected] 215 572 7300 ext 111

1. PULP- utility law project 2. HEMAP Help Center

The Pittsburgh Project Joanna Deming [email protected] 412-321-1678

1. Home Repair Ministry 2. Homeowner Care program

United Neighborhood Centers of Northeastern PA

Lisa Durkin [email protected] 570-346-0759

1. First time homebuyers classes 2. Foreclosure prevention 3. UNCDC- development of affordable housing units

Appendix E: Resources

1. Wardrip, K. (2014). Homeownership: Surveying the Landscape [PowerPoint slides]

2. Evangelou, N. (2013, October 13). The Home Search Process (2004-2013). Retrieved November

11, 2014, from http://economistsoutlook.blogs.realtor.org/2014/10/13/the-home- search-process-2004-2013/

3. Baffour, F. (2014). Affordable Housing Solutions [PowerPoint slides].

4. Housing and Urban Development. Counseling Works. Retrieved 10/21 from http://portal.hud.gov/hudportal/documents/huddoc?id=counselingworks060412.pdf

5. Smith, M.M., Hochberg, D., & Greene, W.H. (2014). The Effectiveness of Pre-purchase Homeownership Counseling and Financial Management Skills. Federal Reserve Bank of

Philadelphia. Retrieved 10/23 from http://www.philadelphiafed.org/community-development/homeownership-counseling-study/2014/homeownership-counseling-study-042014.pdf

Documents

REBUILDING HOMEOWNERSHIP INITIATIVE 2014€¦ · White Paper on the 2014 Housing Alliance of Pennsylvania Initiative 5 The following three sections of this White Paper summarize what