FY 2011 Annual Report

Eastern Iowa Regional Housing Authority

EIRHA Housing Choice Voucher | Home Ownership | Self Sufficiency | Housing Development | Public Housing | Housing Counseling

Fiscal Year 2012 Annual Report

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 self-sufficiency; create economic independence; and provide home ownership opportunities for Housing Choice Voucher and Public Housing Program participants.

Mission

EIRHA-EIRHC Board of Directors- FY 12 Merrill (Bud) Smock, Chair Worthington, Iowa

Llloyd Deahl Manchester, Iowa

Gary Hamilton Clarence, Iowa

Bill Rediger, Vice-Chair Dyersville, Iowa

Kenneth Donovan Andrew, Iowa

Steve Hines Clarence, Iowa

Linda Duesing, Treasurer DeWitt, Iowa

Linda Gaul Earlville, Iowa

Cheryl Kastantin Wheatland, Iowa

Kelley Deutmeyer, Secretary EIRHA Executive Director

Mary Gibson Preston, Iowa

Lenfred Phelps Colesburg, Iowa

Cliff Bunting Manchester, Iowa

Joanne Guise Delmar, Iowa

Max Andrews Manchester, lA

Rita Cavanagh Sabula, Iowa

Sheri Hatfield Monticello, Iowa

Jim Flogel Dubuque, lA

There are six counties and 53 municipalities that are members of the Eastern Iowa Regional Housing Authority. Each county and/or municipal government within the Authority area are represented by two commissioners appointed by the city or county. The Board of Directors are elected from Authority commissioners. The Board of Directors is responsible for the business and fiscal affairs of the Authority and approves policies for the Housing Authority.

2

EIDC Board of Directors - FY 12 Merrill Smock, President EIRHA/EIRHC Representative Worthington, Iowa

Cliff Bunting, Vice President EIRHA/EIRHC Representative Manchester, Iowa Kelley Deutmeyer, Secretary ECIA Representative Dubuque, Iowa Carol Schmitt, Treasurer Peosta Representative Peosta, Iowa Bob Blok Asbury Representative Asbury, Iowa Amy Esterhuizen NICC Representative Peosta, Iowa

S taff

Mic helle Sc hnier

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

Kelley Deutmeyer

[kdeutmeyer@ecia.org]

ECIA Executive Director

Car l Reimer

[creimer@ecia.org] Housing Development Specialist

Mindy Meyers [mmeyers@ecia.org] Family Support Coordinator/Site Manager

Mindy Wiley

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

Jenny Sc hrobilgen

[jschrobiligen@ecia.org]

Housing Coordinator

Maria Elgin

[melgin@ecia.org]

Lori Joester

[ljoester@ecia.org]

Housing Specialist

Housing Manager

Debbie Maier

[dmaier@ecia.org]

Housing Specialist

Holly Kueter Housing Specialist

Tom Simpson

[tsimpson@ecia.org]

Maintenance Manager

Leonard O’Connell

[loconnell@ecia.org]

Maintenance Manager

Sean O’Malley Maintenance Manager

3

[somalley@ecia.org]

[hkueter@ecia.org]

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. 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, and Jackson Counties. In 1992, Jones County became a member of EIRHA. In 2004, EIRHA entered into a Memorandum of Understanding with the City of Maquoketa to assume the responsibilities under their Annual Contributions Contract, thereby, including Maquoketa under its scope of services. The only cities EIRHA does not serve in this region are Dubuque and Clinton, as they have their own Housing Authorities established.

Organization

EIRHA operates two main programs, Public Housing and Housing Choice Voucher Rental Assistance. Within those programs, there are several other programs and sources of funding.

2012 Program Operating Income Housing Counseling $12,128 FY’11 CFP $189,051 ROSS ESS $63,760 ROSS Family Self-Sufficiency $66,746 Housing Choice Voucher $4,082,886

EIDC $675,262

EIRHC - Tax Credit (Evergreen Meadows) $135,698

Public Housing $443,007 EIRHC - USDA Units $53,535 Public Housing Operating Subsidy $347,653 Section 8 Family Self-Sufficiency $139,940 EIRHC - Tax Credit (Asbury Meadows) $209,256

The pie chart depicts the fiscal year 2012 programs and funding sources, as well as the amount of operating income.

[All figures contained herein based on Fiscal Year 2012 unaudited financial statements]

4

Housing Choice Voucher

In January 2005, the Housing Choice Voucher (HCV) program became completely budget based. EIRHA has an annual contributions contract (ACC) with the Department of Housing and Urban Development (HUD) to serve 883 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 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 six county region served by EIRHA except for the cities of Dubuque and Clinton.

