Sunday, August 30, 2015

Wednesday, August 12, 2015

Washington State Likely Approaching 5,000 Mortgage Credit Certificate Homebuyers Since FY 2012, Oregon Maybe a Couple Hundred?

I looked at the annual reports from the Washington State Housing Finance Agency and culled out some surprising counts of MCC supported loans over the years FY 2012-FY2014. [FY 2014 annual report example is HERE]. 

Over those three years the count was 3,335 MCC supported loans.  Assuming FY 2015 production is at least as much as FY 2014 [1,582 loans], this would mean a count of 4,917 MCC supported loans in the last 4 FY's.  Using average loan amounts for these years that would total $779 million in home loans supported by the MCC over the last 4 years.

The only user of MCC's in Oregon has been the Portland Housing Bureau and the last data I can find for FY 2012 to FY 2013 shows a total of 89 MCC's .  Even if that has doubled to 200, that pales in performance compared to the nearly 5,000 MCC supported loans in Washington state.

Readers may recall my prior post HERE pointing out that Oregon used only 4% of their private activity bond cap in FY 2014; that cap can be used for MCC's. Washington state did significantly better at using their PAB cap @ 24% AND they added $480 million in bond cap to the MCC program at the end of the year.  

The search of my blog HERE shows my several prior posts about the MCC program.

Not sure why so little attention has been paid to this no cost to state or local government home ownership alternative, especially in suburban markets. It appears to me that the MCC could clearly help a significant number of young professionals in the workforce, including singles, buy a home. 

Originally created and posted on the Oregon Housing Blog

Monday, August 10, 2015

HUD Annual Performance Report and Plan: Change in Total HUD Assisted Rental Units by Program.

Lots to like, and read in this 206 pager.  PDF file HERE has HUD annual performance report for FY 2014 AND FY 2016 Performance Plan.

One example: HUD says that total number of assisted households has increased by 64k units from FY 2012 and FY 2014.  Bad news, vouchers were down by 49k units.

I extracted table from PDF pages 55-56 and put into Excel with details by program HERE and embedded below. [Your will have to scroll to right to see all columns].

Originally created and posted on the Oregon Housing Blog. 

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.