Saturday, June 18, 2011

CORRECTION: Astor Hotel Section 8 Opt Out Notice Possible at End of June.

Correction: Well, this is embarrassing....I found ANOTHER tax lot record showing a much more reasonable assessment and appraisal that my earlier update.  URL to that search is HERE and shows property tax assessment of $22,374 and RMV of $2,447,713.  I have deleted my earlier update , posted for about 15 minutes, with apologies.

At the Friday Oregon Housing Council meeting OHCS staff indicated that the Astor Hotel project in downtown Astoria may be opting out of its Section 8 contract at the end of June, triggering a one year notice to tenants that could require them to move.

A related Daily Astorian story HERE indicates that the owners have faced high repair costs for a variety of reasons, including tenant caused water damages of more than $600,000, and high insurance costs. Story also indicates that 18 of 56 HUD assisted tenants in the building are clients of Clatsop Behavioral Healthcare. If owner opts out all HUD tenants would receive a HUD housing voucher, but finding replacement housing in the area might prove difficult.

(Full disclosure: While HUD Oregon's Housing Development Director I approved the original long term [10 year or 15 years, I don't remember which] HUD rental assistance contract for this project under the now defunct Section 8 moderate rehabilitation program.

Because of high rehab costs original HUD rents were 144% of level of Section 8 rents for this project. However, annual renewals now likely include rent comparability restrictions, so today's contract rents are likely closer to other Section 8 rent levels and to rents in the unsubsidized market).

NOTE: NW Oregon Housing Authority has a board meeting at 10 AM on July 7th, at The Gable Park Apartments, 2544 Gable Road, St. Helens, Oregon 97051. Presumably this topic will come up, but noticed that HA has policy of CHARGING for a copy of the Board meeting package, so I can't currently confirm. [Yes, I will be following up on getting an electronic copy].
Originally created and posted on the Oregon Housing Blog.

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