The city of Maquoketa is given priority to the 156 vouchers under their Annual Contributions Contract that EIRHA assumed.

Percent

Percent

Over 1,128 households benefited from the rental assistance program during the fiscal year.

History of Housing Assistance Payment Lease-Up 101.62%

100.60%

100

99.52%

[July 1, 2011 - June 30, 2012]

Dubuque County $612,234 19%

Cedar County $254,744 8% Delaware County $358,422 12%

Jackson County $222,902 7%

Clinton County $608,893 19%

88.70%

87.19%

‘00

Dubuque County 195 17%

98.94%

‘03 ‘04

‘05 ‘06

Jones County 188 17%

97.02%

Cedar County 103 9%

89.70%

‘01 ‘02

City of Maquoketa $584,103 18%

HCV Assistance: Households Assisted by County

94.41%

90

Jones County $530,231 17%

[July 1, 2011 - June 30, 2012]

97.17% 95.46%

95

85

99.62% 97.47%

HCV Assistance by County Year

‘07

‘08 ‘09

‘10

Delaware County 157 14%

‘11 ‘12

Fiscal Year History of Housing Assistance Payment Expenditure

Clinton County 204 18%

Jackson County 75 7%

City of Maquoketa 206 18%

105 100.75%

100

101.88%

98.92% 100.67%

97.53% 99.05%

95

‘05

‘06

‘07

The total amount of rental assistance provided to landlords on behalf of low-income elderly and families in the area served by EIRHA for FY 12 was $3,171,529.

98.12%

‘08

‘09

Calendar Year

‘10

‘11

5

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 ’12, EIRHA’s average monthly housing assistance payment sent to landlords was $302.14.

HCV Client Profile

Since 2002, EIRHA has had a waiting list for program services. At the end of fiscal year ’12; 2,266 households were on the waiting list with an average wait of eighteen months. Applicants are served in order by date and time of application. In addition, EIRHA has selected the following local preferences: • City of Maquoketa residents are given priority for the 156 city of Maquoketa vouchers (2 preference points). Individuals must reside within the city of Maquoketa to receive this preference.

• Residency preference for families who live in Cedar, Clinton, Dubuque, Delaware, Jackson, and Jones counties (1 preference point).

• Preference to any family that has been terminated from the HCV program due to insufficient program funding (1 preference point).

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 35

35%

35

26% 25 20

24%

25 20 15 10

15

5

13% 8%

0

9% 4%

5 0

29%

30

30

10

38%

40

Percent

Percent of Households

40

Income Ranges of Housing Choice Voucher Residents

$0

$1 $5,000

5%

5%

3%

1% 0

1

2

3

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

Amount of Income

Distribution of Income Wages 26%

Zero Income 5%

Race of Participants White 88%

Welfare 11%

Black 10% Hispanic 1% American Indian 1%

SS/SSI/Pension 41%

Other 17%

6

4

Number of Bedrooms

5+

Public Housing Operating Reserve $800,000

Amount

$552,130

$518,394

$492,801

$500,000

$437,422 $418,835

$432,670 $400,000 $325,411 $281,556

$300,000 $200,000 $100,000

$111,247 $107,339

$0

History of Public Housing Lease-Up

$603,428

$577,254

$600,000

Although EIRHA is a tax exempt organization, approximately $22,459 was paid to local governments for payments in lieu of taxes. The public housing program has an operating reserve of $437,422. 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.

’00

’01

’02

’03

’04

’05

’06

’07

’08

Fiscal Year

’09

’10

’11

’12

Public Housing Payment in Lieu of Taxes $30,000

100

98.80%

98.64%

98

98.63% 98.93%

98.47% 98.16%

97%

98.63%

98.42%

$21,648

97%

95%

95%

94 92

$19,725 $19,535 $19,120 $18,483 $18,186 $17,839 $17,278

$20,000

$15,000

$10,000

91%

90

$22,937 $24,400 $24,305 $22,669 $22,459

$25,000

Amount

96

$716,590

$700,000

For fiscal year ’12, EIRHA’s Operating Budget was $443,007 and Operating Subsidy was $347,653. EIRHA uses rental receipts to manage and maintain the units. $85,719 was paid for utility costs, $371,537 for maintenance and operations, and $236,433 was paid for administrative and other expenses.

