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MISSION: To increase the supply of decent affordable housing provided by nonprofit organizations to low and very low income families through coordination among nonprofits to enhance capabilities, expand funding opportunities, maximize training, and develop new partnerships.
Time (Min) Agenda Item
8:00-8:30 Networking between members and guests
8:30-8:35 Introduction of members/guests (Katie Porta)
8:35-8:40 Approval of minutes
8:40-8:55 Speaker — AAFRA (Robert Johnson)
8:55-9:25 Speaker — Fannie Mae Orlando Partnership Office (Evette Francis)
9:25-9:40 Other Items:
County/City/HUD
City of Orlando HAC Report
Counseling Collaborative
New Business:
Review correspondence
Next membership meeting -- Wednesday, March 27, 2002 @ 8:30 am
Adjourn (TOTAL MEETING TIME -- 1 HOUR AND 10 MINUTES)
The City of Orlando, 400 S. Orange Avenue, Orlando, FL 32801 Located at northwest corner of South Street and S. Orange Avenue The meeting will be on the second floor - Conference Room U
Future Meeting Schedule for 2002:
April 24, May 29, June 26, July 31, August 28, September 25, October 30, November 27, No December Meeting
Goal 1. To educate the entire community on the role of the nonprofit sector as an important partner in the housing delivery process. a. Communicate housing and nonprofit needs to local area government b. Develop quantifiable goals for the Roundtable to allow for evaluation of this organization's effectiveness. c. Invite guest speakers to speak monthly. Pick out topic relevant to nonprofit housing providers (i.e. management, development, underwriting) and have speaker make 30 minute presentation. Goal 2. To pool skills and resources of nonprofit housing producers and housing support agencies a. To use the nonprofit Roundtable to gain organizational and functional strength to achieve our mission by convening regular meetings to share information, and to plan and coordinate activities of the participating nonprofits b. To evaluate and prepare an annual plan that quantifies projects and funding needs of the participating nonprofits and prepare joint funding support request to the various funding entities c. To promote and support emerging nonprofit housing organizations. Goal 3. To pursue various partnership opportunities and linkages with for-profit developers and builders. a. Strengthen relationships between nonprofits and private sector b. To become active participants in the Homebuilder's association to cultivate support of for-profit developers and builders and to seek out opportunities for joint-ventures, other business relationships and mentoring. Goal 4. To pursue activities that would increase the availability of low cost funds to nonprofits. a. Subscribe to legislative, funding resource. Monitor and report on upcoming funding programs. b. Develop calendar of funding source with contact, deadline and summary information. Goal 5. To pursue activities that would encourage governments to provide grants and loans to nonprofits for technical assistance and housing production.
Present: Nede Mansour, Karen Ledet, Scott Zimmerman, Linda Larkin, Steve Chitwood, Betty Evans-Turman, Fred L Maxwell, Denise Patton, Albie Mayor, Gaile Moody Plowden, Cynthia Smith, Patricia Andrews, Kevin O’Rawe, Victor Alvardo, Tracey Starke, Catrina Dupree, Lisa Chiblow, Gloria Oliver, Dedra Walthour, Vicki Poff, Alexis Collins, Fran James, Rosanna Jacobsen, Janet Hamer
Agenda Item 1 – Approval of Minutes - Prior Meeting
Motion made and seconded for unanimous approval.
Agenda Item 2 – AAFRA (Robert Johnson)
Mr Johnson was on-hand to talk about AAFRA’s business in Central Florida.
• AAFRA is a for-profit organization with a mission of helping to educate and inform consumers of business and finance.
• One of the key goals that they have is to increase home ownership for lower income residents.
• They are FHA and VHA approved lenders.
• They do both conforming and non-conforming loans.
• The hallmark of their products is that they try to avoid charging points.
• AAFRA works one-on-one with home buyers, however, if they have extensive credit problems, they refer them to the Mortgage Credit Center. They do a lot of education with home buyers and they offer free home buyer seminars. The average attendance at the seminars is approximately 15-25 individuals.
