Announcements

About POAH: Preservation of Affordable Housing, Inc., or POAH, is, as its name implies, an organization committed to preserving 'at risk' affordable rental housing around the country. Based in Boston, POAH is a small but growing entrepreneurial organization which currently owns and manages 4,819 affordable rental homes for families, seniors and the working poor in eight states and the District of Columbia. On average, resident incomes in POAH communities are only 30 to 50% of median.

POAH's reach is national in scope, and its faithfulness to mission is carefully balanced with attention to its business bottom line. Its noteworthy reputation has resulted from a demonstrated ability to craft complex financial transactions, tackle tough multi-family projects, and close deals that preserve the affordability of 'at risk' properties in a decisive, proficient manner. The organization and its leaders have also been at the forefront of policy and legislative discussions around housing preservation, affordable housing finance and regulatory reform.

About the opportunity: POAH is seeking a Chicago-based Project Manager to join its Development group. Project Managers oversee one or more developments simultaneously, participating in project 'life' from acquisition to completion of construction and lease-up, including financial analysis, design and construction, and transfer of the completed project to the property management function. Some of the Project Manager's specific and essential tasks may include:

• Identifying project opportunities and defining project scope.
• Determining financial feasibility in consultation with other team members.
• Assembling a team of professionals including architect, engineer, real estate broker, lawyer and contractor, and coordinating their work with other team members, including colleagues and client staff.
• Establishing and managing the project budget to achieve projected financial objectives, tracking costs, analyzing and resolving budget shortfalls.
• Monitoring design and construction in the context of local building codes, efficiency, and the principles of sound property management.

Knowledge
Candidates for this position should possess significant relevant experience and knowledge in some or all of the following areas:

• Housing and community development, especially affordable housing and the regulations and financing applicable to the industry;
• Structuring, negotiating and bringing deals to closure;
  
• Public and private financing and transaction structuring.
• Design and construction management, including multi-family construction and rehab;
• Establishing, monitoring, and achieving projected development budgets;
• Regulatory issues related to real estate development work;
• Conceiving of projects and promoting them to diverse audiences, including community-based and tenant organizations.

Skills

• Candidates should have demonstrated ability to:
• Lead a team with diverse interests and backgrounds;
• Communicate effectively in person and in writing;
• Perform spreadsheet and other financial analyses,
• Make convincing public presentations using Powerpoint and other tools;
• Manage simultaneous and competing activities and demands, and
• Remain organized and meet deadlines.

Salaries are competitive and commensurate with experience.

Interested individuals should send a resume with letter of application to jobs@poah.org. Please specifiy your interest in the Chicago-based project management position.

POAH is an Equal Opportunity Employer. Persons of color are encouraged to apply.

DuPage Homeownership Center Announces New Board Members

Liz Corry, Wheaton City Council member, Mike Jacobs, Vice President at Charter One Bank, and Karen Hill, development director at the Peoples Resource Center were recently elected to the DuPage Homeownership Center’s Board of Directors.

“We are pleased to have this group of individuals join our Board,” Executive Director Dru Bergman said. “They represent strong leadership in government, financial services and fund raising as well as a passionate commitment to the Center’s mission of increasing and preserving homeownership in DuPage County.”

Liz Corry and Karen Hill both live and work in Wheaton. Mike Jacobs resides in Batavia and works in Charter One’s Naperville location.

The DuPage Homeownership Center offers a variety of programs to empower individuals and families to become and remain successful homeowners in the high-cost DuPage housing market. Among its services are home buyer education classes, pre-purchase counseling, special financing options for low and moderate income families, foreclosure prevention and a program for seniors that allows them to stay in their homes and communities and maintain their independence.

A non-profit housing counseling agency located in Wheaton, the DuPage Homeownership Center is certified by the U.S. Department of Housing and Urban Development to provide both prepurchase and default counseling as well as providing reverse mortgage counseling as a member of the HUD-HECM National Counseling Network. For more information, visit www.dhoc.org or call the Center at (630) 260-2500.

The Gift that Keeps On Giving—Financial Stability and Homeownership

DuPage Homeownership Center Offers Free Classes to Prep First-Time Buyers

Don’t let the dream of homeownership slip through your fingers because of fears about the housing market. If you have reasonably good credit, some savings and a steady income, this could be the best time to purchase your first home. If not, now is the time to start putting your financial house in order to get ready for homeownership.

