EIRHA 2014 Annual Report

Eastern Iowa Regional Housing Authority Fiscal Year 2014 Annual Report

Staff

[mschnier@ecia.org] Director of Housing and Support Services

Michelle Schnier

Kelley Deutmeyer

[kdeutmeyer@ecia.org] ECIA Executive Director

Carl Reimer

[creimer@ecia.org]

Housing Development Specialist [mmeyers@ecia.org] Family Support Coordinator/Site Manager

Mindy Meyers Mindy Wiley

[mwiley@ecia.org] Family Support Coordinator/Site Manager

Jenny Schrobilgen [jschrobiligen@ecia.org] Housing Coordinator

Maria Elgin

[melgin@ecia.org] Housing Specialist

Lori Joester

[ljoester@ecia.org]

Housing Manager

Debbie Maier

[dmaier@ecia.org]

Housing Specialist

Tom Simpson

[tsimpson@ecia.org] Maintenance Manager

Leonard O’Connell

[loconnell@ecia.org]

Maintenance Manager

[somalley@ecia.org] Maintenance Manager

Sean O’Malley

2

Organization/Mission

2014 Program Operating Income

Organization Established in 1978, the Eastern Iowa Regional Housing Authority (EIRHA) operates as a division of the East Central Intergovernmental Association (ECIA), which provides staff and administrative support to EIRHA.

FY ’13 CFP $158,368

Housing Choice Voucher $3,787,346

ROSS ESS $80,000

ROSS Family Self-Sufficiency $66,746

EIDC $747,802

EIRHA was organized pursuant to Chapter 28E, Code of Iowa, and was established and created as a regional Housing Authority for: Cedar Clinton Delaware

Dubuque Jackson Jones

EIRHC - Tax Credit (Evergreen Meadows) $146,621

Scott

Public Housing $476,878

(excluding the cities of Dubuque, Clinton & Davenport, as they have their own Housing Authorities established)

EIRHC - USDA Units $36,143

Public Housing Operating Subsidy $320,467

Section 8 Family Self-Sufficiency $136,839

Mission The goal of the Eastern Iowa Regional Housing Authority (EIRHA) is to provide decent, safe, and affordable housing for eligible households; to provide opportunities and promote selfsufficiency; create economic independence; and provide home ownership opportunities for Housing Choice Voucher and Public Housing Program participants.

EIRHC - Tax Credit (Asbury Meadows) $205,363

The pie chart depicts the fiscal year 2014 programs and funding sources, as well as the amount of operating income.

[All figures contained herein based on Fiscal Year 2014 unaudited financial statements]

3

Green Accreditation

Green GreenAccreditation AccreditationAccomplishments: Accomplishments: Recycling - Units are accommodated with recycling bins Interior Air - 226 units are smoke free.

Energy Reduction - Heating systems have been upgraded.

Water Reduction - Public Housing Units have low-flow

On July 1, 2013, EIRHA received Provisional Accreditation from the Department of Housing and Urban Development.

Provisional Accreditation means that EIRHA has made commitments to implement best practices in both management of the housing portfolio and effectiveness of its operations. The accreditation is valid for two years.

aerators installed.

Resident Training - Education in Energy Awareness to Tenants Staff Training - Education in Energy Awareness to Staff Petal Project Certification - The agency received Petal certification.

The Affordable Green Initiative includes three components that focus on developing core competencies and skill sets for HUD’s housing grantees and partners across all affordable housingprograms. The components are: - Training of individuals (across multiple job types.

- Direct technical assistance to organizations.

- A pilot green accreditation of HUD assisted organizations aimed at helping these organizations to institutionalize energy efficiency, healthy and green builiding practices in their day-to-day operations as well as long term rehabilitation and redevelopment of their affordable housing portfolios.

EIRHA’s Rain Garden located at the Dyersville Elderly Public Housing Site

4

Housing Choice Voucher

HCV Assistance by County Year [July 1, 2012 - June 30, 2013]

EIRHA has an annual contributions contract (ACC) with the Department of Housing and Urban Development (HUD) to serve 983 families and has a calendar year budget for Housing Assistance Payments (HAP) that cannot be exceeded.

