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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

Cobblestone Terrace

Kris Clements

John Lewis Community Services

Davenport, Iowa

Cobblestone Terrace

john lewis community services developer
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

john lewis community services
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

john lewis community services4
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

cobblestone terrace site project description
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

streetscape
Streetscape

Cobblestone Terrace

rose renters to owners savings equity program
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

purpose
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

multiple goals
Multiple Goals
  • Create Home Ownership Incubator
  • Serve 35 Families
  • Create new buyer pool for local neighborhood
  • Improve local affordable housing stock

Cobblestone Terrace

incomes unit rents
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

r o s e
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

partners
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

lending partners
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

supportive services partners
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

dream program
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

first time home buyers lead
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

lead safe partnerships provide
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

desired outcomes
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

recommendations issues
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

contact information

Contact Information

Kris Clements

John Lewis Community Services

Director of Property Services

563-823-0508

kclements@jlcs.org

Cobblestone Terrace