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Dennis Oshiro
The presentation discusses the Hawaii HomeOwnership Center (HHOC), a nonprofit organization that provides homeownership counseling and education. It outlines HHOC's mission to build stronger communities by helping over 700 families become homeowners since 2003. The presentation also discusses HHOC's partners, programs for education, foreclosure intervention and mortgage lending, the benefits of its down payment assistance loan program, outreach goals, and successes and challenges.
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Dennis Oshiro
- 1. . . .building stronger communities one homeowner at a time. . . ~ Since 2003 ~ ALOHA!
- 2. Presentation Agenda HHOC’sMission and Goals Our partners and collaborators “ Wins and Challenges” Questions and Answers
- 3. “ Why is homeownership so important?”
- 4. Source: U.S.Census Bureau State FIPS Code 1990 1995 2000 2005 2006 2007 2008 Unit indicator (%) (%) (%) (%) (%) (%) (%) United States 00000 63.9 64.7 67.4 68.9 68.8 68.1 67.8 Dist. of Columbia 11000 36.4 39.2 41.9 45.8 45.9 47.2 44.1 New York 36000 53.3 52.7 53.4 55.9 55.7 55.9 55.0 California 06000 53.8 55.4 57.1 59.7 60.2 58.3 57.5 Hawaii 15000 55.5 50.2 55.2 59.8 59.9 60.1 59.1 Nevada 32000 55.8 58.6 64.0 63.4 65.7 63.3 63.6 Rhode Island 44000 58.5 57.9 61.5 63.1 64.6 64.9 64.5 Texas 48000 59.7 61.4 63.8 65.9 66.0 66.0 65.5 Massachusetts 25000 58.6 60.2 59.9 63.4 65.2 64.3 65.7 Oregon 41000 64.4 63.2 65.3 68.2 68.1 65.7 66.2 Washington 53000 61.8 61.6 63.6 67.6 66.7 66.8 66.2
- 5. Educational Success Attributable to Homeownership In a study jointly authored by a sociologist and an economist, a higher overall quality of life among homeowners is believed to contribute to the well-being of both homeowners and their children in a number of ways. Young children of homeowners tend to have higher levels of achievement in math and reading and fewer behavioral problems.
- 6. Because it appearsthat educational outcomes were strongly influenced by homeownership and residential stability, government policies that promote homeownership or residential stability should be considered in any strategy to improve education . The future of education does not rely solely on more expenditures for more schools. Educational Success Attributable to Homeownership
- 7. The decision tostay in school by teenage students is higher for those raised by home owning parents compared to those in renter households. Furthermore, daughters of homeowners have a much lower incidence of teenage pregnancy Educational Success Attributable to Homeownership
- 8. • Socialstability; • Educational achievement; • Civic participation including voting and volunteerism; • Health outcomes and the ability to pay for health care; • Lower crime and domestic violence rates “ Why Is Homeownership Important?”
- 9. “ Who IsHHOC?” NeighborWorks Organization Congressionally Chartered Non-Profit Network of Organizations Nationwide Training & Technical Assistance Financial Support
- 10. Hawai’i HomeOwnership Center“ What is the HHOC? ” A non-profit 501(c)3 organization that provides HUD-approved counseling and education. Formed in 2003 Oahu..Hawaii..Kauai..
- 11.
- 12. Hawai’i HomeOwnership CenterSince 2003, Over 700 families have become homeowners… 302 were <80% AMI; would not qualify More than 2,000 families statewide
- 13.
- 14. #2 FORECLOSURES ForeclosureIntervention Counseling ; since Feb 1, 2009
- 15.
