NLIHC Memo to Members Weekly Report Has Lots of Goodies.

Including GAO report on Moving to Work Program and new policy paper on housing preservation vs mobility.

M2M for this week is HERE.

Originally create and posted on the Oregon Housing Blog.

Way More than You Ever Knew about Oregon Affordable Housing Preservation.

At the State Housing Council meeting today there was a presentation delivered by long time colleague and friend Rob Prasch, from the Oregon Housing Preservation Project. 

The PDF file HERE is 25 pages long; image below shows the  wide variety of detail provided in the presentation on the status, funding, location, and demographics of affordable housing projects preserved in Oregon. 

Originally created and posted on the Oregon Housing Blog.

New Map: Oregon FY 2012 Zip Code FMR's vs. Actual FY 2012 FMR's.

HUD continues to advance the idea of small area (zip code) level rents to supplement/replace the county or Metro wide FMR's now in use.  For example, a recent HUD MF notice to multifamily project based Section 8 owners HERE said that in the future HUD plans that " all rent comparability studies will be required to justify proposed rents that exceed 110% of Small Area Fair Market Rents (SAFMR)."  

I am generally aware that FMR limits are sometimes used for CDBG and HOME programs, so broader HUD use of small area rents could conceivably also impact those programs in the future.

I recently discovered that HUD has posted an Excel file of nationwide FY 2012 Small Area/Zip Code rents HERE. (Important NOTE: Small Area/Zip Code FMR's at least for now are ONLY contemplated for use in Metro areas. In the voucher program Small Area FMR's have been limited as a demonstration to ONLY those areas where a housing authority has volunteered to use them).

I extracted Oregon FY 2012 Small Area rents and prepared an alpha PDF listing by county and zip code HERE showing the comparison of the actual 2 BR FMR for FY 2012 to the HUD published 2 BR FY 2012 small area/zip code rent. 

I count 121 Oregon zip codes where small area rents would be below actual FY 2012 FMR's and 130 zip codes where small area rents would be above actual FY 2012 FMR's.

I then uploaded and merged the FMR comparison data into Google Fusion and created the embedded map below that illustrates how the FY 2012 small area rent would compare to the HUD FY 2012 FMR.

The caption showing the colors used for different % is pasted below [Bright green signifies zip code rents are 120% or more of actual FMR's and dark red indicates zip codes rents are 90% or less of actual FMR's].

A link to the merged data and the map is HERE and the map is embedded below (You can drag the map up/down/sideways to see areas in Oregon outside of the Portland metro area; you can zoom in; and, if you click on a zip code, a box will open with the data for that zip code).

Originally created and posted on the Oregon Housing Blog.

HUD Assisted FHA Project Where First Lady Was Born Getting Preserved.

Story in WSJ (at bottom HERE) says that Parkway Gardens in Chicago has been acquired by Related and Wells Fargo venture. Says acquisition price for 694 unit project was about $40 million and plan is to spend $40 million on rehab, and extend low income use by another 30 years.  

From web sources, first lady is quoted as saying she was born while family lived in project, but appears that grandparents lived in project and not her family?

anything could have happened, you know, and I realize … looking back on the … where my grandparents lived, they lived in this housing development called Parkway Gardens. I was actually born there. But I saw it as a wonderful, small apartment building. That’s how I remember it. But now when I pass it, it’s … I was like, God, I never saw that apartment in the way that I’m seeing it now … you know, without … but that’s where my grandparents lived. But it was different in the ’70s than it was in 2009. Those were different neighborhoods, different communities.

From web sources looks like this 100% assisted project may have been originally financed as a cooperative and at least once was foreclosed upon by HUD. 1988 story HERE provides some background about acquisition by non profit after default.  From HUD MF and FHA databases it also appears that property was refinanced as a Section 223a/223f loan as recently as 2003.

Map of project is HERE.

Readers may recall that President Obama also lived with his grandparents in a FHA insured multifamily project in Hawaii, Punahou Circle Apartments.  [Prior blog post is HERE]. I think we can safely say that it is highly unlikely that ANY future first family will have had such a direct personal connection to HUD/FHA programs.

Originally created and posted on the Oregon Housing Blog.

Portland's Chaucer Court Preservation.

Oregonian story HERE.

Originally created and posted on the Oregon Housing Blog.

Astor Hotel Owners Reup for Another Year of Section 8 Funding.

Daily Astorian story is HERE.

Originally created and posted on the Oregon Housing Blog.

Looks to Me Like OHCS Got Only Half of $10 Million Housing Preservation Lottery Bond Request.

I would wait for final legislative action today, and confirmation from OHCS, but a revised version of HB 5036 posted overnight HERE appears to provide only $5 million of the requested additional $10 million in lottery backed bonds for the preservation of existing HUD or RD subsidized projects.

Originally created and posted on the Oregon Housing Blog

$10 Million Lottery Bonds Bill for Housing Has Oregon Ways and Means Commitee Hearing Today 10 AM.

Hearing is before Ways and Means Subcommittee On Capital Construction. 

