Mike Mercurio

The Trusted Voice of San Diego Real Estate

San Diego Association of REALTORS® Ambassadors

Foundation “Everyday Heroes”


History

• Financial assistance programs attack the problem of housing affordability at its most basic level: the gap between what people can afford and prices on the market.

• High cost of living• Low city wages• Police retention problem


Goal

• Everyday Heroes to assist San Diego Police Department (SDPD) employees to become homeowners, providing them and their families a better quality of life as they become vested in homeownership in their surrounding communities.

• Provide officers who have served on the SDPD force from 2 to 5 years and who are first time homebuyers with the opportunity to achieve the American dream of homeownership.


How

• Provides interest rate buy-downs and/or mortgage insurance buy-outs for qualified officers.


Funding

REALTOR® Member Contributions

• REALTOR® Dues Billing - SDAR solicits a voluntary contribution (from each its 11,000 members)

• Recognition Program – SDAR implemented higher levels of giving, i.e. $250, $500 and $1,000 to encourage greater participation as well as permitting such Realtors to be called “Ambassadors for San Diego”.

Corporate Contributions

• Real Estate Companies• Allied Industries• Other non-profits and organizations

Fundraising Efforts

• Annual Everyday Heroes 5K Walk• Annual Everyday Heroes Golf Tournament/Live/Silent Auction• Chili Cook-off


Application Process

• Complete application and submit to Ambassadors Foundation.

• SDAR Ambassadors Foundation Board reviews applications and invites applicants for interview.

• Second stage qualifiers are notified and choose an approved lender and REALTOR® to assist them in the home buying process.

• Those who do not qualify will be offered education and assistance to prepare them for future homeownership, including an introduction to similar organizations and programs within San Diego.


Challenges

• City• Funding• Political• Declining market guidelines and lender

restrictions have halted low down payment conventional programs

• New lender approval of the Foundation (lengthy process)


Benefits to city

• More police – retention solution• Safe communities• Stimulated other groups


Benefits to AssociationHousing leadership role• Creates initiatives that in turn increase the affordable housing stock

Partnerships• Creates new public/private partnerships o the affordable housing effort• Community Housing Works• Wells Fargo Bank• Bank of America• Sierra Pacific Mortgage• Guild Mortgage

Protecting Communities• Helping local police officers buy homes ultimately helps our neighborhoods

Model program for other AORs • Local leaders gain national recognition of their local effort 2007 NAR presented the City of San Diego and SDAR with the Ambassadors for Cities designation. • Publicity within the Realtor organization (website, magazines, conventions)

Media

Elected Officials• Political involvement on federal/national level Creates opportunities to strengthen relationships with Elected Officials


Community

• The Ambassadors Foundation has assisted 16 San Diego police officers to become homeowner in their local communities and therefore live in the neighborhoods they protect and serve.

• Since the launch of the Everyday Heroes in 2007, SDAR has raised $250,000.00 through various events like golf tournaments, walk-a-thons, and member donations.


Opportunity

• SDAR hopes to potentially expand funding to additional municipalities such as:– Firefighters– Teachers– Retired military personnel

• Create initiatives that in turn increase the affordable housing stock

• Create new public/private partnerships • Implement successful local affordable housing strategies

than can be shared with and replicated by other REALTOR® associations and the broader public

• Sustaining program with continual funding

Business

Mike Mercurio