Eco Dream Affordable Housing, Inc.
History
Eco Dream Affordable Housing was incorporated in 2004 after many years of planning. Eco Dream was founded on the principal that human beings should live in homes and in community with dignity. We believe decent, clean, affordable and safe housing should be a human right. With that end in sight, Eco Dream plans to meet the needs of affordable housing not only in California but throughout the United States and beyond. Building a few green homes will not address the desperate need for affordable housing. Eco Dream had to create a paradigm shift to address the massive need by creating not just affordable housing but attainable housing for the general public. Eco Dream is overseen by a Board of Directors with diverse backgrounds and experience in real estate, property management, social services and education. They are all passionate about housing and the environment. Eco Dream brought together professional staff, consultants and the community to address the needs.
Mission Statement
Ecodream continues to evolve as the needs expand and with that in mind, we are replacing our mission statement with the following:
"The EcoDream Mission is to implement solutions that offer far-reaching socio-ecological benefits for the world; providing top-quality and affordable green homes for those in need; supporting scientific advances towards universal housing, food and clothing; and paving the way to a new real estate and social welfare system that benefits all of humanity."
Current Opportunities
As a non profit housing developer, Ecodream is able to joint venture with for profit housing developers currently in trouble with their developments. We would like to help you to help others by converting your failing subdivisions into a joint venture project with Ecodream. We will become your financing conduit which is currently difficult to assess for the for profit developers in todays market conditions, and turn a failing project into homes that are affordable to at least 80% area median income. We control 51% of the project and you 49% of the project. We can use bond financing to access over 100 million dollars in take out financing for the project. The partnership lasts until the bonds are paid in full.
Controversial Reality of Affordable Housing
Affordable housing is a controversial reality of contemporary life, for gains in affordability often result from expanding land available for housing or increasing the density of housing units in a given area. Ensuring a steady supply of affordable housing means ensuring that communities weigh real and perceived livability impacts against the sheer necessity of affordability. The process of weighing the impacts of locating affordable housing is quite contentious, and is laden with race and class implications. The type of housing that previously existed was not what we wanted to create. We seek to change the perception of what the term "Affordable Housing" implies. We plan to build affordable and environmentally friendly housing with all the amenities. The specifics will be dictated by the land that will be acquired, and what is possible to build in the particular city and/or county.
Our homes will be leased to own, single family homes ranging from 3 to 4 bedrooms, 2.5 baths, 2 car garages and they will be fully loaded. You will not have to pay for upgrades as all homes will have everything needed to be comfortable.
We can keep costs down by building large numbers of subdivisions and single family homes and passing the cost to our home buyers as we are a non profit housing developer that can engage in tax exempt bond financing in partnership with cities and counties in need of affordable housing. We have partnered with large corporations such as Tectra Tech to assist Eco Dream Affordable Housing and have the best teams of consultants, bond counsel and underwriter firms that believe in what we do today to address the needs of affordable housing. We have teamed up with private and angel investers, landowners and other developers.
Numerous policies in the U.S. and abroad have been designed to address the problem of inadequate supplies of affordable housing. Sophisticated secondary market mechanisms, inclusionary zoning, and land banking are three prominent tools, as well as tax and fiscal policies that result in reducing the cost of mortgages and the cost of borrowing. Other more recently promoted policy tools include relaxation of prohibitions against accessory dwelling units, and reduction of the amount of parking that must be built for a new structure.
Partnerships with Angel Investors and Land Owners
We have addressed the needs of affordable housing by creating joint ventures with landowners , developers and other investors beginning with the Central Valley area of California due to the excess inventory of subdivisions with home selling at San Francisco Bay Area prices. This has encouraged the prices of homes to escalate. Families living in these communities have been priced out of the market as wages are not keeping pace with the housing prices or needs.
Home prices in several major California markets are starting to fall as a long awaited price correction in overheated coastal markets is underway in California’s coastal areas, according to a report from Foreclosures.com, a Central Valley-based real estate investment advisory firm and publisher of foreclosure property information. Overbuilding by developers led to excess inventory and what we call competitive liquidation of unsold new homes. There is currently an eight month supply of homes on the market. “Too many people have been using their homes as ATM machines to manage consumer debt. Now that interest rates are coming back up to normal levels, the refinance window is closed to these people and they are being squeezed by rising home payments," she says. Defaults in several western markets, says Ms. McGee, are on the rise as markets cool down and interest rates move up.
We currently are in negotiations with over 25,000 lots currently available and will be breaking ground by the fall of 2008. Because of the market conditions, we have elected not to proceed on the lots at this time but will carefully review the needs of the communities we serve for the greatest needs. We thank those individuals that have stepped up to do the right thing. We appreciate all our staff, consultants and advisors that have gone beyond the call of duty to make this a reality.
Economic Reality
With the increasing costs of living in the Central Valley, the demand for affordable housing is high as its populations is substantially home to many low wage earning families working in agriculture and retail and service industries,we decided to target the population left without the possibility of ever purchasing their own homes. We were surprised but not shocked that the population we were looking at was not extremely low income, but those working families that could never save for a downpayment, that could not qualify because they made too much for public assistance, both adults at home worked in the community making the rate of pay for that particular county or city. Everyone worked to make ends meet, all are one or two paychecks from homelessness, had children or taking care of others children, may have had adult children return home due to loss of job or relationship, yet there was no assistance that could be given. They all paid their rent, went to work, were caregivers and respected members of society. The dream of buying a home was not realistic for them. Who were they? About 80% of the population, the local teachers, clerical workers, factory workers, agricultural workers, seasonal and hospitality industry workers. Your local city or county worker, including public servants. Those that has not bought a home in the last 5 years had been completely priced out. We knew that this was wrong. We decided to address this target population.
