Archive for February 5, 2016

Garden Style Apartments Out of Vogue?

Axiometrics has an article (found via NAA’s Industry Insider) about the current trend towards high- and mid-rise apartment developments:

According to “Number of Multifamily Buildings Completed by Number of Floors: Built for Rent,” a section in the U.S. Census Bureau and the Department of Housing and Urban Development’s annual Survey of Construction, the number of apartment buildings with four or more stories is taking an increasingly larger share of the total completed in the national apartment market…


Source: Axiometrics

After ranging from 3% to 7% and averaging 4% from 1999-2007, the share of new apartment buildings of four or more stories increased to 9% from 2008-2011, with a 16% peak in 2010. The share increased from 10% in 2012 to 13% the next year and finished 2014 at 15%.

The share of buildings with 20 or more units also is increasing. Those properties averaged about 21% from 1999-2007 before climbing to 31% in 2008 and rising steadily to reach 47% by 2014…

Garden apartment projects, which typically average less than 20 units per building and once represented almost half of all rental buildings constructed, now comprise less than one-third of apartment construction.

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February 5, 2016 at 4:42 pm Leave a comment

FHA Initiative Intended to Boost Development of Affordable Housing

From Housing Wire (via NAA Industry Insider):

The Federal Housing Administration announced a new plan to reduce multifamily insurance rates in order to encourage capital financing of affordable and energy-efficient apartments…

The rate reductions will take effect on April 1, 2016, and will directly impact FHA’s Multifamily Housing Programs and properties housing low- and moderate-income families and/or developments installing energy-efficient systems or building within federal energy guidelines.

As a result, the FHA said it expects the multifamily insurance rate reductions to cause the rehabilitation of an additional 12,000 units of affordable housing per year nationally…

The FHA also announced that it is reducing upfront premiums to support its affordable housing and energy efficiency goals. Upfront insurance rates will be set at 25 basis points for Broadly Affordable and Energy-Efficient properties and 35 basis points for Mixed-Income properties. 

February 5, 2016 at 4:04 pm 1 comment

Report on “Overincome” Families in Public Housing

A nationwide audit by HUD’s Office of the Inspector General revealed that 25,000 overincome families are living in public housing and Fox 8 took a look at it from a local angle:

Local entities with overincome residents in the report included: Greensboro (17 families listed overincome), High Point (6), North Wilkesboro (12), Winston-Salem (3), Madison (3), Mt. Airy (3), Asheboro (2), Troy (2), Mt. Gilead (1), East Spencer (1), New Randleman (1), and Burlington (1).

Many were barely over the income threshold. Those on the higher end included a Greensboro family making $73,097, a High Point family making $66,744, a Madison family making $70,923 a year, and a Wilkesboro family making $65,286 a year.

That summary reflects the OIG data in 2015 and may not represent current situations in individual housing authorities…

Referring to the highest examples on the Greensboro list, Akers Brown explained, “That report would have been a point in time. Because our families are so transient, that is not the case today. So you could have somebody overincome today and they’re not overincome tomorrow because they lost their job or one of their children lost their job, a variety of different reasons. So we do not have anybody that has that income level today.”

As of Wednesday, GHA now has eight overincome families in their portfolio, she said, and six of them have been over the threshold for less than a year.

“Some are overincome by as little as $34. So there’s a wide range of overincome families that are served. When you’re talking about eight families total, that’s not a lot a lot of families when you look at the number we serve.”

Akers Brown emphasized GHA serves more than 12,000 people in the greater Greensboro area.

You can read the full report from HUD’s OIG here.

February 5, 2016 at 3:50 pm 1 comment


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