• In addition, they also offer financial assistance regarding insurance, mutual funds, etc.
• Their web site is www.aafra.com and their address is 2281 Lee Rd, Suite 2284, Winter Park FL 32789. They can be reached at 407-740-8881.
• They are currently looking for partnerships, particularly with nonprofit organizations. • They’ve been doing approximately 8-10 home loans per month and have been in business one year. They do have Spanish-speaking staff and bi-lingual ability. • AAFRA originates the loans and then these are signed out. They do not hold the loans, but sell these. • With respect to classes, they talk about expectations, credit issues, budgeting, the application process, down payment assistance, and what to do once you’re in the home.
Agenda Item 3 – Fannie Mae Orlando Partnership Office (Evette Francis)
Evette was on-hand to talk about several Fannie Mae initiatives. The following are excerpts from her presentation.
• At Fannie Mae, we are in the American Dream business. Our mission is to dear down barriers, lower costs, and increase the opportunities for home ownership and affordable rental housing for all Americans. Because having a safe place to call home strengthens families, communities, and our nation as a whole.
• The American Communities Fund’s Mission: Our mission is to invest in tangible, high-impact single family and multifamily residential developments. We achieve our mission by investing in community development housing assets and becoming the secondary market partner of choice for lenders.
• Bond Investment
• Fannie Mae purchases tax-exempt and taxable Mortgage Revenue Bonds issued by state and local housing finance agencies. Fannie Mae purchased a $4 million GO bond issued by the City of North Las Vegas at a rate of 4.30 percent last December.
• We also provide credit enhancement for bond issues sold in the capital markets using Fannie Mae’s MBS (Mortgage Backed Securities)
• Fannie Mae purchases General Obligation bonds linked to affordable housing.
• Down Payment Assistance Investment Notes (DPAIN): Leveraging tool for expanding down payment funds for borrowers. A collateralized note is purchased by Fannie Mae directly from an HFA, municipality, or other qualified issuer. Proceeds of the note are used to fund secured second mortgages that finance a portion of the borrower’s down payment and/or closing costs. Second mortgages are fully amortizing.
• CDFI Initiative: Begun in 1994, this initiative was created to help eliminate discrimination in the housing finance system. CDFIs play a critical role in many underserved neighborhoods. Fannie Mae makes deposits and equity investments in depository institutions, as well as senior and subordinated debt to loan funds and depository institutions.
• Multifamily Equity Investments: Fannie Mae remains one of the largest corporate investors in the Low-Income Housing Tax Credit Program. We invest in high impact projects on a direct basis, and in equity funds through state and national intermediaries, like Enterprise and Local Initiatives Support Corporation (LISC). LIHTC Portfolio exceeds $1.8 Billion.
• EAH: An employee benefit helping employees achieve homeownership that meets important business needs and can be designed to support multiple community goals. The Orange County Teachers Home Purchase Program
• The Orange County Housing Finance Authority will offer a Fannie Mae Teachers Mortgage with low interest bond financing and access to down payment assistance form orange County and City of Orlando SHIP funds in the amount of $7,500. The no interest, second loan is forgiven if the teacher commits to teach for 5 years at an orange County public or private school. Orange County Public Schools will allow marketing of this product to its teachers.
• To contact Fannie Mae: Fannie Mae Central Partnership, 255 S Orange Ave, Suite 1590, Orlando, FL 32801-3496. The phone number is 407-481-8323 and fax is 407-481-8198.
This concludes the end of the meeting minutes. The next meeting will be held Wednesday, March 27, 2002, at 8:30 am, at Orlando City Hall.
GUEST SPEAKERS Federal Reserve Bank Janet Hamer of the Federal Reserve Bank of Jacksonville will be on-hand to talk about the bank’s role in affordable housing and new initiatives. This will be an interesting meeting in that few individuals and organizations understand the role of the Federal Reserve Bank and its impact on our daily lives.
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