Nurses and teachers battle over a thin slice of the real estate market
The Great Reshuffling has been a wonderful opportunity for the millions of remote workers who can now shop for homes in less expensive markets. However, occupations that require in-person work — such as teachers and nurses — are limited by the supply and the price range in their area, making affordability more of a challenge. A new Zillow analysis shows that many renters with in-person jobs are battling over a small slice of the rental market comprising smaller, older homes.
National Mortgage Professional • October 1, 2021
Working toward a more affordable housing market
As the federal eviction moratorium expired, millions are at risk of losing their homes by the end of the year. According to estimates by Goldman Sachs, between 2.5 million and 3.5 million households are behind on rent, and 750,000 households will eventually be evicted under the current policy. The affordable housing crisis is as critical as it can get. And while solutions exist, the path to solving the affordability issue is not a straight line. Affordable housing developers face several roadblocks, including high land and construction costs, outdated zoning regulations, general nimbyism, lack of funding options and lengthy permitting timelines. While there continue to be reforms in land-use and zoning regulations, it is still difficult for the private sector to reach low-income renters without federal subsidies.
Multi-Housing News • October 4, 2021
HUD to publish 2022 OCAFs in federal register; national rate 3.1%
The U.S. Department of Housing and Urban Development (HUD) will publish in Monday’s Federal Register a notice establishing the operating cost adjustment factors (OCAFs) for 2022 for Section 8 project-based assistance contracts renewed under Section 515 or Section 524 of the Multifamily Assisted Housing Reform and Affordability Act of 1997. The OCAFs are applicable to eligible projects having an anniversary date of Feb. 11, 2022, or later. The national OCAF rate is 3.1% and the state percentages range from 1.8% in Hawaii to 3.5% in California.
Novogradac • October 4, 2021