The HCV program is designed to meet the needs of low-income families and elderly/disabled by providing rental assistance in their existing housing units. The participating family chooses a decent, safe, and sanitary rental unit. EIRHA makes monthly rental payments on behalf of the tenant to the landlord to assist the household with their rent. Participating households pay a minimum of 30% of their adjusted income or $50.00, whichever is greater, toward rent and utilities. The rental unit must pass a Housing Quality Standard inspection and fall within HUD’s Payment Standard Schedule. Households are allowed to select a housing unit anywhere in the seven county region served by EIRHA except for the cities of Dubuque,Clinton, Camanche and Davenport.

-

In 2004, EIRHA assumed the City of Maquoketa’s Annual Contributions Contract for 156 Section 8 Housing Choice Vouchers.

In July, 2014, EIRHA assumed the transfer of 100 Section 8 Housing Choice Vouchers from the City of Bettendorf.

-

Over 1,108 households benefited from the rental assistance program during the fiscal year with a total of $3,742,860 in rental assistance provided to landlords on the behalf of low-

income elderly/disabled families.

Dubuque County $565,671 16%

Clinton County $350,719 10%

Percent

100

City of Bettendorf $348,074 10% Scott County 112 10%

HCV Households Assisted by County [July 1, 2013 - June 30, 2014] Jones County 150 14% Cedar County 78 7%

103.62

104 102

City of Maquoketa $557,752 16%

Dubuque County 158 14%

106.49

106

Jackson County $216,325 6%

Delaware County $290,778 8%

History of Housing Assistance Payment Expenditure & Lease Up 108

Jones County $473,973 14% Cedar County $182,006 6%

100.61

100.75

Delaware County 125 11%

99.89

98.19

98 96

94.67

94.41

Expenditure Lease Up

94 92 90 2011 2

2012 3

Clinton County 123 11%

City of Maquoketa 178 16% Scott County 122 11%

88 2010 1

Jackson County 71 6%

2013

Calendar Year 5

Bettendorf 103 10%

HCV Client Profile To qualify for the Section 8 Housing Choice Voucher program, the family’s income may not exceed 50% of the median income for their county, using income guidelines established by HUD. EIRHA staff serves as a liaison between the program participant and the landlord. In fiscal year ’14, EIRHA’s average monthly housing assistance payment sent to landlords was $303.25.

Since 2002, EIRHA has had a waiting list for program services. At the end of fiscal year ’14; 2,045 households were on the waiting list with an average wait of nine months. Applicants are served in order by date and time of application.

When the applicant reaches the top of the waiting list, they must meet the income guidelines and cannot have been charged or convicted of drug related or violent criminal activity during the past three years.

Bedroom Size Distribution

Income Ranges of Housing Choice Voucher Residents

35

35

32%

30

26%

20 15

20

5

10

0

0

1

2

4

3

0% 5+

Number of Bedrooms

8%

7% 3%

$0

5%

2%

10%

5 0

24%

25

10

14%

28%

30

25

15

41%

40

Percent

Percent of Households

40

45

$1 $5,000

Distribution of Income

$5,001 - $10,001 - $15,001 - $20,001 -$25,000+ $10,000 $15,000 $20,000 $25,000

Amount of Income

Wages 28% Other 15%

Race of Participants

Welfare 10%

White 84% Zero Income 4%

Black 15% Hispanic 1% American Indian 0%

SS/SSI/Pension 43%

6

Public Housing Program

Public Housing Operating Reserve

EIRHA currently owns and manages 164 public housing units located in Dyersville, Bellevue, Manchester, Colesburg, Miles, Sabula, DeWitt, Holy Cross, Hopkinton, Worthington, Delmar, Preston, Peosta, and Wheatland.

Overall, a 98.02% occupancy level is maintained. There are 85 units of elderly/disabled and 79 units of family housing. The family housing is scattered-site single family homes and duplexes. The senior/disabled developments range in size from 4-plexes to a 23 unit two-story building.

Most of the developments have a waiting list.

$800,000

Amount

For fiscal year ’14, EIRHA’s Operating Budget was $476,878 and Operating Subsidy was $320,467. EIRHA uses rental receipts to manage and maintain the units. $93,857 was paid for utility costs, $379,595 for maintenance and operations, and $295,251 was paid for administrative and other expenses.

