Thursday, December 13, 2012

HUD Revises FY 2013 Median Family Incomes: Oregon Declines in Many Metro Areas are Somewhat Moderated.

Corrected in post text below reference to Portland MFI from $68,800 to correct $68,300; correct amount was in Excel file)
Thanks to one of my knowledgeable readers (Jonathon Trutt, NWHA) for tip that HUD has published REVISED FY 2013 Median Family Incomes for Oregon (and I expect many other areas).   This is the first time I can recall HUD ever doing this, will be interesting to see how HUD explains the revisions.

My prior post HERE had reported substantial declines in MFI from FY 2012 to FY 2013 for many Oregon counties.  

Looks like to me there are still declines in many areas but across the board the revised FY 2013 MFI incomes in Oregon are up about 3.1%-3.3% from their original FY 2013 levels. This will somewhat reduce the adverse impacts on new projects where rents are set at levels that are a function of MFI levels (particularly new LIHTC projects). 

Note that Corvallis FY 2013 MFI is now $80,800, $12.5k more than the Portland Metro FY 2013 MFI of $68,300. That's a $6,800 increase for Corvallis from FY 2012, while Portland metro has a $4,700 decline from FY 2012

The Excel table HERE and embedded below shows the revised FY 2013 numbers; the HUD Income limits page is HERE.    

Originally created and posted on the Oregon Housing Blog.

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