Percent

public Housing Program

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 98.63% occupancy level is maintained. There are 85 units of elderly and 79 units of family housing. The family housing is scattered-site single family homes and duplexes. The senior developments range in size from 4-plexes to a 23 unit twostory building. Most of the developments have a waiting list.

$5,000

88 86

$0 ’00

’01

’02

’03

’04

’05

’06 ’07

’08

Fiscal Year

’09

’10

’11

’12

7

’00

’01

’02

’03

’04

’05

’06

’07

Fiscal Year

’08

’09

’10

’11

’12

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

45

39%

40 35

Percent

PH Client Profile

T o 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 ’12 was $130.70.

Based on statistical data, approximately 56% of the households admitted to the public housing program are considered extremely low income (at or below 30% of the area median income adjusted for family size).

30 25

23%

20 13%

15

12%

10

3%

5 0

0-5

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.

In fiscal year ’12, 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

31%

51-61

62-82

83+

Age Ranges

White 90% Black 7% Hispanic 2% American Indian 1%

Wages 30% Other 16%

15%

15

18-50

Race of Participants

23%

20

12%

10

8%

6%

$0

Zero Income 5%

5%

5 0

6-17

Distribution of Income

30 25

10%

$1$5,000

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

Welfare 5%

SS/SSI/ Pension 44%

Amount of Income 8

$284,454

$315,289

$327,338

$317,823

$313,485

$283,699

$267,213

$250,000

$150,000

$100,000

$50,000 $0

2003

2004

2005

2006

2007

2008

2009

2011

2010

2012

Fiscal Year

,89 89 $2

1

10

$1 89 ,05

09

$200,000

Amount

1

27 $2

29

,53

,68

9 16 $2 29 ,01

9

$2 18 ,3

05

4

35

04

$250,000

$2 27 ,42

03 *

$2 41 ,3

02

2

9 ,67

01

$2 47 ,60

$2

60

$2

64

,17

7

8

80

$300,000

2

Capital Fund Program

$2

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.

,51

flooring replacement scattered site roof replacement appliance replacement concrete work at Miles elderly tub repair

$200,000

77

• • • • •

$273,116

$2

$304,790

$300,000

$2 73 ,0

EIRHA received a contract for $189,051 for the 2011 CFP. The award was funded in fiscal year 2012 and included the following upgrades:

$347,673

$350,000

Amount

CFP and Operating Subsidy

Operating Subsidy

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 $0

00

Fiscal Year

9

06

07

08

09 ** *includes incentive

**stimulus

11

PH Developments

Holy Cross Family

2 two-bedroom duplex units

Delmar Family

Peosta Family

Bellevue Elderly-Disabled

6 two-bedroom duplex units 2 three-bedroom duplex units

12 one-bedroom apartments

Colesburg Family

Manchester Family

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

Hopkinton Family

Worthington Family

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

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

Elderly-Disabled

14 one-bedroom apartments

DeWitt Elderly-Disabled

2 two-bedroom duplex units

Preston Family

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

Elderly-Disabled

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

Dyersville Family

22 one-bedroom apartments 1 two-bedroom apartment 4 two-bedroom duplex units 2 three-bedroom single family homes

Miles Elderly-Disabled

Wheatland Elderly-Disabled

4 one-bedroom apartments 8 one-bedroom apartments

10

16 one-bedroom apartments

Family

6 two-bedroom duplex units 1 two-bedroom single family home 5 three-bedroom single family homes

Sabula Family

2 two-bedroom duplex units 2 three-bedroom duplex units

Elderly-Disabled

8 one-bedroom apartments

Family/Elderly Self-Sufficiency

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 self-sufficiency. 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.

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 $139,940 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 $65,118 in escrow accounts for participating households. That is an average of $1,588 per household.

ROSS Public Housing Family Self-Sufficiency (FSS) EIRHA was awarded $66,746 for the fiscal year ‘11 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 $56,736 in escrow accounts for participating households. That is an average of $1,032 per household.

Elderly Self-Sufficiency (ESS) Since February 2002, EIRHA has operated an Elderly Self-Sufficiency Program for the Public Housing Residents. This program is designed to assist the elderly with social and daily living skills.

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 self-sufficiency or remain independent.

