Post on 25-Dec-2015
Cobblestone Terrace
Cobblestone Terrace
Kris ClementsJohn Lewis Community Services
Davenport, Iowa
Cobblestone Terrace
John Lewis Community Services-Developer Housing Services Supportive Services Community Meal Site Neighborhood Advocacy
Movement Supportive Youth Services Community and Housing
Development Services
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John Lewis Community Services
Housing Services: Including shelter, transitional, permanent supportive rental units, master lease program, homeownership rehab and loan programs, multi-family rehab program and single family in-fill homes
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John Lewis Community Services
Community and Housing Development Services: A service that includes housing development, construction management, property management services, financial literacy programs, grant writing and research, technology services, and facilitation of collaborative projects in support of the mission of JLCS
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Cobblestone TerraceSite & Project Description
10 Single Family homes 1200-1450 sq. ft.
2.6 acres Established neighborhood, across
from an elementary school and community center
No new development in over 40 years Zoned R-4
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Streetscape
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ROSE – Renters to Owners Savings Equity Program Affordable housing targeting working
families & Individuals at <40% - 50% AMI $50 of rent per month placed in secured
savings program towards home purchase Tenants participate in individualized
training towards home ownership skills, budgeting and financial literacy classes, debt and credit counseling, maintenance & repair classes, and ongoing supportive services.
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Purpose: To create new homeownership
opportunities for working, income limited families who desire to achieve the American dream of owning their own home.
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Multiple Goals
Create Home Ownership Incubator Serve 35 Families Create new buyer pool for local
neighborhood Improve local affordable housing
stock
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Incomes & Unit Rents
40%-4 people <$ 23,200.00 50%-4 people <$ 29,000.00
Actual Rents w/o Utilities 40% AMI 3 Bd. = $407 50% AMI 3 Bd. = $470 50% AMI 4 Bd. = $541
(Reviewed Sept 2005)
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R.O.S.E.
Unique because it brings together organizations representing a broad range of expertise and experience in fields associated with homeownership such as mortgage financing, housing development and real estate, and critical support services.
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Partners
Local banks, mortgage companies Local Community based organizations – John
Lewis, United Neighbors, Interfaith Housing, DREAM Program Lead Alliance Iowa Department of Economic Development City of Davenport HOME
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Lending Partners
Mortgage counselors specially trained in affordable lending products and services
Down payment assistance available through local programs
Mortgage loans (also known as “portfolio” loans) offered as part of efforts to comply with the federal Community Reinvestment Act.
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Supportive Services Partners Pre-Purchase Borrower Education
and Counseling Homebuyer education class Consumer credit counseling Homeownership plan Budget preparation and mortgage
financing counseling Home Maintenance Skills training
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DREAM Program
Serves 70-80 Families annually Home Buyers Education Classes Down Payment assistance Rehabilitation/Lead remediation
assistance – Up to $24,999 improvements resulting in a 5 year forgivable loan for the cost of the work.
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First Time Home Buyers & Lead Estimated 4.4% of 1-5 year olds
(890,000 children) living in pre-1950 housing rates are highest for 1-2 year old kids 11.2% of black children over 50% of children screened in
some inner city communities
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Lead-Safe Partnerships Provide: Inspectors: Test for the presence of
LBP using special equipment Risk Assessors: Test for the presence
of LBP hazards and make recommendations
Certified contractors: Contractors who have been state certified to perform LBP hazard control
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Desired Outcomes
Provide Affordable Home Ownership Options
Increase Housing AffordabilityIncreased equity in first homeUpgrade Existing HousingAssist 35 families toward
homeownership
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Recommendations/Issues NIMBY misinformation Year 15 LITCH Unit sale price – to sell or
not to sell Rising interest rates Need for Post closing education strategies
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Contact InformationKris Clements
John Lewis Community ServicesDirector of Property Services
563-823-0508kclements@jlcs.org