Link to HB 5036 PDF text is HERE. You might be able to catch live audio of hearing via links on the page HERE. 

Originally created and posted on the Oregon Housing Blog.

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.

Audio: Final Day (4), Oregon Housing and Community Services FY 2011-13 Budget Hearing

Audio HERE is from the final day (March 31st, day 4) of an Oregon Ways and Means Subcommittee On Transportation and Economic Development hearing on the proposed OHCS budget for the upcoming biennium.  

You can stream the file from the web or download it; the hearing runs for 1 hour and 32 minutes and is 65 MB. Comments from 15 members of the public begin at 29 minutes and 45 seconds into the audio.

[Hearing day 3's audio file is posted on the Internet Archive HERE; Hearing day 2's audio file is now linked from blog post HERE; a link from post about Day 1's hearing is HERE].

Originally created and posted on the Oregon Housing Blog

Correction: HAP Planning Switch of 1,200+ Public Housing Units to Project Based Section 8 VOUCHERS.

Correction: 
I have confirmed with HAP that the plan conversion is to project based Section 8 vouchers, NOT traditional project based Section 8 funding. Title and text below has been corrected to reflect the conversion to project based vouchers.

In a proposed amendment to their FY 2012 Moving to Work Plan posted HERE, the Housing Authority of Portland has announced that it is seeking to covert 1,232 public housing units to HUD Section 8 project based VOUCHERS.   

HAP says making the switch in subsidy source would allow it "to increase services to residents and to finance large-scale capital improvements throughout the portfolio." and adds  that "residents would continue to have the same public housing protections under the Admissions and Grievance process as are presently in place at these properties."

A hearing will be held and public comments will be accepted until March 15th according to this HAP posted information: 

A public hearing to inform and seek input on the amendment will be held on Tuesday, March 15, 2011, at 6:15 p.m. at the Multnomah County building, 501 SE Hawthorne Blvd, Portland, Oregon. The proposed amendment is available for review below. HAP will be accepting written comments regarding the proposed amendment from February 28 - March 15, 2011. Please submit written comments to the following address: Housing Authority of Portland, Attn: Betty Dominguez, 135 SW Ash Street, Portland, OR 97204. Comments can also be emailed to bettyd@hapdx.org

Originally created and posted on the Oregon Housing Blog.

Florida HFA Seek Comments on Paper That Compares Job Creation of New Construction vs. Rehab/Preservation.

Thanks to Novogradac for tip. Florida HFA paper for comment by FEB 17th can be found HERE. 

From Novogradac summary: 

The white paper examines whether constructing new LIHTC developments or preserving existing developments creates more jobs. FHFC found that new construction creates, on average, 340 jobs per property whereas each preservation project creates 217 jobs. When considering the amount of tax credits needed for a project, the study also found that FHFC can fund an estimated 22 preservation developments to create 4,772 jobs versus an estimated 12 new construction developments, which create 4,079 jobs. FHFC will accept comments on the draft until 5 p.m. February 17 and anticipates releasing the final version of the white paper at the end of this week.

Originally created and posted on the Oregon Housing Blog.

HUD/Treasury Budget Materials-Several Preservation Items.

HUD has now published their summary of the FY 2012 proposed budget HERE. 

The Treasury summary of FY 2012 revenue proposals is HERE. (LIHTC provisions begin on PDF page 30).

Some excerpts and my comments on several housing preservation related proposals. 

...the budget includes $200 million for a demonstration and rigorous process evaluation of the conversion of up to 255,000 public housing units to long-term project-based rental assistance contracts. Public housing authorities will then be able to leverage private capital to make repairs. Through similar conversions, the demonstration will preserve 7,600 privately-owned, HUD-assisted units at risk of leaving the affordable housing stock [Comment: Unless the FY 2011 proposal has changed significantly in FY 2012, conversion of public housing units would provide priority to housing authorities who ONLY have public housing units--this excludes virtually ALL Oregon housing authorities.  A better alternative for Oregon would be to put this money back into CDBG or HOME program. )

The Department’s overall preservation agenda is complemented in the Department of Treasury’s budget for fiscal year 2012, which proposes two reforms to the Low Income Housing Tax Credit (LIHTC) that will:
• Replace the current cap on household income at 60 percent of area median income with the option that properties serve households whose average income is no greater than 60 percent of AMI and with no individual household above 80 percent of AMI. These changes to the Code’s low-income occupancy threshold requirements will accomplish three things: (i) allow greater income-mixing at the project level, creating opportunities for workforce housing; (ii) help align LIHTC with HUD’s and USDA’s affordable housing programs (which define low-income at 80 percent of area median income); and (iii) lead to the creation of more units targeted to the lowest income households. It’s important to note that this income averaging proposal increase our ability to preserve
HUD-assisted properties. 69,224 households living in public housing and 23,271 households in multifamily housing have incomes above 60% of AMI. This proposal allows these units to be counted in basis, increasing the equity flowing to these projects for preservation. [ Comment: This does NOT directly benefit worst case housing needs that are concentrated with the lowest income rental households].
•Make the 4% credit a more viable source of funding for the preservation of the federal affordable housing stock by giving qualifying properties a 30% basis boost in the context of preserving, recapitalizing, and rehabilitating existing affordable housing, particularly public housing targeted by TRA (as well as Multifamily Housing, 236s, BMIRs, RAP,
Rent Sup, 202, 811, HOME, McKinney and CDBG funded units, USDA-RD (515s)). This means that a greater amount of equity could be raised per credit even at the higher yields required by investors for 4% investments, which in turn will generate more interest in LIHTC preservation deals within the investor and developer community. [Comment: This makes sense as long as affordable housing targeted IS limited to low income units].

