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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 — African American Financial Resource Alliance (AAFRA)
8:55-9:25 Speaker — Fannie Mae Orlando Partnership Office
9:25-9:40 Other Items:
County/City/HUD
City of Orlando HAC Report
Counseling Collaborative
New Business:
Review correspondence
Next membership meeting -- Wednesday, January 30, 2002 @ 8:30 am
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:
February 27, March 27, 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.
Nonprofit Housing Roundtable
Meeting Minutes from November 18, 2001 Meeting
Present: Catrina Dupree, Lisa Chiblow, Jacqueline Thompkins, Jill McReynolds, Bob Ansley, Albie Mayor Martin, Sylvia Bird, Katherine Allen-Hurt, Kathy Bryant, Verl Emrick, Bonnie McCoy, Fran James, Vicki Poff, Stacy Stark, Diana Cook, Shirley Simmons, Lelia Allen, Ralph Armstead, Rev. Maxwell, Dean A Malloy, Lonnie Thompson, Marva Fortson, Catherine Nelson, Buddy Balagia, Dianne Lebford, and John Hazelroth
Agenda Item 1 – Approval of Minutes - Prior Meeting
Motion made by Judith Kovisars, seconded by Steve Chitwood and unanimously approved.
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 Investments
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,
January 20, 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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