11

ROSS FSS Summary Year 2004 2005 2006 2007 2008 2009 2010 2011

Number of Successful Completions 0 1 8 8 11 12 14 20

Award $56,512 $61,083 $61,083 $61,083 $62,915 $64,802 $66,746 $66,746

Section 8 FSS Summary Year

Number of Completions

Award

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

0 2 14 25 26 32 37 41 44 50 55 58 64 74 87

$39,000 $39,280 $41,672 $42,922 $44,210 $45,536 $47,269 $47,743 $56,512 $61,083 $65,000 $65,650 $66,307 $100,124 $139,940

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.

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.

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.

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,

12

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 ‘12, seventy-nine families were assisted with Housing Counseling assistance.

Workforce Housing In January 2011, ECIA received a $2,447,727 Single Family New Production 3 grant from the Iowa Economic Development Association to cover down payment costs for moderate income households to construct 54 single family houses, condominiums, and town homes in several locations in Dubuque. To qualify, homebuying families could not exceed 100% of the Dubuque County Median Income and a minimum of 51% had to be at or below 80%.

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.

EIRHC entered into a contract for services with the Developers to provide the homebuyers with housing counseling services throughout the duration of the buildout 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

As of April, 2012, all fifty-four homes were completed and closed for the Single Family New Production 3 grant. The Single Family New Production 4 program is currently in the initial enrollment and planning stages.

Administrative Plannning

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.

94%

94%

95%

95%

93%

2002

2003

2005

2007

2010

89%

90

88%

82%

70

Percent

100

80

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

EIRHA PHAS Scoring History

1) Physical Condition of the PHA’s public housing properties; 2) The PHA’s financial condition; 3) The PHA’s management operations; 4) The Capital Fund program.

60 50 40 30 20

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.

10

2000

2001

2011

Year

EIRHA SEMAP Scoring History 100

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

96%

100%

90 80

Percent

70 60 50 40 30 20 10 0

2002

2003 2004

2005

2006 2007 2008

Year 13

2009

2010

2011

USDA-Funded Units Lease-Up History

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.

100%

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 $53,535. Services provided for the elderly tenants include counseling, referrals, and community activities. 93.75% lease-up was maintained at the Worthington site and 100% lease-up was maintained at the Grand Mound site for fiscal year ‘12.

Percent

E.I.R.H.C.

Eastern Iowa Regional Housing Corporation (EIRHC) EIRHC was established in 1990 and organized as a not-for-profit 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.

99%

100%

100%

100%

100%

99%

100%

100%

100%

100%

100%

98.62%

98% 97% 96% 95% 93.75%

94% 93% 92% 91%

Iowa Finance Authority (IFA) 28E Agreement On May 19, 2010, ECIA entered into a three year (2010, 2011 and 2012) 28E Agreement with IFA. The purpose of the Agreement is to perform physical site inspections and file reviews of the tenant files of Low Income Housing Tax Credit (LIHTC) properties. These properties are located within Dubuque, Delaware, Jackson, Cedar, Clinton, Jones and Scott counties.

EIRHA staff that are Tax Credit Compliant Certified perform the inspections and file reviews for program compliance.

’04

’05

‘06

’07

’08

’09

’10

Fiscal Year Worthington

14

Grand Mound

’11

’12

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 99.31% lease-up for CY ’11.

As of June 30, 2012, the complex was at 99.31% lease-up.

Income Ranges of Residents 30 25%

25

24%

19%

20 15

12% 10 8%

12% 8% 9%

7%

7%

5 0

$1$5,000

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

70 60

68%

63%

50 40 30 19%

20 11% 9%

10 0

Amount of Income

Wages

13%

8%

SS/SSI/ Pension

Welfare

Other

Income Source

Lease-Up History 100

95.49%

99.65% 100% 100% 93.75%

100%

100% 99.31% 100%

Race of Participants

80 60

White Black Other Hispanic

40

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 32-unit 2, 3 and 4 bedroom housing development for low to moderate income households in Asbury, Iowa.

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 100% lease-up for CY ‘11. As of June 30, 2012, the complex was at 100% lease-up.

Distribution of Income

34% 35%

35

Percent of Total Income

Percent of Households

Tax Credit Communities

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.

20 0

‘05

‘06

‘07

‘08

‘10

‘09

49% 48% 3% 0%

‘11

Calendar Year

Age of Participants 50

49%

40

Evergreen Meadows Asbury Meadows

30 22% 20

14%

10 0

6% >12

13-17

10% 9%

18-25

15

9%

12%

9% 4%

26-35

36-50

Age Ranges

51-64

1% 0% 65+

69% 31% 0% 0%

9%

What Home Means to ME...

Drawing by: 16 M. J.

This calendar was printed on recycled paper.