$600,000 $518,394

98.64%

98

98.47% 98.16%

97%

98.63%

98.42%

$432,670 $400,000

98.88%

$325,018

$100,000 $0

’02

’03

’04

’06

’05

’07

’08

’09

’10

’11

’12

’13

‘14

Fiscal Year

$30,000 98.02%

$25,797 25,661 $24,400 $24,305 $22,937 $22,669 $22,459

$25,000

Amount

$19,725

95%

Percent

$360,576

$325,411

$200,000

97%

96

$437,422

$418,835

$300,000 $281,556

98.63%

98.93%

$492,801

Public Housing Payment in Lieu of Taxes

History of Public Housing Lease-Up 98.80%

$603,428

$577,254 $552,130

$500,000

Although EIRHA is a tax exempt organization, approximately $25,661 was paid to local governments for payments in lieu of taxes. The public housing program has an operating reserve of $325,018. The reserve funds are used to rehab or build new single family homes that are then sold to qualifying families that are at or below 80% of the county median income guideline.

100

$716,590

$700,000

94 92

$20,000

$19,535

$17,278 $18,483 $17,839

$18,186

$15,000

$10,000

91%

90

$5,000 88 86

$0 ’01

’02

’03

’04

’05

’06 ’07

’08

’09

’10

’11

’12

’13

’14

’02

’03

’04

’05

’06

’07

’08

’09

Fiscal Year

Fiscal Year 7

’10

’11

’12

’13

‘14

PH Client Profile

Residents that are working or have a higher income have a choice of paying rent based on the 30% formula or a flat rent. Staff review the rents annually and presents them to the EIRHA Board of Directors for a final approval.

Age of Participants

40

36%

35 30

Percent

To qualify for the Public Housing program, a household’s income cannot exceed 80% of the median income guideline for their county. Residents pay a minimum of 30% of their adjusted income or $50.00, whichever is greater, toward rent and utilities. Rental payments are made directly to EIRHA on the first of each month. The average monthly rent payment for fiscal year ’14 was $187.10.

25%

25 20 13%

15 10

11%

11%

4%

5

Based on statistical data, approximately 58% of the households admitted to the public housing 0 program are considered extremely low income (at or below 30% of the area median income adjusted for family size).

RESIDENT PARTICIPATION HUD specifies that PHAs shall include in the operating subsidy eligibility calculation $25 per occupied unit, per year, for resident participation activities. Of this $25 per occupied unit, $15 will be used toward resident association activities and $10 toward resident participation funding. A PHA cannot decline these funds nor refuse to use the funds for the purpose intended.

0-5

6-17

18-50

51-61

62-82

83+

Age Ranges

Race of Participants White 89% Black 8% Hispanic 2% American Indian 1%

In fiscal year ’14, these funds provided board meeting refreshments, attendance assistance (used to offset transportation and childcare costs of attendees), and the distribution of a quarterly newsletter for all public housing residents.

Income Ranges of Public Housing Residents Percent of Households

32%

Distribution of Income

30

Wages 31%

24%

25 20 15 10

Other 14%

15%

7%

9%

7%

6%

5 0

Zero Income 6% $0

Welfare 3%

$1$5,000

$5,001- $10,001- $15,001- $20,001- $25,000+ $10,000 $15,000 $20,000 $25,000

Amount of Income

8

SS/SSI/ Pension 46%

Capital Fund Program ,53

9 $1

58

$1

74

8

,15

89 $1

$200,000

,36

10

,05

09 **

1

27 $2

29

29

,68

1

4

9

$2

$2

18

,31

6

,01

9 ,42 27

41

,33

5

,60

2

$2

$2

Amount

$2

$2

$250,000

Capital Fund Program (CFP) In recent years, major improvements to the public housing units have been necessary to ensure their long-term viability. EIRHA has been successful in receiving CFP dollars from HUD to finance these capital improvements.

Funds are awarded on a formula basis to Housing Authorities to plan for their capital improvements over a five-year period.

$150,000

$100,000

$50,000

EIRHA received a contract for $158,368 for the 2013 CFP. The award was funded in fiscal year 2013 and included the following upgrades:

$0

02

04

03 *

路 flooring replacement 路 scattered site roof replacement 路 appliance replacement

05

07

06

08

09

*includes incentive

Fiscal Year

11

12

13

**stimulus

Operating Subsidy $347,673

$350,000 $315,289

$327,338

$317,823

$313,485

2010

2011

$304,790

$325,497

$320,467

$300,000 $284,454 $283,699 $250,000

Amount

Operating Subsidy Funds In November 2001, EIRHA began receiving Operating Subsidy Funds for the Public Housing program. The Operating Fund program was established under QHWRA, section 519. The operating fund provides subsidies to local Housing Authorities to assist in funding the operating and maintenance expenses of their properties. The subsidies are required to help maintain services and provide minimum operating reserves.

