Wednesday, July 30, 2014

OHCS Sticking to 2013 Income Limits for SF Revenue Bond Program. PDX Income Limits Easily Reach Workforce Housing Range.

OHCS has confirmed that they have decided keep for this year the 2013 income limits for their SF bond program, as they exceed what they calculate could be the income limits in 2014 for high volume counties.

In 7 Counties, Including 5 Metro Portland Counties, Income Limits Effectively Make the Entire County a "Target", With Substantially Higher Income Limits.
One point from the 2013 calculations that deserves emphasis is that income limits are the same for target and non targeted areas for 7 counties. (5 counties in Portland metro, plus Deschutes and Hood River counties).

This effectively makes the entire counties target areas for purposes of income limit qualifications; first time home buyers with incomes up to 120% (1-2 person households) and 140% (3 or more person households) can use the SF bond program.  

PDX Metro: Non Targeted Purchase Price Limits Will Likely Restrict Before Income Limits.
I haven't done the math but suspect for many PDX home buyers at higher incomes buying in non targeted areas the still in place purchase price limit of $354,375 for non targeted areas would act as a restriction before the income limit would.

[Note that because OHCS is using a 1986 Revenue Procedure in calculating median incomes, their $$ limit calculations vary slightly from a calculation using 120%/140% of the HUD published median incomes for 2013]. 

Portland MCC Limits Could Be the Same as OHCS, An Increase of 20%+ From Their Currently Adopted Limits.
If the City of Portland elects to use the 2013 incomes for their MCC program and the high income/cost calculation, their MCC income limits could increase by 20%+, as I pointed out in my recent post HERE

Look for A Future Excel Workbook With A Lookup of OHCS Income Limits By County and Detailed High Cost/Income Calculations.

Originally created and posted on the Oregon Housing Blog.

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