The needs of the extremely low income populations are currently served by Habitat and other Self Help non profit community based housing organizations. We are addressing the needs of the low to moderate income population which include you, me and our children. The new working poor. Making too much to qualify for any subsidies yet not making enough to ever to afford to save to buy a home. People that are working but still struggling to make ends meet. If you are not aware of who that could be...think of your local teachers,police, fire fighter and other city and county workers; managers of local businesses, single parents, underemployed families or families that in other times would be considered middle income except for the rising cost of health care, food, transportation and energy cost continue to erode the our "paychecks". Are we all living pay check to pay check with any change of employment status detrimental to our well being? You know who you are. We know that too. It is the silent majority that have no means to afford to buy a home or had a home and lost it due to divorce, sickness or loss of one or two jobs or perhaps the company you worked at decided to outsource its labor force. We all know someone that is currently experiencing these conditions regardless of race, gender or class. What was perceived as security in the past is no longer a reality today. It does not matter if you are the best at your job, position or specialty. Economic conditions continue to dictate the job market needs and our wages are not going up and the price of homes continue to escalate or self correct, that still has implications of instability that need to be dealt with by providing a product that meets current needs for years to come. An affordable home would allow for the economic uncertainity to be weathered more steadily by families in case of loss of job, health or worst for our armed forces and their families. The question now remains what are we going to do with the families that have lost their homes in foreclosures and cannot afford to qualify for a new home loan? I believe we may have the solution to a lot of problems that these individuals and families will face. We intend in these specific circumstances and with proof of income, to lease with option to buy until our families can re-qualify for a home loan or if we become large enough to become a community bank to address these needs in the near future. f course we prefer for families to own their own homes as soon as possible as we consider that to be economic development, not what is happening in todays housing market. We consider a violation of human rights to be forced out in the street due to the crimes commited by those financial institutions that targeted the community of color, seniors and women with children to subprime loans that were destined to fail and put these families and individuals at risk.
Income & Affordability Guidelines
A primary factor in housing affordability is household income. In the U.S., households are commonly defined in terms of the the amount of income they earn relative to 100% of the Area Median Income or AMI. Localized AMI figures are calculated annually based on a survey of comparably-sized households within geographic ranges known as Metropolitan Statistical Areas, as defined by the US Office of Management and Budget. For housing policy purposes, households are categorized as follows: Moderate income households earn between 80-120% of AMI. Low income households earn between 50-80% AMI. Very low income households earn no more than 50% AMI. Note that localities can adapt these income limits when administering local affordable housing programs; however, federal programs must adhere to the definitions above. Data including 2007 AMI levels for all Metropolitan Statistical Areas may be found here on the other pages of our website. You may qualify for affordable housing.
!!!!!!STOP!!!!!!
If you had an opportunity to change the world, would you?
"If you just take 4,300 green homes ready for construction right now, each year we will have $1.5 million of energy savings in those homes, more than 5,000 tons of reduced greenhouse-gas emissions per year, and 30 million gallons of reduced water use a year," "Those are remarkable savings, and they really reflect that the country needs to think and work in a different way: Green and affordable need to become synonymous."
Here is your chance.
Let’s help each other by doing a socially conscious act of kindness for our neighbors or even your children in need and a personal choice to help save the environment –our planet at the same time.
We always need your help to buy more land to build energy efficient green homes for those most in need and to explore alternative energy sources for future generations. We need your donations. Let us help you save on your taxes before year end…Perhaps you might even own land as a developer that might need a write off at the end of the year or several years depending on the advisce of your CPA or tax atorney or perhaps you made too much money and need a write off, let us help you help us.
Giving to the Eco Dream Affordable Housing Inc.
Eco Dream welcomes and appreciates donations, gifts, memberships, and support of all kinds and at all levels. As a 501c3 organization, Eco Drea, depends upon the generosity of its friends and members. All gifts to Eco Dream go to support its work of preserving the environment, providing affordable housing and exploring new technologies that will provide alternative energies and techniques in the future. Eco Dream does recognize all its donors if they have indicated in writing that they are making a gift of any of the kinds listed above.
Please contact a knowledgeable estate planning professional to ask what type of charitable bequest or gift will be of the most benefit to you.
Corporate Sponsorships
Corporate Sponsorships are needed for many of the programs being developed by Eco Dream Affordable Housing Inc.. These include educational programs and exhibits. Sponsorships are available at many levels and they offer recognition for the corporate sponsor who appreciates the phenomenal exposure that sponsorship brings through access to thousands of potential home owners, environmental enthusiasts as well as the public that will be coming to look at green affordable housing subdivisions. Corporate sponsors know full well what potential marketing advantages they can glean by being associated with Eco Dream Affordable Housing Inc. and its homes.
If your corporation would like a little or a lot of visibility before the thousands of people who will visit Eco Dream project homes or participate in one of its activities, please call on us to tell you more about these exciting opportunities at 1 800 925 0390.
You may mail your donations to
Eco Dream Affordable Housing, Inc.
1426 Santa Teresa Drive
Pittsburg, CA 94565
Please visit our website and join our email listing for information. Your donations are needed, make a difference in the world.
