Monday, September 1, 2014

60 Years Ago: FHA Multifamily Veteran's Loan Program Produced 450k Units, 5k in Oregon Before Excess Profit Scandal.

60 years ago there was an lengthy congressional investigation of excess developer profits from a FHA multifamily program (Section 608) focused on developing rental housing for veterans. 

A cached summary of the background of that investigation  is HERE

One enduring consequence of the scandal was the addition of a requirement for cost certifications in FHA MF loan programs, a requirement now mirrored in many other rental housing development programs.

I thought it would be interesting to see how many units had been developed in Oregon under that program so I went to the FHA MF terminated mortgages database and extracted those projects in Oregon.  

The Excel workbook HERE, and embedded below, opens to a pivot table that shows a count of Section 608 units by Oregon city. Other worksheets include all US S. 608 terminations and a state level pivot of that data.

Across the US more than 450,000 units were produced with this loan program with 5,154 units produced in 138 projects in Oregon, and 3,350 units in Portland alone. 

Originally created and posted on the Oregon Housing Blog

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