oregon on presentation: homeownership matters!

7/29/2019 Oregon ON Presentation: Homeownership Matters!

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Homeownership Matters

Jesse Beason, Proud Ground

Emily Reiman, NEDCO

Ralph Austin, HomeStreet Bank

Feb. 1, 2013


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Todays discussion

Why does homeownership matter?

Impact on families, communities, economy

Role and investment of state and nonprofits

OHCS transition: where do we go from here?


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Homeownership in the Housing

Continuum

EmergencyShelters

Transitional

&Supportive

Housing

Affordable

(andMarket)Rental

Homeownership


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Myths of the Housing Crisis

Homeownership isnt a good investment

Low-income people shouldnt own homes

The market serves everyone

The Real Story:

Homeownership (done right!) can be a powerfultool for low income families.


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Educated and informed decisions

Affordable

Ability to pay

Good mortgage terms Sustainable

Stability (income, insurance, etc)

Savings

Homeowner Investment

Done Right Defined


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Christins Story


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Benefits of Homeownership

Economic

Stable housing cost over time

Housing security (especially for seniors)

Asset / long-term wealth generation

Social

Community involvement

Educational success /attainment

Inter-generational gains


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Long Term Benefits

Financial planning to move ahead

Goal setting

Decision making Economic empowerment

Asset development


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Community-wide Benefits

Economic impact

Mortgage lending

Multiplier effect

Community stabilization / development Increased investment in civic and social institutions

Decreased foreclosure

Educated consumers for the long term


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What is OHCS Investment in

Pre-Purchase Homeownership?

86%

14%

Document Recording Fee


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Regional Housing Centers Education and Coaching

Partnerships / Referrals

Up-Front Financial Assistance Downpayment Assistance / Cash Advantage

IDAs

State Bond Program

Strategies and Programs


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Historic and current ownership gaps

The process and financing are complex

Credit standards are evolving and tightening

First-time buyers compete with investors

Entry-level prices are appreciating

Oregon ranks 46th

in housing affordability

Gaps in the OR Housing Market


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Market Trends (Portland)

0

50000

100000

150000

200000

250000

300000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Median

Price


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In Conclusion

Homeownership

builds families / communities

Powerful asset-building tool

Partnership to expand access:

State investment

Nonprofit collaboration


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Our asks of you

Affirm and support homeownership programs

at the state level

Include homeownership providers when

Making program investment decisions

Planning for the OHCS transition


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Questions?

oregon on presentation: homeownership matters!

Documents