Originally created and posted on the Oregon Housing Blog.

Meyer Memorial Trust Publishes Oregon Assisted Housing Preservation Update.

HERE. 

Originally created and posted on the Oregon Housing Blog.

Updated: HUD to Offer 30 Day Opportunity to Comment on Changes in Section 8 Project Based Renewal Guide.

Update: Official Federal Register notice is HERE.
Renewal Guide for comment is found on web page HERE. Direct URL to Guide is HERE.
==============

Advance notice is HERE, look in Thursday Oct 14 Federal Register for official publication.   

Looks like there will be a 30 day window to comment, and link within FR publication will take you to the official draft renewal guide. Comments are to be emailed to Section8RenewalGuide@hud.gov

Originally created and posted on the Oregon Housing Blog.

Today's House Financial Services Preservation Hearing: PDF AND Audio/Video Recordings Posted.

The House Financial Services Subcommittee on Housing and Community Opportunity held a hearing today (Wednesday March 24th) on a previously introduced housing preservation bill from Chair Frank (H.R. 4868).

I have assembled all the written testimony from that hearing into a single PDF file HERE. (Witness list is pasted below at bottom of this post).

Audio/Video Files (1 hour, 48 minutes):

• I have also created an AUDIO recording of the hearing and have posted it to the Internet Archive page HERE. (File is 74 MB's). [Notes; 1.You may also play audio file on line as streaming audio, look in left pane of the Internet Archive page. 2. I noticed that MP3 file not playing properly on my Iphone, but works fine when playing on PC. Have tried a couple of solutions but not fixed yet, so for now, play file on your PC].
  
• The VIDEO recording I created is posted on a separate Internet Archive page HERE. I posted as a MPEG 4 file,but it is HUGE at 465 MB's).
  

Some provisions of the bill were opposed by some of committee Republicans and by those testifying; look at the written testimony for details.

Witness list, in order of testimony:

• Ms. Carol Galante, Deputy Assistant Secretary for Multi-Family Housing, U.S. Department of Housing and Urban Development
• Ms. Tammye Treviño, Administrator, Rural Housing Service, U.S. Department of Agriculture
• Mr. George Caruso, Executive Vice President, Edgewood Management Corporation, on behalf of the National Affordable Housing Management Association
• Mr. Toby Halliday, Vice President for Public Policy, National Housing Trust, on behalf of the National Preservation Working Group
• Mr. Ricky Leung, Treasurer, National Alliance of HUD Tenants, and President of the Cherry Street Tenants Association
• Ms. Michelle Norris, Senior Vice President, Acquisitions and Development, National Church Residences, on behalf of the American Association of Homes and Services for the Aging
• Mr. Raymond K. James, Partner, Coan and Lyons on behalf of the National Leased Housing Association
• Mr. William C. Shumaker, President of the Board, the Council for Affordable and Rural Housing, and Vice President of The Provident Companies

Originally created and posted on the Oregon Housing Blog.

Housing Preservation Bill Introduced in House, Hearing on March 24th.

H.R. 4868 bill page is HERE. A Section by Section analysis from NLIHC is HERE.

PR from House Financial Services Committee is HERE.

Hearing page for 7 AM PDT, March 24 Financial Services Subcommittee hearing is HERE.

Originally created and posted on the Oregon Housing Blog.

NLIHC Has Scoop on Preservation Bill and Hearing, March 17th and March 24th.

Scoop is HERE. Includes link to draft bill language.

Shame on MA guy Barney for bill introduction on high holy day...

Originally created and posted on the Oregon Housing Blog.

California Tenant Group Sues HUD for Allowing Mortgage Prepayment.

Marina del Rey Argonaut story is HERE.

Originally created and posted on the Oregon Housing Blog.

Corrected and Updated OCAF Post.

This is a correction and update to my earlier OCAF post from Monday.

In the table I posted Monday HERE I have now made a correction to the calculations of the 5 year and 10 year average OCAF changes in the two far right columns of the OCAF table covering FY 1999-FY 2010. ALL other information in the table, including the annual adjustment for FY 2010, remains the same.

Readers may recall that I last year I posted ALL of the actual Federal Register publications of the OCAF from FY 1999 forward, along with the OCAF comparison

The second file HERE has the table AND the OCAF Federal Register publications for EVERY year from FY 1999 to FY 2010, including today's publication of the FY 2010 OCAF.

I am sure this is the ONLY place you will find this record and comparison of state OCAF's for the past 11 years.

Originally created and posted on the Oregon Housing Blog.