Thursday, December 2, 2021

Cost Burdened Renters In Oregon Legislative Districts: Regardless of Party, About 1/2 of Renters Pay 30% or More for Rent and 1/4 Pay 50% of More for Rent.

I previously did a post HERE showing renter cost burdens for all members of the Oregon legislature, using ACS 2018 data. 

With a special session scheduled within a couple of weeks, I did an update using the latest (5 year) 2019 ACS data. 

The 3 page PDF file HERE and embedded below shows the rent burden counts and percentages for all 90 members with data for the 60 House members on pages 1-2 and data for the 30 Senate members in on page 3. 

Included also is the members name, district number, and party.  (Several seats are vacant but party affiliation is shown for prior occupant). 

I did a summary table pasted below that shows --PRE COVID--that regardless of party:

  • About 1/2 of all renter paid 30% or more for rent; that's 287,983 renter households.
  • About 1/4 of all renter paid 50% or more for rent; that's 145,586 renter households. 


Originally created and posted on the Oregon Housing Blog 

Wednesday, December 1, 2021

CY 2022 Oregon County Conforming Loan Limits and FHA Loan Limits Published.

On Tuesday FHFA published their conforming loan limits used by Fannie Mae and Freddie Mac (The GSE's) and FHA published their loan limits for CY 2022. 

The 2 page PDF table I created HERE and embedded below shows loan limits for CY 2022 and CY 2021 and the differences as well as median home prices used by FHA in setting its limits. 

For FHFA/GSE's/Fannie Mae/Freddie Mac the increase for Oregon counties is a simple 18%/$98,950 increase to $647,200.

For FHA loan limits increases in median home prices are factored in the process for high cost areas and  can impact the rate of increase. 

For example, in the Portland metro the increase in median sales price was 15.6%, below the 18% GSE increase.  This produced a $70,000 increase to $598,000 instead of a higher amount if 18% had been used. 

2022 Observations

  • The Portland Metro FHA limit was 6% below the GSE limit in 2021; in 2022 it will be 8% below.  
  • Hood River county has a higher FHA loan limit than the Portland metro area, $599,150 vs $598,000. The Hood River county FHA increase is 25.5%/$129,100 vs. 15.6%/$70,000 in the Portland metro area. The median sales price in Hood River county is $521,000 vs $520,000 for the Portland metro area. 
  • Deschutes county has a FHA limit increase of 23.8%/$109,250 to $599,150 
  • Harney county saw no increase in its median sales price, but an increase of 18% in its FHA limit to $420,480.
  • Grant county's median sales price went up by 1/3rd/$40,000 from $120,000 to $160,00. It's FHA loan limit went up 18%/$64,218 to $420,680.
  • There are a total of 22 counties where the percentage increase in FHA limits was greater than the percentage increase in median sales price. For GSE loan limits, there were 29 counties where the percentage increase in GSE limits was greater than the percentage increase in median sales price.

FHA's mortgage limits can be accessed HERE, and FHFA conforming limits HERE.

FHA loan limits for Home Equity Conversion Mortgages (HECM) have a uniform national limit for CY 2022 of $970,800, up 18%/$148,425 from CY 2021. 


Originally created and posted on the Oregon Housing Blog 

Monday, November 29, 2021

October Treasury Emergency Rental Assistance October Report Out. Despite Improvements Only OHCS and Multnomah County Exceed National Average Expenditure Ratio.

October Treasury data can be downloaded HERE

The table pasted below compares ERA 1 expenditures through Sept and October and includes the assistance to households expenditure ratio metric used by Treasury .   

The table shows that only OHCS (62%) and Multnomah county (85%) exceeded the October national expenditure ratio of 56%.

With only 4% expended Marion county seems likely to be subject to closer Treasury review and possible reallocation. 

Originally created and posted on the Oregon Housing Blog

ERA 1 Performance Improvement Plans for 4 Counties.

Readers may recall that Clackamas, Lane, Marion and Washington counties were required to provide performance improvement plans for their direct Emergency Rental Assistance 1 funds to Treasury by November 15th. Combined those 4 counties have ERA 1 funds of more than $52 million. 

I have now received responses to my follow up public record requests. The PIPS for these four counties are here and show their projected spending and households to be assisted for the next few months

I anticipate that Treasury will be posting an October update of ERA spending in the next few days. Once that is up I will post an update showing spending and households assisted for all Oregon ERA 1 grantees through October. 

It's possible that Treasury may begin reallocating funds in December, perhaps after November reports are submitted by December 15th. 

Originally created and posted on the Oregon Housing Blog 

New Excel File: Oregon PPP Loan Forgiveness Now Up to $8.3 Billion, About $5,100 For Every Household In Oregon.

In a July post HERE I provided details about Oregon PPP loans by county including loan level data for $5.3 Billion in PPP loans that had been forgiven. 

The table pasted below has data as of November 7th and shows by county PPP loans and loan forgiveness that now total $8.3 billion, an increase of $3 billion in loan forgiveness since July. 

Using the new November data I also created a new Oregon PPP Excel workbook with multiple worksheets. 

It has loan level details for 115,885 PPP loans. 

Download the Excel file HERE, it will open to a READ ME worksheet that lists the worksheets along with notes about each worksheet. [The summary table pasted below is one of the worksheets in the workbook].

PPP Double Dippers+

One worksheet of interest shows PPP loans where the borrower name field is a duplicate. There are a total of 16,645 of these borrowers, with 33,455 loans. I count 128 borrowers with 3 or more PPP loans, the remainder all had 2 PPP loans.  (It possible that these and other PPP borrowers also received Restaurant Revitalization grants). 

PPP Forgiveness Per Oregon Households Nearly $5,100. 

The  nearly $8.4 billion in PPP loan forgiveness works out to $5,092 per the number of households in Oregon in 2019. (1,649,352).  

The Oregon Revenue Department indicates HERE that PPP loan forgiveness is also NOT subject to Oregon or Federal income taxes. 

Originally created and posted on the Oregon Housing Blog