47

$2

60

,67

,17 64 $2

$300,000

2

89

9,

8 $2

9

7

CFP and Operating Subsidy

$200,000

$150,000

$100,000

$50,000 $0

2005

2006

2007

2008

2009

Fiscal Year

9

2012

2013

2014

PublicHousing Developments

Holy Cross Family

Peosta Family

Dyersville Family Bellevue Elderly-Disabled 2 two-bedroom duplex units

12 one-bedroom apartments

Manchester Family

5 three-bedroom single family homes 2 four-bedroom single family homes 8 two-bedroom duplex units

Delmar Family

Colesburg Family

Elderly-Disabled 14 one-bedroom apartments

DeWitt Elderly-Disabled

1 two-bedroom single family home 1 three-bedroom single family home

Preston Family

Hopkinton Family

10 two-bedroom duplex units 10 two-bedroom duplex units 6 three-bedroom duplex units 4 three-bedroom single family homes 2 four-bedroom single family homes

Elderly-Disabled

22 one-bedroom apartments 1 two-bedroom apartment

16 one-bedroom apartments Family 6 two-bedroom duplex units 1 two-bedroom single family home 5 three-bedroom single family homes

Sabula Family Wheatland Elderly-Disabled

4 two-bedroom duplex units 2 three-bedroom single family homes

Miles Elderly-Disabled

Worthington Family

2 three-bedroom duplex units

1 two-bedroom single family home 1 three-bedroom single family home

Elderly-Disabled

4 one-bedroom apartments

1 two-bedroom duplex unit 1 three-bedroom duplex unit 1 two-bedroom single family home 1 three-bedroom single family home

8 one-bedroom apartments

10

8 one-bedroom apartments

Participating households can earn a savings account through increases in their earned income while participating in the FSS program. The savings account is called an “escrow account”. As a family increases their earnings through employment, an amount equal to 30% of that increase is deposited into an escrow account. The account earns interest and is returned to the family upon successful completion of their family self-sufficiency contract.

Housing Choice Voucher Family Self-Sufficiency (FSS) This past year, EIRHA received a $136,839 grant from HUD to fund two Service Coordinators for the Section 8 Housing Choice Voucher FSS program. The program has been funded on a yearly basis since 1997. On January 1, 2011, EIRHA was awarded funding to support a second coordinator position. To qualify for this second level of funding, EIRHA served more than 75 families. At fiscal year end, EIRHA had over $87,645 in escrow accounts for participating households. That is an average of $1,594 per hous ho useh us ehol eh oldd. ol household.

es

“Without the help of the FSS program and rental assistance program, I would have never been able to achieve my dream of becoming a nurse!”

-FSS Participant “I plan to use the escrove money I earned towards the purchase of a home for my family and I. -FSS Participant

With the help of the FSS Program, I have purchased a home and have been able to make necessary updates to it.

I am so thankful for this program!

11

Elderly Self-Sufficiency (ESS) Since February 2002, EIRHA has operated an Elderly SelfSufficiency Program for the Public Housing Residents. This program is designed to assist the elderly with social and daily living skills. There are currently 52 participants on the program with eighteen successful completions.

On September 22, 2011, EIRHA received a $240,000 three-year Resident Opportunity and Self-Sufficiency (ROSS) Service Coordinator Program grant. The purpose of the grant is to allow for the provision of a Service Coordinator to coordinate supportive services and other activities designed to help Public and Indian housing elderly and/or disabled residents to age-in-place. The Service Coordinator ensures that these program participants are linked to the supportive services they need to achieve selfsufficiency or remain independent.

Section 8 FSS Summary

Family and Elderly Self-Sufficiency Programs In the Housing Choice Voucher and Public Housing Self-Sufficiency programs, the Coordinators work with a network of service providers and task force groups in the region to obtain the needed services to assist participating families with reaching economic selfsufficiency. Services offered through these grants include motivational training, career counseling, employment skills training, budgeting/financial aid, household management counseling, and personal development counseling. The program is designed to promote employment and offer an opportunity to save money amongst participating families.

ROSS Public Housing Family Self-Sufficiency (FSS) EIRHA was awarded $66,746 for the fiscal year ‘12 ROSS Public Housing Family Self-Sufficiency program to support one full-time position. The grant has been funded on a yearly basis since May 2005. At fiscal year end, EIRHA held over $22,442 in escrow accounts for participating households. That is an average of $2362 per household.

