Community Housing Works

Filing Period

Jan 1, 2012 to Dec 31, 2012

Signed

May 13, 2013

Return Version

2012v2.0

Gross Receipts

$7,826,757

Mission

Major Activities

Activity 2

Community Programs:The Organization provides a range of programs for its residents - the working families and people in need living in its communities - to help them build school success, home stability, and financial self-sufficiency. In 2012, the Learning Center after-school homework and computer center program served over 1,200 very low-income kids at 18 Organization apartment complexes across San Diego County. A new Running Readers program supported families and helped kindergarten through third grade children achieve third grade reading level by third grade. Teen Junior Leaders provided thousands of hours of volunteer assistance and also qualified for VALOR college scholarships. In 2012, over 70 resident families graduated from Financial Fitness education programs that strengthened families financial knowledge and credit. Organization staff also link low-income residents and neighbors to multiple other needed services.The Organizations Community Programs also include Supportive Housing programs - services linked to the Organizations apartments set aside for formerly homeless or disabled, very low income residents for whom home stability is a key challenge.

Activity 3

HOME OWNERSHIP OWN:Through its combined products and services, the Organization helped over 180 families achieve the dreamhomeownership in 2012.Realty:CHW R&L operates a nonprofit, licensed, full service real estate brokerage including complete buyer and seller services, with a focus on assisting low and moderate income first time homebuyers access the most affordable homes on the market. Specialty brokerage areas included real estate owned (REO) listing services, short sales, and comprehensive first time home buyer assistance programs. During 2012, over 70 families were successfully assisted with the purchase/sale of a home.CHW R&L operates a program to purchase and rehabilitate vacant foreclosed single family homes for the benefit of low to moderate income homebuyers. The bank owned properties are purchased primarily through the National Community Stabilization Trust. During 2012, 30 families purchased homes within this program, 79 homes have been purchased since the programs inception, and at the end of 2012 the program had an additional 6 purchased homes, either in the rehabilitation process or ready to be sold. Lending:CHW R&L operates a nonprofit Community Development Financial Institution (CDFI), providing down-payment, first mortgage, and closing cost assistance loans in portfolio, through licensed brokerage, and in partnership with local governments, for the primary benefit of low to moderate income (LMI) first-time-homebuyers and communities.CHW R&L offers a variety of first mortgage programs in partnership with financial institutions and other partners, and closed 83 first mortgage loans in 2012. CHW R&L also originates and in some cases services a variety of down payment and special programs, either from its own funds or as the administrator on behalf of government or nonprofit entities. In 2012, CHW R&L closed over 180 down payment loans. 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 Organizations 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. In 2012, this program was largely inactive.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 homeowners by helping with the cost estimate, overseeing the contractor selection process and monitoring the work as completed. In 2012 and 2011, this program was largely inactive. CalHome:CalHome loan funds allow first-time homebuyers earning less than 80% of area median income to obtain fully deferred down payment loans at 3% interest, funded by a series of state grants to the Organization. Repayment of these loans is deferred until the sale or refinancing of the property.

Filer

EIN

33-0317950