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Cobblestone Terrace

Cobblestone Terrace. Kris Clements John Lewis Community Services Davenport, Iowa. 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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Cobblestone Terrace

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  1. Cobblestone Terrace Kris Clements John Lewis Community Services Davenport, Iowa Cobblestone Terrace

  2. John Lewis Community Services-Developer • Housing Services • Supportive Services • Community Meal Site • Neighborhood Advocacy Movement • Supportive Youth Services • Community and Housing Development Services Cobblestone Terrace

  3. 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 Cobblestone Terrace

  4. 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 Cobblestone Terrace

  5. 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 Cobblestone Terrace

  6. Cobblestone Terrace

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  8. Streetscape Cobblestone Terrace

  9. 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. Cobblestone Terrace

  10. Purpose: • To create new homeownership opportunities for working, income limited families who desire to achieve the American dream of owning their own home. Cobblestone Terrace

  11. Multiple Goals • Create Home Ownership Incubator • Serve 35 Families • Create new buyer pool for local neighborhood • Improve local affordable housing stock Cobblestone Terrace

  12. 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) Cobblestone Terrace

  13. 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. Cobblestone Terrace

  14. 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 Cobblestone Terrace

  15. 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. Cobblestone Terrace

  16. Supportive Services Partners • Pre-Purchase Borrower Educationand Counseling • Homebuyer education class • Consumer credit counseling • Homeownership plan • Budget preparation and mortgage financing counseling • Home Maintenance Skills training Cobblestone Terrace

  17. 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. Cobblestone Terrace

  18. 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 Cobblestone Terrace

  19. 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 Cobblestone Terrace

  20. Desired Outcomes Provide Affordable Home Ownership Options Increase Housing Affordability Increased equity in first home Upgrade Existing Housing Assist 35 families toward homeownership Cobblestone Terrace

  21. 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 Cobblestone Terrace

  22. Contact Information Kris Clements John Lewis Community Services Director of Property Services 563-823-0508 kclements@jlcs.org Cobblestone Terrace

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