ROSS FSS Summary

Family/Elderly Self-Sufficiency

Year 2009 2010 2011 2012

Number of Successful Completions 12 14 20 35

Award $64,802 $66,746 $66,746 $66,746

Housing Counseling On July 30, 2010, the U.S. Department of Housing and Urban Development approved the EIRHA as a Housing Counseling Agency. EIRHA has met the department’s initial approval criteria and submitted an acceptable housing counseling plan to serve its target area (Dubuque, Delaware, Jackson, Cedar and Clinton Counties). The Department approved the EIRHA to provide money management, pre-purchase counseling, and home improvement and rehabilitation counseling in accordance with its counseling plans. For FY ‘14, 130 families were assisted with Housing Counseling assistance.

EIRHA received a grant for $19,643 from HUD to support EIRHA’s HUD approved housing counseling program to respond flexibly to the needs of residents and neighborhood, and deliver a wide variety of housing counseling services to homebuyers, homeowners, renters and the homeless.

Home Ownership

Public Housing Home Ownership Program Through EIRHA’s Public Housing Home Ownership Program, first-time home buying low-income households are given the opportunity to purchase their public housing units. Of the 164 public housing units, 27 are single family scattered-site units located in Dyersville, Manchester, DeWitt, Hopkinton, Preston, Worthington, and Delmar.

At the present time, five families have purchased the public housing units that they reside in; two units were located in the city of Manchester and three in the city of Dyersville.

Workforce Housing In March, 2012, ECIA received a $2,447,727 Single Family New Production 4 grant from the Iowa Economic Development Association to cover down payment costs for moderate income households to construct 49 single family houses, condominiums and town homes in several locations in Dubuque. To qualify, home buying families cannot exceed 80% of the Dubuque County Median Income.

Housing Choice Voucher Home Ownership Program Since July 1, 2003, EIRHA has implemented a Housing Choice Voucher Home Ownership Program. The plan states that EIRHA will assist 25 current voucher recipients with home ownership. To date, 21 families have been assisted with the purchase of their own home through the HCV home ownership program. In accordance with the program regulations, monthly rental assistance can be used to assist a participating household with making their mortgage payments rather than paying a portion of their monthly rent.

EIRHC entered into a contract for services with the Developers to provide the homebuyers with housing counseling services throughout the duration of the build-out and for two years after occupancy. Services that are covered include: · Housing needs versus wants and desires · Affordability · Housing Terms - Mortgage Types · Home loans and mortgage documents · Sustainable practices (landscaping, decreased energy usage) · Routine maintenance needs and energy efficiency practices · Homeownership Budgets (budgeting for future maintenance) · Process and methods for obtaining future repairs · Consulting services for both the homebuyer and the developer, prior to and during construction · Credit Scores · Personal finance and budgeting · Home inspections · Warranty information

Housing Development Projects Manchester Single - Family Home Construction Three lots were purchased on Marion Street in Manchester, Iowa to construct new single family homes. The homes were built and sold to qualifying home buyers.

Asbury Single - Family Home Construction Five single family lots were purchased on Trenton Street in the City of Asbury. All five of the homes were sold to qualifying home buyers.

Lost Nation and Dyersville - Single-Family Home Rehab Existing single family homes were purchased in Lost Nation and Dyersville.

The Dyersville and Lost Nation homes were rehabbed and sold through a rent to own option with qualifying families.

Applicants for these homes must be income-qualified, be considered a firsttime home buyer, attend a homeownership counseling session, and be able to secure a first mortgage on the home.

HUD Housing Counseling Grant

As of June 30, 2014, fifty-two homes were completed and closed for the Single Family New Production 4 grant.

12

nt e

EIRHA PHAS Scoring History

Administrative Planning

ar

ing

Stream-Lined Annual Plan EIRHA received approval of its Stream-Lined Annual Plan, a comprehensive guide to EIRHA programs, operations, and strategies for meeting the housing needs within the region. The plan states the housing authority’s mission and its strategies and goals for achieving that mission.

