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Homeownership Project Report

Homeownership Project Report. May 2007. Advisory Board. Darryl Reber-Executive Director of Inland Empire Residential Resources Polly Maxwell-Executive Director of The Artisans Lance Morehouse-Director of Advocacy & Family Support

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Homeownership Project Report

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  1. Homeownership Project Report May 2007

  2. Advisory Board Darryl Reber-Executive Director of Inland Empire Residential Resources Polly Maxwell-Executive Director of The Artisans Lance Morehouse-Director of Advocacy & Family Support The Arc of Spokane Sue Grant- Real Estate Consultant Betty Shanks-Past President of The Arc of Spokane Heather Comer-Self Advocate Tom Shanks-Self Advocate John Lemus-Self Advocate Cristi Zacherle-Consultant with Country-wide Home Loans Linda McClain- Executive Director of Coalition of Responsible Disabled

  3. County Statistics Information and referral on homeownership issues—448 Education contacts in the community related to opportunities for homeownership—730 Issues about obtaining stable housing—205 Individuals benefiting from purchasing—23 Residential property increases—30% last 2 yrs.; 17.7% in 2006 Area Median home prices increase--$182,155 to $184,100

  4. Purchase Assistance Programs HomeChoice- up to $15,000 downpayment assistance deferred 2nd loan @1% 30 yrs. HouseKey-up to $5,000 downpayment assistance Section 8 voucher homeownership-up to 30yr. assistanceif offered by local housing authority. Revolving Loan Account- We hope to offer $20,000 in downpayment assistance for 20 families

  5. Barriers to HomeOwnership Credit history-credit card debt rental furniture payments delays in paying heating or electric bills outstanding or written off medical bills identity theft Long-term supports-cuts in MPC or COPES hours increase in support needs fear loss of family support if they purchase Affordability of real estate--clients find there are multiple offers already on the table when they make an initial offer Fast moving market-housing has been selling within 3-7 days investors are flipping houses taking houses off the market Moving arrangements-feel unable to pack to move can’t afford the additional costs of a moving company Maintenance obligations-do not know how to do any type of maintenance afraid to give up security of rental benefits Estate recovery-fear of what this would mean especially if two advocates purchase together

  6. Franklin Hall Condo-$50,000 ___________________________________________________________________________________________________________________________________________________________________________

  7. Driscoll House-$98,100 ___________________________________________________________________________________________________________________________________________________________________________

  8. Spofford House-Lease to Purchase ___________________________________________________________________________________________________________________________________________________________________________

  9. Elgin House-$103,000 ___________________________________________________________________________________________________________________________________________________________________________

  10. Sanson House-$84,000 ___________________________________________________________________________________________________________________________________________________________________________

  11. Nettleton House-$90,000 ___________________________________________________________________________________________________________________________________________________________________________

  12. Grace House-$107,000 ___________________________________________________________________________________________________________________________________________________________________________

  13. West Grace House-$101,000 ___________________________________________________________________________________________________________________________________________________________________________

  14. N. Adams House- $130,000 ___________________________________________________________________________________________________________________________________________________________________________

  15. N. Crestline House- $95,000 ___________________________________________________________________________________________________________________________________________________________________________

  16. E. 34th House- $157,100 ___________________________________________________________________________________________________________________________________________________________________________

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