The DuPage Homeownership Center, a non-profit housing counseling agency, is offering free classes for first-time homebuyers on Saturday, Jan. 12 from 9 a.m. to 1 p.m. at the Naperville Municipal Center, 400 S. Eagle St., in Naperville. The same class will repeat on February 9th at the Mainstreet Organization of REALTORS®, 6655 S. Main St., in Downers Grove and March 1st at the DuPage County Administration Building, 421 N. County Farm Rd., Wheaton.

A special class for Spanish-speaking individuals will be offered February 16th at St. Paul’s Lutheran Church, 515 S. Wheaton Ave., in Wheaton. Reservations are required for all of the classes and can be made by calling (630) 260-2500.

At the classes, experts will review mortgage products and explain what it takes to qualify for a loan. They also will provide valuable tips on finding the right home, negotiating the sales contract and hiring professional services such as attorneys and home inspectors.

In addition to the above classes, the Center will present its Annual Free Homeownership Fair on Saturday, March 1, 2008 at the DuPage County Administration Building, 421 N. County Farm Rd., Wheaton. This one-day outreach event includes exhibits by lenders, Realtors, home improvement experts and fair housing groups. Workshops will be presented throughout the day on the home purchase process.

“Now could be an excellent time to purchase a home,” said Executive Director Dru Bergman. “Interest rates are relatively low and there is a surplus of homes, making this a buyers market. In addition, there are a number of first-time home buyer programs available in DuPage County.”

For more information, visit www.dhoc.org or call the Center at 630/260-2500.

DuPage County Home Prices Rise While Wages Drop

The gap between wages and home costs continues to widen, making it more difficult than ever for average working families to purchase a home in DuPage County, according to a report issued today by the DuPage Homeownership Center (DHOC)

DHOC’s Annual Labor Day Housing Affordability Index is 55, indicating that families earning the median income have just 55% of the monthly income needed to afford the median-priced home in DuPage County. (The complete DHOC Annual Labor Day Housing Affordability Index Report is at the end of this document.)

“The median-priced home rose to $360,000, up 4.8% from the same period last year, while median household income dropped to $69,800, down from last year’s $72,400,” said Executive Director Dru Bergman. (Source: Illinois Association of Realtors’ (IAR) sales data and U. S. Department of Housing and Urban Development (HUD) FY07 median income estimate for DuPage County). “Home prices continue to soar in DuPage County despite the slump in the real estate market, putting pressure on working families looking to purchase affordable homes,” Bergman said.

Given the generally accepted rule that a family should pay no more than 30% of monthly income for housing costs, a home buyer in DuPage County would have to earn $126,120 to afford the median-priced home.

“As we approach the Labor Day Holiday, it is disheartening to see that healthcare workers, police officers and other people essential to our economy cannot afford to live in the county where they work,” Bergman said. “Compared to last year’s Affordability Index of 59, based on a median-priced single-family home of $343,500, and a median income of $72,400, the affordability problem in DuPage County is getting worse.”

The IAR report shows that DuPage County continues to have the highest median sales price for existing single-family homes in the state. Lake County has the second-highest median sales price of $306,700, down 0.7% from the same period last year.

The Affordability Index is based on a concept created by the National Association of Realtors and provides an indication of whether a housing market is in balance or not. “The conventional wisdom is that a family earning the median income for a given area should be able to afford the median-priced home in that area,” Bergman explained. “An index of 100 would mean that the market is in balance. Clearly in DuPage, with an index of just 55, housing prices are far outpacing the incomes of many working families. “

To address this market imbalance, there are a number of initiatives underway to increase the workforce housing stock in DuPage County.

• Homeownership: Benchmark for a Vital Community is an effort that is uniting the public and private sectors in identifying and breaking down barriers to increasing and preserving the supply of affordable starter homes in DuPage County. Headed by DuPage County Board Member and DHOC Board President Debra Olson, this groundbreaking initiative includes educating the community on the need for workforce housing, advocating for public policies to encourage the development of affordable starter homes, and providing examples of attractive, quality affordable units. A Steering Committee oversees the day-to-day efforts, co-chaired by Erin Vaughan, Vice President of Government Relations at ARAMARK, and Dave Faganel, President of R.A. Faganel Builders.
  