Public Housing Assessment System (PHAS) Under PHAS, HUD evaluates a PHA based on the following indicators:

94%

94%

95%

95%

93%

93% 88%

90

92%

80 70

Percent

d

100

60 50 40 30

ily To

ed

1) Physical Assessment/Condition of the PHA’s public housing properties; 2) Financial Assessment; 3) Management Assessment; A) Occupancy rate B) Tenant Accounts Receivable C) Accounts Payable 4) Capital Fund Indicator.

20 10

2002

2005

2010

2007

2011

2012

2013

EIRHA SEMAP Scoring History

From this data, HUD awards an overall PHA’s score based on the indicator scores. On March 25, 2011, HUD implemented the interim rule which changed the assessment process, making it challenging for PHA’s to remain high performers.

Section 8 Management Assessment Program (SEMAP) The purpose of the SEMAP is to measure Public Housing Authority management performance in 14 key areas of the Housing Choice Voucher tenant-based assistance program. SEMAP enables HUD to ensure program integrity and accountability by identifying PHA management capabilities and deficiencies, and by improving risk assessment to effectively target monitoring and program assistance.

2003

Year

100

100% 100% 100% 100% 100% 100%

96% 100% 100% 100%

90 80 70

Percent

on

60 50 40 30 20 10 0

2004

2005 2006 2007

2008

2009

Year 13

2010 2011 2012

2013

USDA-Funded Units Lease-Up History

E.I.R .H.C .

100%

100%

100%

100%

99%

100% 100%

100%

100%

100%

100%

98.62%

98%

Percent

Eastern Iowa Regional Housing Corporation (EIRHC) EIRHC was established in 1990 and organized as a not-forprofit under the provisions of Chapter 504A of the Iowa Code. Its purpose is to promote the general social welfare of eligible occupants of rental housing as determined by the United States Department of Agriculture, Iowa Finance Authority, and Iowa Department of Economic Development regulations, without regard to race, color, religion, creed or national origin; to acquire, construct, improve, and operate any real or personal property or interest or rights.

100%

97% 95.83%

96% 95% 93.75%

94% 93% 92% 91%

The Board of Directors is a mirror image of EIRHA’s Board of Directors, with members representing the six counties in the region as well as representation from tenants. The Corporation is the same staff as EIRHA, which is staffed by ECIA. Worthington West Ridge and Grand Mound Churchview USDA Units EIRHC owns and manages ten USDA funded elderly housing units: six one bedroom units located in Grand Mound, Iowa and four one-bedroom units located in Worthington, Iowa, with an annual budget of approximately $36,143. Services provided for the elderly tenants include counseling, referrals, and community activities. 100% lease-up was maintained at the Worthington site and 100% lease-up was maintained at the Grand Mound site for fiscal year ‘14.

90%

’05

’06

‘07

’08

Worthington

’09

’10

Fiscal Year

’11

’12

’13

’14

Grand Mound

Housing Trust Fund In 2014, EIRHC applied to the State of Iowa to be a Housing Trust Fund designee. In accordance with Iowa Code Section 16.181, a Housing Trust Fund is held within the Iowa Finance Authority (IFA). The intended use of the funds is for development and preservation of affordable housing for households with low income in the State of Iowa. Eligible Uses of the funds include:

· Must benefit eligible recipients – a household with income, adjusted by family size, of not more than 80% of the greater of the county or the state wide median income limit as published annually by HUD for rental projects and for owner-occupied projects either the above or the MRB income limits as periodically published by IFA. · Funds must be used for the development or preservation of affordable housing for eligible recipients, including infrastructure development, transitional housing, and housing for the homeless, homeownership, rental, capacity building or other purposes that further the Funds goals.

Iowa Finance Authority (IFA) Home Funds In March, 2014, the EIRHC was awarded an IFA HOME Investment program grant for $998,064 for Tenant Based Rental Assistance (TBRA). These funds provide security rental and security deposit assistance for affordable, decent, safe and sanitary housing to qualifying families over a twoyear period. To date, eight families have been assisted with rental assistance and three families have received security deposit assistance.

· Funds may be used to finance administrative expenses of the LHTF. However, this amount shall not exceed twenty-five percent (25%) of the total Fund award during the first two year of certification for Newly Formed LHTF. For LHTFs that have been certified for more than two year, the amount allowed for administrative fees is ten percent of the Fund award.

14

P I I f H o a d h A s R G f C M a T w t E y C w

Tax Credit Communities

ASBURY MEADOWS In March 2005, the Corporation was awarded Low Income Housing Tax Credits (LIHTC) from IFA and HOME funds from the Iowa Department of Economic Development to construct a 32unit 2, 3 and 4 bedroom housing development for low to moderate income households in Asbury.

