OHCS has published the 2021 income limits for the Oregon Bond home loan program; they went in effect on May 24.
For the first time that I can remember the income limits for the 5 Portland metro counties and Deschutes counties went DOWN for non targeted areas. This was surprising because HUD income limits for these areas went up earlier this year. For Portland metro the HUD median income went up 5.2% and in the Bend metro area by 8.4%.
In the Portland metro area the income limits for non targeted areas went down by 2.9% while the income limits went up by 5% in targeted areas in Clackamas, Columbia, and Multnomah counties. Deschutes has no targeted areas; income limits went down for the entire county by .3% for 2 or fewer people and down by 1.4% for 3 or more people.
Even with these reductions the 3 plus person income limits for the bond program still exceed the non targeted 4 person HUD median incomes for both Portland ( $117,119 vs. $96,900) and Bend ($105,383 vs $83,000).
Likely the decrease is because of the interplay between higher incomes and housing costs and perhaps a desire to keep a focus on homebuyers with more moderate incomes, including people of color.
NOTE: At the same time the income limits decreased for 2021for multiple Portland metro counties and Deschutes county the purchase price limits increased as of May 24th by 3.9% for the Portland metro area and 5.2% for Deschutes county. OHCS property purchase price limits are here for 2020 and 2021.
The 3 page PDF I created HERE and embedded below shows the Oregon bond program income limit changes in both dollars and percentages, as well as the limits for 2021 and 2020.
Originally created and posted on the Oregon Housing Blog.
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