Monday, August 3, 2015

Oregon Used Only 4% of Available Private Activity Bond Cap in 2014; MF Use Was $10.4 Million Out of $1.4 Billion Available.

Thanks to heads up from Novogradac Note HERE, I did a little more analysis of CDFA state data on private activity bond issuance in 2014. 

Excel spreadsheet I created HERE and embedded below has all the state data. A prior similar post from July 2014 is HERE. [Note: 2015 Spreadsheet is wide, you will have to scroll to right to see all columns].

Some observations: 
  • Oregon used only $60.3 million [4%] of $1.42 Billion in private activity bond cap available at the start of the year; Nationally 13% of PAB bond cap was used. 
  •  17% [$10.4 M] of PAB used in Oregon in 2014 [$60.3 M] was for MF; nationally the % used for MF was 56%. 

Originally created and posted on the Oregon Housing Blog. 

Sunday, August 2, 2015

David Simon HBO Mini Series Starting Mid Month Will Focus on Fight for Public Housing In Yonkers.

"Show Me a Hero" a six part mini series starts Sunday August 16th; based on book of same title from 1999. A NOLA story about the series is HERE, the mini series web site is HERE

Originally created and posted on the Oregon Housing Blog.

Monday, July 6, 2015

City of Portland Renter Cost Burden Update: Renters Below 50% of Income Are 93% of All Renters With Severe Cost Burdens.

HUD CHAS data including cost burden data has been updated to 2008-2012; see the HUD web page HERE.

I used the data query tool to extract updated 2008-2012 data for the City of Portland and compare it to 2007-2011 data.  Some observations:
1. For 2008-2012 :
    • The 52,100 renter HH's below 50% of median family income represent 45% of all 114,770 renter HH's in Portland. 
    • However, 28,810 of these below 50% MFI renters HH's have severe rent burdens [more than 50% of income for rent]; they represent 93% of all 31,090 renter HH's with severe cost burdens.
    • Among the 39,000+ renter HH's with incomes above 80% MFI, there were only 265 renter HH's with a severe cost burden. [Editorial comment: Severe cost burdens do NOT appear to be a significant issue for renter HH's at "workforce housing" and above income levels].
2. Comparing 2008-2012 to 2007-2011:
    • The number of renter HH's below 50% of median family income with severe cost burdens increased by 1,015 households.  
    • The number of renter HH's ABOVE 50% of median family income with severe cost burdens decreased by 355 households.
The Excel workbook HERE and embedded below  has worksheets with the 2007-2011 and 2008-2012 data cost burden data (including homeowners) and a worksheet with renter cost burden comparison between the two time periods.

Originally created and posted on the Oregon Housing Blog.

Sunday, July 5, 2015

Projected $184 Million in Long Term Federal Committments Get 40 More Years of Affordable Housing for the Largest HUD Insured Senior Project in Oregon.

Project is Westmoreland's Union Manor in SE Portland. 

Oregonian story is HERE and the (Portland) Housing Development Center press release is HERE.

Full Disclosure: Housing Development Center is consultant to sponsor, Union Labor Retirement Center; I am a HDC Board member.

Key points, Westmoreland's Union Manor rehab:

This is the largest HUD insured senior assisted project in Oregon. It was initially insured in 1965; the adjacent Oregonian advertisement was from June 1967.

Using only state and federal funds the project required no additional City of Portland subsidy, a significant cost avoidance. [Property is tax exempt].

Westmoreland is only 1 of 12 projects in the country that got in on the first round of HUD SPRAC funding. SPRAC funding added 67 units of assisted housing to the 217 project based Section 8 units so 284 of the 300 units will now be HUD assisted. (and available to tenants with very low incomes).

Westmoreland's is receiving significant system upgrades including energy and seismic upgrades, as well as ADA retrofits for several units. Phased tenant moves while construction is underway will be fully paid by the project.

Westmoreland's received $14.7 M in 4% [federal] low income housing tax credits awarded by Oregon Housing and Community Services , and a $25.9 M FHA insured multfamily loan. (OHCS is also providing a $29.4 million construction loan).

Adding the value of the FHA loan ($25.9 M), federal LIHTC's ($14.7 M) and the projected 40 year value of HUD rent subsidies ($144 M, using a 2% annual rent inflation factor), the total 40 year federal funding commitment to Westmoreland's Union Manor is projected at $184+ million.

BIG congrats to Union Labor Retirement Association, Oregon Housing and Community Services, ACRE Capital LLC, the Portland HUD Multifamily Program Center, the Portland Housing Bureau , the Housing Investment Trust of the AFL-CIO,  J.P Morgan Chase and PNC Financial Services Group [the tax credit investors], Walsh Construction, and the Housing Development Center for working through complex issues over a 2+ year period to get this project underway. 

[Prior posts detail the living wage jobs and the number of construction jobs created by this project].

Originally created and posted on the Oregon Housing Blog.

Oregon Housing Allicance Pegs OR Legislative Gains for Affordable Housing at $72+ Million, Including $40 Million for Family Housing Program.

Their current summary is HERE.  Once the session is over I am sure there will be a comprehensive listing of all gains, including policy changes.

Originally created and posted on the Oregon Housing Blog.