PEOSTA EVERGREEN MEADOWS In March 2003, EIRHC was awarded Low Income Housing Tax Credits (LIHTC) from the Iowa Finance Authority and HOME funds from the Iowa Department of Economic Development to construct a 24-unit 2, 3 and 4 bedroom housing development for low to moderate income households in Peosta.

Income Ranges of Residents 50

47%

44%

45 40 38%

40 35 30 25 20%

20 15 10

30

27%

20

16%

10%

7%

10

3%

5 0

18%

15%

13% 10%

24%

23%

Percent

Percent of Households

50

Age of Participants

8%

$1$5,000

$5,001- $10,001- $15,001- $20,001- $25,000+ $10,000 $15,000 $20,000 $25,000

100%

80

98% 99%

97% 99%

80 60 40 20 0

‘05

‘06

‘07

‘08

‘09

‘10

‘11

‘12

Percent of Total Income

100%

16% 11% 7%

0

>12

13-17

18-25

26-35

36-50

6%

51-64

Age Ranges

Distribution of Income

Lease-Up History 99.65%100% 100% 100 93.75%

14% 9%

3%

Amount of Income

Percent

s ow

A new for-profit entity was formed as a subsidiary of EIRHC, the Eastern Iowa Regional Partnership, L.L.L.P., to act as the General Partner in the housing project. A for-profit entity, Eastern Iowa Development Corporation (formerly known as Evergreen Meadows, Inc.), was also developed and is a wholly owned subsidiary of the EIRHC. The open house for the development was conducted in May 2004 with its first tenant occupying the units in June 2004.

Evergreen Meadows operates on a calendar year and experienced a 97% lease-up for CY ’13. As of June 30, 2014, the complex was at 96% lease-up.

The for-profit entity that was formed as a subsidiary of EIRHC, the Asbury E.I.R.P., L.L.L.P., is the General Partner in the housing project. The for-profit entity, Eastern Iowa Development Corporation (formerly known as Evergreen Meadows, Inc.), is a wholly owned subsidiary of the EIRHC. Lease-up of the units began July ‘06 with final lease-up October 2006. Asbury Meadows operates on a calendar year and experienced a 99% lease-up for CY ‘13. As of June 30, 2014, the complex was at 100% lease-up.

70

Race of Participants

75% 63%

White Black Other Hispanic

60 50 40 30 20 9%

10 0

Wages

Calendar Year

13% 5%

Welfare

15% 10%

SS/SSI/ Pension

Income Source

15

10%

Other

48% 52% 0% 0%

72% 28% 0% 0% Evergreen Meadows Asbury Meadows

1% 0% 65+

EIRHA-EIRHC Board of Directors- FY ‘14

Gary Hamilton Clarence, Iowa

Bill Rediger, Chair Dyersville, Iowa

Al Schilling Worthington, Iowa

Lenfred Phelps, Vice-Chair Colesburg, Iowa

Leo Roling Colesbury, Iowa

Bud Smock Worthington, Iowa

Jim Flogel Dubuque, lowa

Linda Duesing, Treasurer DeWitt, Iowa

Linda Gaul Earlville, Iowa

Cheryl Kastantin Wheatland, Iowa

Elise Bergen Edgewood, Iowa

Mary Hamilton Clarence, Iowa

Mary Hamilton Clarence, Iowa

Joanne Guise Delmar, Iowa

Carol Schmitt Peosta, Iowa

Donna Boss, Manchester, Iowa

Angela Rangel Bettendorf, Iowa

John Tegler Manchester, Iowa

Kelley Deutmeyer, Secretary Mary Gibson Preston, Iowa EIRHA Executive Director Cliff Bunting Manchester, Iowa

Rita Cavanagh Sabula, Iowa

EIDC Board of Directors - FY ‘

Carol Schmitt, Treasurer Bill Rediger, President EIRHA/EIRHC Representative Peosta Representative Peosta, Iowa Dyersville, Iowa

Cindy O’Brien NICC Representative Cliff Bunting, Vice President Kelley Deutmeyer, Secretary Peosta, Iowa EIRHA/EIRHC Representative ECIA Representative Dubuque, Iowa Manchester, Iowa

16 that are members of the E.I.R.H.A. Each county and/or municipal government within the Authority area There are six counties and 53 municipalities