  
• The DuPage Housing Action Coalition is a partner with the DuPage Homeownership Center on the Homeownership: Benchmark for a Vital Community effort. Additionally, this network with broad-based grassroots participation advocates for fair and affordable housing in DuPage County and provides a unified voice for the county on legislative and budget issues concerning affordable housing.
  
  
• DuPage Habitat for Humanity recently announced that their planned 11-home subdivision has been approved for development by the City of West Chicago. The project is anticipated to break ground in 2009 and span until 2011 with phased construction each year. At an estimated cost of $3 million, the project is the largest undertaken by DuPage Habitat to date, and includes extensive infrastructure development. The project will allow 11 families of limited income to achieve the dream of homeownership.

Located in Wheaton, the DuPage Homeownership Center is the only place in DuPage County where working families can obtain a reduced-interest financing package that will significantly boost their home purchasing power. It is certified by the U.S. Department of Housing and Urban Development to provide both pre-purchase and default counseling and by AARP to provide reverse mortgage counseling. For more information, visit www.dhoc.org or call DHOC at (630) 260-2500.

DuPage Homeownership Center Annual Labor Day Housing Affordability Index

2007 Affordability Index: 55
2006 Affordability Index: 59
2005 Affordability Index: 63

Can average working families afford to live in DuPage County?

*Using the U.S. Department of Housing & Urban Development (HUD) standard that a family should spend no more than 30% of their monthly income on housing.

The answer is NO!

Catholic Charities Helps Break the Cycle of Poverty

DuPage County - Recently nine women celebrated with friends and family as they graduated from "Out of Poverty," a ten-week course offered by Catholic Charities, Diocese of Joliet. The graduates were awarded framed certificates and a bouquet of flowers by Pam Terrell, director of community services for Catholic Charities in DuPage County.

"No one grows up dreaming of being impoverished," said Anita Hinton, mother of six and past graduate of the program who addressed the students. "But, through a series of actions, we end up in a situation we don't want to be in, and we have to figure a strategic way out. What happens in your nine homes affects the rest of us." Hinton encouraged the women to commit to raising their children well and breaking the cycle of poverty and poor choices.

"Out of Poverty" addresses far more than financial well-being. The 30 class hours plus homework assignments are packed with self-reflection and sharing. Students examine their own stories to understand how their behavioral patterns and choices shape their lives. The students listen to each others' experiences and suggestions and encourage each other to make positive personal decisions. Each student sets short and long-term goals in their prosperity plans, which verbalize the action steps to achieve them.

The stories are varied, yet strikingly similar. One woman with adult onset diabetes could no longer work due to unbearable pain. She found herself in and out of the hospital for seven months and is now in kidney failure. "I didn't want to ask my family for help and put any of them in pain," said Maria Chavez. "My new friends encouraged me to allow them to make their own decision." More than 20 family members have offered Chavez a kidney.

Graduate Kim Onigbinde experienced severe discrimination during her childhood. "Not having money is hard," she said. "But your mind can be in prison, too, and my thoughts kept me in poverty. I'm taking off my victim uniform," she added. Onigbinde reached her key short-term goal last week and accepted a new job. She'll graduate from College of DuPage in May. Long-term, she'll be working on a bachelor's degree combining psychology and criminal justice.

All had huge, genuine, smiles as they accepted their certificates and shared their gratitude for the program. "Catholic Charities has no 'easy button,'" said Larry Cada, program facilitator. "These women had to work hard. They signed contracts, followed rules, did their homework and shared their lives openly to themselves and with others."

Cada acknowledged that the group is committed to change and ready to leave behind the behaviors and thoughts that have kept them in poverty. "Their Out of Poverty work has equipped them to move forward with positive goals that will allow them to make things happen to live beyond their history."

"I'm telling everyone at the shelter to take the class, it's very helpful," said a student who's been living at Catholic Charities Hope House, with her two-year old daughter. Another woman who fled an abusive situation added, "Nothing comes easy, but when you're at the bottom, the only way to go is up."

The program is repeated throughout the year. More information about Out of Poverty or other programs at Catholic Charities is available by calling 630-495-8008 or visiting www.cc-doj.org

Catholic Charities of the Diocese of Joliet serves 60,000 persons each year. Over 90% of those served live on low or extremely low incomes. Services are provided regardless of faith or beliefs.

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