- 16. # 3 HHOC Mortgage’s HUD-approved lender Down Payment Assistance Loan (DPAL) Emerging CDFI lender
- 17. DPAL BENEFITSAvailable to First-time Homebuyers Finance up to 95% of Purchase Price Provides a lower monthly payment compared to FHA compared to Conventional loan with PMI compared to Portfolio 1 st and 2 nd piggy loan No mortgage insurance Mortgage interest is tax deductible
- 18. Loan Program Comparison$ 13,250 $ 13,250 $ 13,250 $ 13,250 5% Down payment n/a n/a $ 39,750 $ 39,750 2nd mortgage loan amount $ 251,750 $ 256,155 $ 212,000 $ 212,000 1st mortgage loan amount n/a $ 4,405 n/a n/a UFMIP ( financed ) $ 251,750 $ 251,750 $ 212,000 $ 212,000 1st mortgage base loan amount $ 265,000 $ 265,000 $ 265,000 $ 265,000 Purchase Price 5% 5% 5% 5% % of Down Required Monthly BPMI FHA MI Portfolio 2nd DPAL 2nd Second or Mortgage Insurance Conv. w/ MI FHA Portfolio Loan Conventional Loan Program
- 19. Outreach Goals IncreasePublic Awareness Help is available Creating and Sustaining Homeownership
- 20. Key Partners Peernon-profits Industry affiliates Trade Groups & Unions Community groups
- 21. “ Success andChallenges” Wins Word-of-mouth works Collaboration maximizes funding and effort Partners assist in many ways Issuses High cost of housing Low supply of affordable housing
- 22. . . .building stronger communities one homeowner at a time. . . ~ Since 2003 ~ MAHALO!
Editor's Notes
- #3 Brief agenda – How the Center can assist you. Question & answers – you can ask questions anytime during the presentation – that’s why we’re here. Next steps - should you choose to continue with the Center, we’ll talk about what comes next.
- #4 You may be thinking, why would I want to buy a home or do the work needed to buy a home? – the next few slides are meant to help you decide if this is something you want for yourself.
- #11 The Hawaii HomeOwnership Center is a non-profit organization. We are partially funded by government, but now over 40 local businesses fund us because they believe in our mission and the many benefits that homeownership brings to our communities. We opened our doors on Oahu in Oct., 2003. branched out to Kauai in Sept. 2004. The Big Island branch was opened in March of 2007, and we are scheduled to offer services to Maui in 2008. The Center is affiliated with NeighborWorks America which is a National Organization chartered by Congress. We are one of many similar centers across the country that offers Homebuyer Education & Counseling Services. Currently, we have over 1,300 families who are members of the Center. Of those 1,300, about 900 families have completed the pre-purchase education & counseling (received their home buyer education certificates). Of these 900 graduate families about 42-43 % have purchased or are currently in-process (in escrow) to becoming new homeowners. We also have many more soon to be mortgage ready families who are making progress to making their dreams a reality.
- #12 Buying a home is only half the challenge – keeping it is the other half. We want to help you avoid a foreclosure situation or at least minimize the negative consequences to your family. We provide an assessment of your situation based on the documents you submit. We will review your current budget and credit report then help you develop a plan of action based on your situation. We will also provide referrals to other agencies if necessary.
- #13 The Hawaii HomeOwnership Center is a non-profit organization. We are partially funded by government, but now over 40 local businesses fund us because they believe in our mission and the many benefits that homeownership brings to our communities. We opened our doors on Oahu in Oct., 2003. branched out to Kauai in Sept. 2004. The Big Island branch was opened in March of 2007, and we are scheduled to offer services to Maui in 2008. The Center is affiliated with NeighborWorks America which is a National Organization chartered by Congress. We are one of many similar centers across the country that offers Homebuyer Education & Counseling Services. Currently, we have over 1,300 families who are members of the Center. Of those 1,300, about 900 families have completed the pre-purchase education & counseling (received their home buyer education certificates). Of these 900 graduate families about 42-43 % have purchased or are currently in-process (in escrow) to becoming new homeowners. We also have many more soon to be mortgage ready families who are making progress to making their dreams a reality.
- #15 Buying a home is only half the challenge – keeping it is the other half. We want to help you avoid a foreclosure situation or at least minimize the negative consequences to your family. We provide an assessment of your situation based on the documents you submit. We will review your current budget and credit report then help you develop a plan of action based on your situation. We will also provide referrals to other agencies if necessary.
- #16 Buying a home is only half the challenge – keeping it is the other half. We want to help you avoid a foreclosure situation or at least minimize the negative consequences to your family. We provide an assessment of your situation based on the documents you submit. We will review your current budget and credit report then help you develop a plan of action based on your situation. We will also provide referrals to other agencies if necessary.