Community Housing Works

Filing Period

Jan 1, 2011 to Dec 31, 2011

Signed

Sep 11, 2012

Return Version

2011v1.2

Gross Receipts

$8,018,376

Mission

Major Activities

Activity 2

Home Ownership In 2011, 150 families became first time homebuyers through The organization and associated programs, and over 59% of the families were low and moderate income and/or people of color.Home Buyer EducationThe Organization is committed to the proven proposition that education and counseling results in prospective homebuyers who will be better home owners and more likely to pay their loans timely, and retain and maintain their homes over the years. The Organization's education program is HUD certified and completion certificates are accepted by lenders offering special loan programs requiring home-buyer education. In 2011, 657 people graduated from these programs.Foreclosure Intervention ServicesThe Organization's Foreclosure Intervention Center offers a full range of counseling and loss mitigation services to assist families in their efforts to avoid foreclosure and sustain home ownership. The Center's counselors and loss mitigation specialists work with families to find options to resolve their individual situations. In 2011, the center conducted one on one counseling sessions with 800 homeowners. Unfortunately, not every homeowner's situation results in avoiding foreclosure. The counselors assess the status of each homeowner's sources of income, the value of their home, the amount owing on their home loans, the type of mortgage loan, and who owns the loan to determine which homeowners have sufficient circumstances for refinance or loan modifications based on the Treasury and FDIC plans. The process of loan modifications, short sales and foreclosures takes numerous months. In 2011, 250 of 800 cases closed, with 8 of those closed cases being foreclosures or short sales, and over 14 being successful loan modifications. At the end of 2011, 550 cases were in pending status with the servicers, with no foreclosure action or loss mitigation agreement having occurred to date.Real Estate ServicesIn April 2010, the Organization established a program to purchase and rehabilitate single family homes for the benefit of low to moderate income homebuyers. Community Housing Works Realty & Lending brokers work with the Organization to market bank owned REO properties that are purchased exclusively through the National Community Stabilization Trust. During 2011, 21 families purchased homes within this program, and at the end of 2011 the program had an additional 9 purchased homes, either in the rehabilitation process or ready to be sold.Home Ownership Opportunity Program (HOOP)This loan program provides down payment cost assistance for the final 20% of financing, allowing for 100% financing to qualifying very low, low and moderate income first-time home-buyers purchasing homes in the Organization's service area. HOOP provides flexible under-writing criteria, limited fees, and fixed interest at 5 - 7 percent. Families also benefit by not having to pay private mortgage insurance. This program works in conjunction with a first mortgage provided through an institutional lender. Through this program, the Organization is able to help families who would otherwise never qualify for a home loan achieve home ownership. These loans are fully amortized loans over a term of 5 to 30 years.Cost Assistance Support for HomeBuyers (CASH)This loan program provides down payment and closing cost assistance for qualifying first-time homebuyers who have some liquid assets, but still need additional funds. The Organization charges a low fixed interest rate under this program. These loans have ten year maturities, and beginning in 2011, are fully amortizing loans. Loans funded prior to 2011 had deferred payments for the first five years, after which payments are amortized over the remaining five years.Program to Rehabilitate, Improve and Develop the Environment (PRIDE)The Organization provides low interest, fixed rate loans to qualified home-owners in target areas to make moderate repairs and improvements to their properties. The Organization also assists h

Activity 3

Housing DevelopmentThe Organization develops housing for older adults, people with special needs, and low and moderate income persons and families across the San Diego County region. The Organization has completed a total of nearly 1,600 units overall, and had over 371 apartments in construction or development. The Organization held a general partner interest in 19 limited partnerships as described in Note 12 of its audited financial statements as of December 31, 2011.

Filer

EIN

33-0317950