Housing Partnership FY 2020 Annual Report

Page 1

HOUSING PARTNERSHIP 2019 - 2020

TROPER LAUNNA

(973) 659-9222

2 East Blackwell Street

contact@hpnj.us

Suite 12

housingpartnershipnj.org

Dover, NJ 07801


DEAR FRIENDS

THE HOUSING PARTNERSHIP | 02

From the Executive Director Dear Friends, For me, the Housing Partnership is much more than just a job; it is a career that feeds my passion to help others and it is my strong belief that education is the key to empowerment. We are a small staff the demonstrates the core values of honesty, respect, and teamwork. Every day we show up with a desire to provide our hardworking community members with information, resources, and the guidance they need to purchase their first homes and navigate the complex world of foreclosure. As you can imagine 2020 presented some obstacles for us but we are proud to report that we were able to pivot our services to an online environment and continued to serve our hard working clients. Despite a complete shut down of our office we ensured our community had access to us and that we continued to provide the quality, timely and honest service our clients have come to expect from us. Thanks to the continued dedication of our staff and the support of our Board of Trustees, the Housing Partnership services resulted in over $22 million dollars put back into our local economies through our homeownership and retention services! We are extremely proud of our successes this year and are committed to continued growth in the coming years.

In appreciation,

Jessica Padilla Gonzalez Executive Director


2020 Board of Trustees

THE HOUSING PARTNERSHIP | 03

Debra Zimmerly—Chair Janet Mitchell- Vice Chair Bruce Lovenberg - Treasurer Amanda Lejnieks—Secretary Joel A. Murphy—At Large Kenneth Sauter—At Large Shady Ahmed Sarah Marie Bach Mark Baumgarten Edward J. Buzak Patrick Donofrio Sean Flannery Kenneth Fox Deborah Johnson Jon Marlin Christopher Mignone Carolyn Morris Sarah Jane Noll Cynthia O’Hagan

"Successful homeownership

Maureen Sutton

is not just putting people

Staff Jessica Padilla-Gonzalez Chris Brogan Carol Lee Mugele Fernanda Proano

Strengthening communities by creating lasting and responsible home ownership through education and financial coaching.

into homes, it's also making sure people keep their homes." - Michelle Collins


THANK YOUS

THE HOUSING PARTNERSHIP | 04

I just wanted to reach out and thank you so much for helping me with everything involved in the low income housing process. I absolutely love my new house. I wouldn’t have been able to do so it if it weren’t for both of you! Thank you again! Kendra G.

We appreciate all the time and effort the Housing Partnership Team put in helping us with our home buying process. We say a Special Thank You to Jessica, Carol, Fernanda and all the team at the Housing Partnership! Victor and Evelyn Y.

Good afternoon Fernanda! My best wishes for a Happy New Year. Once more, I am writing to you to thank you and The Housing Partnership for all your help. I have been spending the last 2 weeks cleaning, organizing, and we are already living there. I am very happy, thank you, thank you, thank you one thousand times! I am living a dream! I hope that once I am more organized I could have you over for a visit. Have a pleasant day! Erika B.


OTHER SUCCESSES

THE HOUSING PARTNERSHIP | 05

NEW HOMEOWNERS 2019

2020

New Homeowners

113

146

Average Age

38

40

Average HH Annual Income

$63,280

$68,536

Average Credit Score

732

729

Average Purchase Price

$211K

$220,682

Average Monthly Mortgage

$1,412

$1,446

Male Homeowners

49%

47%

Female Homeowners

51%

53%

*Averaged 4 hours one-on-one counseling plus eight hours homebuyer education Additional Statistics 68% Purchased market rate homes Average market rate purchase price: $260,706 Average market rate monthly payment: $1,683 Average income of market rate buyers: $79,072 32% of the buyers purchased affordable homes Average purchase price of affordable homes: $133,674 Average monthly payment: $931 Average income of affordable home buyers: $45,632 29% of all buyers identified as Hispanic

DOWN PAYMENT ASSISTANCE NeighborWorks Capital Funding Grant 100% recoverable loan —available to households earning up to 115% of HUD Median Income Total of 2 households utilized in FY 2020 $15,000 in assistance provided to eligible households who utilized one of our member banks Total administered since 2001: $680,000


OTHER SUCCESSES

THE HOUSING PARTNERSHIP | 06

Financial Coaching & Group Education Homebuyer Education—8 hour HUD approved workshop that covers the home buying process from start to finish. Number of households completing pre-purchase homebuyer education workshop— 409 participants A significant service provided by the Housing Partnership staff is one-on-one financial coaching, provided free of charge to graduates of our homebuyer education workshop on an appointment basis. Clients work with their Homeownership Specialist to determine where they are in the process by reviewing credit reports, establishing budgets and savings goals, determining affordability, and identifying resources for which they may qualify. We provided 391 one-on-one counseling sessions this fiscal year.

Home Preservation & Default Counseling The Housing Partnership is a HUD certified counseling agency for mortgage delinquency and default resolution. Counseled homeowners are twice as likely to receive a cure for their serious delinquency or foreclosure compared to those not receiving counseling. Homeowners have benefited by utilizing the best cure for the particular situation after working with a counselor. Total client intakes – 104 Assisted 54 families in securing modification and saved their homes from foreclosure Clients reported the top four reasons for default are reduction in income, medical expenses / health issues, and death in the family.


OUR CLIENTS

THE HOUSING PARTNERSHIP | 07

Municipal Partnerships The Partnership proudly serves as the Administrative Agent for the resale of over 580 income restricted for-sale units, resulting in over $98,000 service revenue for the organization. We currently serve as Administrative Agent for the following municipalities: Hanover, Kinnelon, Madison, Mendham Township, Morris Township, Mountain Lakes, Roxbury, Randolph and Sparta.

Our Income Sources:

Client Demographics Step by Step:

Average Age: 41 Average Household size: 2.6 Average Income: $56,543 Majority: Single Females

Paso a Paso

Average Age:42 Average Household size:3.21 Average Income: $57,488 Majority; Single Females

eHome

Average Age:39 Average Household size: 2.5 Average Income: $63,671 Majority: Single Females

Foreclosure

Average Age: 53 Average Household size: 2.88 Average Income: $64,958 Majority: Married Households


JOIN US

THE HOUSING PARTNERSHIP | 08

Be Part of the Change If you would like more information on how to be a part of our success this year and in the future, please connect with us! 2 East Blackwell Street, Dover, NJ 07801 Ph: 973-659-9222 Fax: 973-659-9220 Email: contact@hpnj.us www.housingpartnershipnj.org


Millions discover their favorite reads on issuu every month.

Give your content the digital home it deserves. Get it to any device in seconds.