“Rebuilding communities one affordable
home at a time”.
• Provide affordable housing for low-income and middle-class individuals who have
been affected by the recent housing market conditions due to the housing crisis
and recent recession.
• Provide budgeting strategies to assist in the elimination of debt which in turn will
contribute to the re-establishment of credit worthiness.
• Provide resources for the program participants to utilize which will assist in their
search for affordable housing such as providing listings with homeowners, property
managers, and apartment communities who will participate in our program and who
have qualified vacant properties based on budget calculations.
• Find homeowners, property managers, and apartment communities willing to
participate in our program by in some cases waiving application fees, looking past
credit imperfections, and in some events even lowering deposit requirements.
• To create programs which assist existing homeowners with funds to bring past due
mortgages/ fees current which may have fallen behind due to loss of employment,
decrease in hours (underemployment), short or long term disability. (Other causes may
be reviewed and approved at agency discretion). Fees to be included with
disbursements may consist of late fees for mortgage, HOA fees, and loan
• To provide grants to program participants who may require financial assistance with
home purchase closing costs.
• To provide homeowners with resources and referrals to increase home equity while
minimizing improvement costs, and maintaining housing affordability.
• To provide assistance programs for renters who may have fallen into financial
hardship due to recent job loss, decrease in hours, short/ long term disability, those
receiving SSI or other governmental income supplement, and assistance with meeting
move-in criteria such as equal deposit, credit report fees, application fees, background
check fees, application fees, and lot fees.
• To assist with the rapid re-housing for those who are faced with homelessness due to
job loss, recent housing crisis situations, short or long term disability etc.
• To acquire land, buildings, and housing in order to provide rapid re-housing for those
faced with homelessness throughout the Tidewater region.
• The housing bubble burst.
• Many people who purchased homes between 2004 and 2008 lost their homes due
to the fact that when they went to refinance their properties, the property values
were less than the amounts owed on the properties.
• Many of those trying to refinance had 2/28 and 3/27 ARMS which ballooned to
interest rates which made payments extremely high and difficult to maintain.
• There were many programs implemented by government agencies and banks
which were supposed to work with homeowners. Many however focused on
creating a forbearance pay plan which usually consisted of allowing two months of
nonpayment and then monthly payments for nearly twice the original monthly
payment amount or even more. This method did not create affordability and
homeowners usually were in a worse position than when they started. Many of
whom couldn’t even activate the forbearance agreement because of the hefty down
…How did we get here? (cont)
• Because of the lack of affordability many families homes were
foreclosed on or resulted in having to go through the short sale
process. This all due in most cases to no fault of their own. This
resulted in families going back into the housing market, yet this
time with a credit ding which many property managers and
apartment complexes refused to look past.
• No apartment community, property management company, or
even private owners want to see a foreclosure on credit and they
rarely do they give the chance to explain. Many will not approve
the application and in most cases if they do, they take advantage
by charging maximum rent, deposits, and application fees.
• The Affordable Housing Network LLC. Has
recognized the overwhelming need throughout the
community for an advocate primarily focused on
housing affordability. According to the 2007 American
Community Survey, it acknowledges that 77% of the
Hampton Roads homeowners have mortgages, and of
that 77%, 34% stated that they’re upside down.
Unfortunately for many this is due to the recent
housing crisis. Between the year 2004 to 2008, many
families purchased homes which were secured with 2or
3 year ARM’s (adjustable rate mortgages).
The Market (cont)
• Upon receiving notices of the scheduled loan rate
adjustment homeowners made attempts to refinance.
Many were denied approval due to their homes being
worth less than what was owed on the properties.
Others were faced with a similar crisis who signed for 5
year interest only mortgages. Doing the numbers, that
34%breaks down to 110, 733 properties. Based on
those figures 27% of those owe more than what their
home is worth.
• Aside from that major issue, affordable housing in Virginia and more particular in
Hampton Roads is scarce. Sure there’s affordable housing but for whom? The rich,
the wealthy, retiree’s, upper middle-class? Many of the lower-class citizens aren’t
given very many options besides staying in unsafe neighborhoods, participating in
section 8 (which is no longer accepting applications in several counties), as well as
applying for government funds to maintain stability such as TANF (Temporary
assistance for needy families), food stamps, and child care assistance. This
dependence can be eliminated with affordable housing.
• Studies show that many Virginia residents whether homeowners or renters, spend
over 50% of their net income on housing payments, nearly 21% more than the
allowable DTI required by banks to finance a home. Oftentimes this is the case
because they’re given no other real option.
What’s the Difference?
• The difference between this program and other programs implemented by the state
and other non-profit organizations is that many of the other programs put a primary
emphasis on assisting with job placement. These programs provide resources for
job search, resume’ builders, and even interview success. Even this process is a
rushed process so that the program participants can stop receiving some type of
• Our system lacks programs which focus on what you should do once you have
gainful employment. Once people find a job, their spending patterns in most cases
remain the same, and eventually they wind up repeating the process and
dependence on the system is the only thing consistent.
• Our program fills this gap. The Affordable Housing Network will focus on
restructuring priorities, promoting debt-free living and credit worthiness, all
independent of government subsidized programs.
• Other programs already offered require an excellent credit standing and do not
offer credit repair and debt management reference material for those who fall short
of their credit requirement standard (ex VHDA, HRHA FTHB programs).
• Rebuilding communities with long-term residency and
• Provide a sense of pride in ownership
• Provide program participants with resources which
contribute to long-term financial stability and independence,
which in turn eliminates the need to repetitively depend on
government funds for assistance. In the long run
participants will stimulate the economy on their own.
• Call 757-344-3773