The table pasted below shows by Oregon county the HUD 2 BR FMR's from FY 2014-2024, and columns that show the dollar and percentage increase and the rank by percentage increase..
Note that there are 8 counties that saw a greater than 100% increase in their HUD 2 BR FMR, led by the 5 counties in the Portland metro area that saw an increase of 119.5%.
The unweighted median increase in all counties was 68.6%.
HUD has published FY 2024 Fair Market Rents, effective October 1, 2023 HERE.
I have prepared a table pasted below that shows by county the 2 BR FMR rent change from FY 2023-FY2024. I also include a high to low ranking of the FY percentage rate of change.
2 BR FMR Observations:
Housing Voucher Impacts
Note that housing authorities have 90 days to implement changes in payment standards for the housing voucher program to insure that they are within 90-110% of the new FMR's.
Several Oregon PHA's have Moving to Work authority which may allow them to approve payment standards within a wider range of FMR.
Portland Metro SHS Regional Long Term Rental Assistance Rents are Also Impacted
ALSO, note that Portland Metro Supportive Housing Services Region Long Term Rental Assistance rents are calculated at 120% of Fair Market Rents, so a change in HUD FMR's also means a potential increase in rents/costs for RLRA.
After October 1st current Metro SHS rules would allow a RLRA 2 BR FMR of up to $2,429.
The final quarter of the fiscal year SHS reports have been sent by the counties to Metro.
I have combined them with the prior FY 2023 quarterly reports in a single PDF file HERE.
(I previously consolidated FY 2022 quarterly reports and the annual FY 2022 report into a single PDF file HERE).
I also extracted the data from the Section 2.C reports that show the population and household counts subdivided by Population Group A and B.
Population A definition:
Extremely low-income households with one or more disabling conditions experiencing/at imminent risk of experiencing long-term literal homelessness. (Disabling conditions can include a physical, psychological or cognitive disability, a chronic illness or an addiction.)
Population B definition:
Experiencing homelessness; OR Have a substantial risk of experiencing homelessness
Observations:
1. COUNTS of Population and Households Served:
Overall the counties report that 27%of the people served were in Population Group A and 36% of the households served were in Population Group A.
However, there were substantial differences in the share of service to Population Group A:
The graphs pasted below display full year Population A data, by share and then by counts.
Intergovernmental agreements call for 75% of SHS funds to be used to serve population A.
While I have reported COUNTS of people and households served, I have not yet found any quarterly or annual reporting that shows how much has actually been spent on population A vs. population B.
Two years into the SHS program that seems like a major defect to me.
Originally created and posted on the Oregon Housing Blog.
Last year I pointed out that newly published Oregon Bond income limits for rural areas were substantially higher than HUD median incomes. Because of this I estimated that up to 90% of all rural households may have qualified for the Oregon Bond program, a program that was traditionally though to be focused at 80% MFI or below.
OHCS has just published their 2023 Oregon bond income limits (effective June 28) and
The PDF file HERE and embedded below shows the county by county difference by household size and for targeted and non targeted areas.
OHCS does not publish it calculation of Home Loan Bond income limits so I don't know if the reductions this year were specific corrections from last year, because of changing data, or because of policy choices. (I don't have an insight as to why even limits in Benton, Lane, Marion, and Jackson metro counties went down).
Note that OCHS bond loan are also subject to maximum purchase prices found HERE.
The current Oregon bond loan rates are Rate Advantage 5.875%/Cash Advantage 6.5%.
Portland Metro Income Limits as High As $157,920.
A Portland metro family of 3 or more can income qualify with an income as high as $141,547 AND if the home is in a targeted area the family can qualify with an income as high as $157,920. (Portland metro HUD 3 person MFI is $102,960).
The Oregon Bond 2023 maximum purchase price for Portland metro is $685,785, increasing to $838,182 for targeted areas. (The FHA mortgage limit is lower at $672,750).
Originally created and posted on the Oregon Housing Blog.
June 27 marks the anniversary of the 1934 signing of the National Housing Act that created the Federal Housing Administration.
MANY years ago I dug through microfilm to locate the first FHA insured home loan in Oregon and I found it was for $1,700 in Astoria in 1935.
Below are some background materials, starting with a video that I shot a few years ago. (I drove by again this year and the home is now a different color but it is still very attractive with a view toward the Columbia).
