Monday, September 22, 2014

My First Effort at Looking at HMDA 2013 Data: Looks Like 299 Owner Occupied Home Purchase Loans for African American Borrowers.

CCCB has a system HERE I have never used before that allows selective queries of the HMDA data. 

I believe the query HERE returns all Oregon African American home loan owner occupied originations in 2013 (for 1 to 4 unit properties).  I count:
  • A total of 839 originations
  • A total of 299 home purchase loan originations with 191 (64%) of them in the form of FHA loans.
For some context 3 year ACS data for 2010-2012 shows there were 24,418 African American households in Oregon with 7,665 home owners. 

That means for every 1,000 African American households in Oregon there were 12.2 African American owner occupant home purchase loans made in 2013. (This might be understated since HMDA data only covers metro areas, but likely only marginally because there are relatively few African Americans in Oregon rural areas).
Will be instructive to see if other validate the numbers I extracted. Would welcome feedback to

Originally created and posted on the Oregon Housing Blog

2013 HMDA Data is Out: FHA Market Share Down to 24% of Purchases, 10% of Refis.

FFEIC page with links to on line data is HERE; PR is HERE.
Downloadable data can be found on page HERE

FHA Market Share Down
From the PR:
In 2013, the FHA-insured share of first-lien home purchase loans for 1-4 family, site-built owner-occupied properties was 24 percent, down from 31 percent in 2012, and down from its peak of 42 percent in 2009.
In contrast, the VA-guaranteed share of such loans held steady between 2012 and 2013 at around nine percent. Including Rural Housing Service loans, the overall government-backed share of such loans was 38 percent in 2013, down from 45 percent in 2012 and 54 percent in 2009.
FHA-insured and VA-guaranteed loans tend to play a less important role in the refinance market compared to the home purchase market. In 2013, conventional loans accounted for 84 percent of all first-lien refinance mortgages for 1-4 family, site-built owner-occupied properties while FHA- and VA-guaranteed loans accounted for about 10 percent and 6 percent, respectively—similar to 2012.
 Originally created and posted on the Oregon Housing Blog.

Friday, September 19, 2014

Oregon Hardest Hit Non Profit 2013 Form 990 Added; Hardest Hit Revenue Hit 61% of $220M Allocated.

OHCS staff were kind enough to send me the latest IRS form 990 for 2013 for the Oregon Affordable Housing Assistance Corporation, the non profit in charge of the $220 Million in Hardest Hit TARP funds.

To my knowledge the 2013 990 for OAHAC is not available anywhere else.

My prior post with 990's for 2010-2012 is HERE. I have updated the PDF of the 990's to include the 2013 990 HERE.

Adding the $40 million in 2013 revenue, total revenue through June 2013 was $133.5 million, or 61% of the allocated $220 million, leaving $86.4 million in potential additional Hardest Hit revenue.  

OHCS received $4.6 million in revenue from OAHAC in 2013, bringing total OHCS revenue from the Hardest Hit program to $14.1 million in the four years.

Originally created and posted on the Oregon Housing Blog.  

Saturday, September 13, 2014

HUD Proposed FY 2015 Fair Market Rent Comment Period Expires Monday: Bend Comments, and My Comments.

The FY 2015 proposed HUD fair market rent comment period expires on Monday September 15. Final FMR's will be effective October 1.

As of Saturday AM there are total of 53 national comments, and 13 from Oregon. All but one of those comments concern the Bend proposed FMR's and suggest a 3BR FMR of $1,221 plus a utility allowance instead of the proposed $1,149 FMR.  

My calculation is that even with the proposed $1,149 3 BR FMR a $1,270 3 br exception payment standard MAY be approvable by the HUD field office for one Bend area low poverty rate (9.9%) zip code, 97702.  [My prior post explaining the HUD exception payment standard procedure and available data sources is HERE].   

My comment recommends the addition of a comparison column between the small area (zip code) FMR and the area FMR to help identify zip codes that might qualify for HUD local field office approval of exception rents between 110-120% of FMR. (This for example would have helped the PHA identify the Bend area zip code that may qualify for the exception payment standard).

Originally created and posted on the Oregon Housing Blog.

Friday, September 12, 2014

Seattle Inching Along on Affordable/Workforce Housing Plans.

My prior post is HERE

Looks like Affordable Housing Town Hall event is scheduled at HOPE VI project, New Holly, on Sunday Sept 14

Also Council subcommittee has scheduled meeting on Sept. 18th, agenda is not yet posted.   Recent subcommittee meeting posted a proposed Housing Strategic plan resolution HERE for City Council consideration at a later date.

Originally created and posted on the Oregon Housing Blog