Treasurer’s Page
Mar 21st, 2007 by billh
Accomplishments for 2006
- In 2006 we completed construction on three houses. Unfortunately we were able to close on only one house before the end of the year. The remaining two houses were closed on in 2007.
- We have two houses ready to start in the Spring of 2007.
- We acquired two properties that will provide a total of eight lots for homes.
- We have five families in the queue to select their house and lot.
Strategic Plan for 2007
- Start construction on five houses.
- Expand our capacity to build houses. This will involve acquiring additional properties, adding more families to our queue, and hiring staff.
- Assist Lincoln Heights with a community development plan for Valley Homes.
- Work with Lincoln Heights and Lockland to turn their problem properties into future sites for Habitat homes.
Sources of Funds
The chart on the right shows the sources of our funds. You can click on the chart to see a larger version. If we exclude principal payments and miscellaneous income, the public provided 65% of our funds and the government provided 35% of our funds. The Individuals Contribution includes a $15,000 lot donation. The Business/School Contribution includes $21,040 of Gifts-in-Kind. The mortgage payments include an early payoff by a homeowner of $24,475.
Overhead
Our General and Administrative overhead for the 2006 calendar year is 17%. This number is much higher than normal because we were able to close on only one house. If we had closed on the three houses that we completed construction on in 2006, the overhead would have dropped to about 6%. That figure is comparable to the overhead we have had in previous years. We achieve this low overhead by using volunteers for the administrative related tasks. At present we have two full time employees, a Development Director and a Warehouse Manager. It is anticipated that we will have to add a construction supervisor to support the construction of five houses annually.
Some Historical Facts about Millcreek Valley HFH
Since 1989 we have been building homes primarily in Lincoln Heights. When you look at our housing portfolio that includes our active mortgages, recently paid-off mortgages, and three mortgages that are in the process of being closed you can see that 50% of our houses were built in Lincoln Heights. Another ten houses were built in the adjacent areas of Lockland and Woodlawn.
The Impact of Habitat Houses on Local Housing Prices
Recently I looked at the 2005 appraised values on Jackson Street in Lincoln Heights. Of the sixteen houses on that street from 611 Jackson to 745 Jackson, six were built by Millcreek Valley HFH. The average appraised value of the Millcreek Valley HFH homes was $62,850. The average appraised value of the other ten houses was $38,390. Millcreek Valley home owners had five of the top six positions in appraised home value. Vacant lots were not included in the calculations. There are still quite a few vacant lots on that street and each vacant lot is appraised at $2,900. Since most of the MVHFH houses were built on vacant lots, you can see that Millcreek Valley homes have had a significant impact on improving property values for the community. The numbers are similar for other areas in Lincoln Heights and in other communities where we build. Our houses are typically the most expensive on the street. We create significant property value where commercial developers will not tread. It is a win-win situation for the partner families and the communities.
House Appraisal Statistics for Millcreek Valley HFH
| Communities | Homes Built | Total Appraised Value | Average House Value | Total Invested by Donors | Appreciation |
| Lincoln Heights | 21 | 1,247,000 | 59,381 | 1,459,965 | -15% |
| Lockland | 7 | 563,300 | 80,471 | 523,566 | 8% |
| Woodlawn | 3 | 268,400 | 89,467 | 209,188 | 28% |
| College Hill | 6 | 568,900 | 94,817 | 507,000 | 12% |
| Blue Ash | 3 | 281,300 | 93,767 | 229,671 | 22% |
| Forrest Park | 1 | 88,100 | 88,100 | 66,500 | 32% |
| Loveland | 1 | 90,000 | 90,000 | 90,000 | 0% |
| Totals | 42 | 3,107,000 | 73,976 | 3,085,890 | 1% |
The Impact of Crime on Housing Prices
Millcreek Valley HFH has been building approximately the same house for the last sixteen years. The houses built in recent years are more expensive due to inflation but the homes have approximately the same features. As shown in the table above the houses the communities outside of Lincoln Heights have appreciated beyond the initial sales price. The crime issue in Lincoln Heights is probably the reason why those houses are valued $20,000 to $30,000 less than in adjacent areas. Most of the houses in Woodlawn and Lockland are only a couple of blocks away. If the perception of crime can be reduced in the public’s mind, I believe that our Lincoln Height’s partner families will find that their homes have appreciated by about 33% or more. Just from the MVHFH houses in Lincoln Heights, this increase in property values will add additional $500,000 to real estate tax rolls. For our partner families their home is their largest financial asset and almost all of their retirement plan.
Maps of our Major Housing Areas
The following links will take you to the communitywalk site where I have created maps of our home locations and their appraised value.
- MVHFH Houses in Lincoln Heights
- MVHFH Houses in Lockland
- MVHFH Houses in Woodlawn
- MVHFH Houses in West College Hill
- MVHFH Houses in Blue Ash
Annual Reports
Here are the latest annual reports we file with the IRS.
- 2005 Form 990 is being reviewed by auditor
- 2005 Form 990 Schedule B
- 2005-2006 Budget Income and Cashflow
- 2004 Form 990
- 2004 Form 990 Schedule B
- 2003 Form 990
