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2013 COMMUNITY REPORT HAMPTON REDEVELOPMENT AND HOUSING AUTHORITY

HAMPTON, VIRGINIA


Hampton, VIRGINIA

OCTOBER 2013

T

he quality of a neighborhood impacts almost every aspect of a City. Healthy neighborhoods are places where people want to live and invest their time, money, and energy. We invest in neighborhoods because we understand the importance of a good neighborhood image – a good image brings in families, increases homes values, and brings businesses to the area. To improve a neighborhood’s image, we focus on improving the quality of existing housing through rehabilitation and new home construction, through demolition of blighted, vacant homes, as well as vacant lots in targeted areas of the city. We also provided educational programs to

in disrepair. We targeted

potential homebuyers in order to achieve

neighborhoods where most

our goal of creating educated, well-

of the homes were rental

informed homebuyers.

properties, blighted, or in

We focused on improving the quality of existing

disrepair. Once acquired, we rehabilitated the homes,

housing in Hampton’s older, established

turning them into valuable

neighborhoods by offering the following programs to qualified homeowners:

neighborhood assets. The

HOMEOWNER REHABILITATION DEFERRED LOAN PROGRAM

the open market for qualified

Funds provided through the HOME Investment

year, eight homes were

Partnership Program enabled eligible owner-

acquired and rehabbed to

occupants to correct code deficiencies and

add a potential $800,000

make non-luxury improvements to their

to the City tax base.

homes. One of the criteria was for the applicant’s total income to be at or below 80% of the area’s medium income, based on household size, as prescribed by the Department of Housing and Urban Development.

home was then placed on homebuyers. During the

WHEELCHAIR RAMP PROGRAM Funds received from the Community Development Block Grant were used to provide lumber and other materials to low-to-moderate income residents in need of wheelchair access to their

THE PRIMARY OBJECTIVE OF REHABILITATION IS

homes. In addition to providing the

TO AND CONDITION OF EXISITING AFFORDABLE HOMES.

acquired the permits, and coordinated

ENHANCE THE QUALITY

materials, we also designed ramps, volunteer labor for qualified applicants. During the year, two ramps were built totaling $4,785.

During the year, nine homes were rehabilitated totaling $207,118.

ACQUISITION AND REHABILITATION Funds provided through the HOME Investment Partnership Program allowed us to acquire vacant homes 2

EXTERIOR IMPROVEMENT PROGRAM Funds received from the Community Development Block Grant Program were used to provide exterior repairs and improvements to qualified owneroccupants. The maximum deferred loan is $10,000, FALL 2013


which is forgiven over a five year period. During the

improvement. The energy efficiency improvements that

year, one exterior improvement project was

make up weatherization services are long lived, with

completed totaling $9,137.

the savings adding up over time. During the year, six

COMMUNITY HOUSING DEVELOPMENT ORGANIZATIONS (CHDOS) CHDO funds were used to support their affordable housing activities. CHDOs are private, non-profit community based service organizations whose primary purpose is to provide and develop decent affordable

projects were completed expensing a total of $94,993.

WEATHERIZATION SERVICES ARE LONG LIVED, WITH THE SAVINGS ADDING UP OVER TIME.

housing in the community. We work with CHDOs in carrying out their mission. During the year, two programs were supported totaling $70,000.

WEATHERIZATION AND ENERGY EFFICIENCY

NEIGHBORHOOD STABILIZATION PROGRAM Funds received from the program were used to purchase and rehabilitate foreclosed and abandoned homes in

Funds received from the Community Development Block

an effort to stabilize neighborhoods. During the year,

Grant Program were used to provide up to $20,000 in

three homes were purchased, rehabilitated, a

weatherization and energy efficiency improvements

potential $300,000 to the City’s tax base.

to qualified Hampton homeowners. On average, the

The Authority provides education for homebuyers

value of the weatherization improvements to a home

through a series of seminars and workshops involving

is more than two times greater than the cost of the

banks, mortgage corporations and builders.

HAMPTON REDEVELOPMENT & HOUSING AUTHORITY PRIMARY GOVERNMENT & COMPONENT UNITS FOR YEAR ENDING DECEMBER 31, 2012 (UNAUDITED) Statement of Net Assets Cash and Cash Equivalents

Statement of Rev, Exp & Changes in Net Assets $16,991,663 2,169,864

Receivables (Short- and Long-Term)

Tenant Revenue

$2,311,783

Gov’t Operating & Capital Grants

28,089,402

390,994

Prepaids & Inventories

50,433,946

Capital Assets (Net of Accum Depr)

1,673,551

Other Revenue

4,196,888

Restricted Cash

Total Revenue: Administrative Expenses Tenant Services Expenses

Total Assets:

74,183,355 1,433,197

Current Liabilities Non-Current Liabilities Total Liabilities:

2,648,179

Depreciation

Unstricted Net Assets

17,285,315 Total Net Assets:

19,786

Interest Expense

20,661,894

2,196,003

423,800

Insurance & Other Expenses Housing Assistance Payments

Restricted Net Assets

3,476,428 3,342,003

19,228,697

Invested in Cap Assets

32,106,040

Utilities, Maint & Protective Services

34,040,143

COMMUNITY REPORT FROM HRHA

31,304

Interest Revenue

1,416,330 Total Expenses:

Change in Net Assets

21,977,151 33,303,677 (1,197,637)

53,521,461 3


HOMEBUYER CLUB

ENTREPRENEUR’S CLUBS

The goal of the Homebuyer Club was to educate

We created the Entrepreneur’s Club to promote business

participants in all facets of homeownership. Once the

development in Hampton for low-to-moderate income

participants have completed the 12-16 month program

Hampton residents. The program’s goal is to educate

they are eligible to receive up to $10,000 in down

participants through classes and educational activities

payment assistance on a qualified home in Hampton.

designed to promote business development. During

During the year, 14 participants completed the

the program year, one participant completed the

program; one have purchased a home.

program and was ready to start their business and

HOMEBUYER EDUCATION We partnered with banks, mortgage lenders, builders, non-profits, faith-based organizations, and commercial businesses to provide housing counseling, homebuyer schooling, and market available homeownership programs to qualified participants. Homebuyer educational programs are mandatory for potential homebuyers eligible for Virginia Housing Development Authority and federal housing assistance programs. During the year, we held eight seminars attended by 64 prospective homebuyers.

was eligible to receive up to $250 toward qualified business development expenses. The Teenpreneur Club was also formed to introduce an entrepreneurial mind-set and skills to Hampton teens. The program is designed to raise awareness of entrepreneurship as a viable career option, help students develop the attributes and skills associated with successful entrepreneurs, and to motivate students to pursue further study, exploration, and consideration of entrepreneurship. During the year, nine Hampton teens participated in the program.

HAMPTON REDEVELOPMENT AND HOUSING AUTHORITY P.O. BOX 280 HAMPTON, VA 23669

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FALL 2013


Hampton Redevelopment - Community Report 2013