Using data from annual OHCS financial reports I have prepared an Excel workbook HERE and embedded below with data showing Single Family bond activity for the last 16 years. The 360 loan/ $50 million production of the last year stands in stark contrast to the 1,095 loan, $136 million average annual loan production of the prior 15 years.
As my prior post HERE indicates, both OHCS and the City of Portland may have an opportunity to revisit loan and income limits to see if increased production is possible of this underutilized resources ($200 million in 2014 bond cap remains available as of April and I expect that OHCS also likely has unused prior year bond cap ).
Originally created and posted on the Oregon Housing Blog.
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In past years, Corvallis had one lender in particular who utilized the State Bond loan program more than any other lender by far. However, they can no longer do the Bond program due to certain requirements that they can no longer meet. They would use the program if they could broker the loan through another lender. However such lenders are no longer available. It is not the loan or income limits that have reduced the use of the Bond program, it is the ability for lenders to make the loan. Too, in Corvallis and the surrounding mid-Willamette Valley area, the inventory of homes to purchase is low in every price category.
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