National Association of Realtors®
Regional Housing
Opportunity Summit
Carl Kinney, Programs Administrator
Arizona Housing Finance Authority
Median Sale Price of Single Family Homes
in Phoenix-Metro Region Since 1990
240,000
Data released by
the Arizona Real
Estate Center at
ASU for July 2005
show a 97%
increase in the
median resale
price of a home
since 2000.
225,000
210,000
195,000
165,000
150,000
135,000
120,000
105,000
90,000
75,000
05
Q
tr
04
2n
d
20
03
20
02
20
01
20
00
20
99
19
98
19
97
19
96
19
95
19
94
19
93
19
92
19
91
19
90
60,000
19
Price
180,000
Year
Resale
Arizona Real Estate Center – A.S.U.
New
Source: National Association of Realtors and HUD
Homeownership
ADOH and the AzHFA provide several
different avenues to promote
homeownership in the state.
•Homes for Arizonans Initiative
•New Home Development
•Rehabilitation and Emergency Repair
Homes for Arizonans
• Combines several funding sources including
Mortgage Revenue Bond financing (MRB) from the
Arizona Housing Finance Authority, funding from
the state Housing Trust Fund, and individual
federal tax credits from the Mortgage Credit
Certificate Program (MCC) to provide:
– Mortgage financing (MRB)
– Downpayment and closing cost assistance
– Federal income tax credits for individuals (MCC)
Homes for Arizonans Options
Down Payment and Closing Cost Assistance
• If buyer is above 80% AMI, must be used in
combination with our MRB or MCC
• Adjusted assistance depending on buyer’s income
– 81% AMI or above  up to 5% of purchase
price
– 60-80% AMI  up to 10% of purchase price
– below 60% AMI  up to 15% of purchase price
• Maximum of $20,000 in assistance
First Time Homebuyer Assistance in Rural Arizona
Downpayment and Closing Cost Assistance
• 369 households assisted
Low Interest Mortgages (Mortgage Revenue Bond)
• First $10 Million issue by Authority is fully reserved
• New $15 Million issue made available in September
Federal Tax Credits (Mortgage Credit Certificate)
• Original $10 Million issue nearing completion
• New $15 Million issue available January 2006
Homeownership Development
• Maximum of $30,000 per unit
• Maximum per project $750,000
• Uses
–
–
–
–
Infrastructure
New Construction
Acquisition/Rehab
Homebuyer Subsidies
Rehabilitation
• Maximum of $750,00 per project
• After-rehab value limited to FHA 203(b)
limits
Emergency Repairs
• Maximum per unit $10,000
– Minimum $1,000 per unit
• Maximum per project $500,000
Homeownership
• New Home Development
– Constructed 67 new owner-occupied homes in
Flagstaff, Cave Creek, San Luis, El Mirage, Pima
County/Tucson, Douglas, Yuma, Phoenix , Verde
Valley, and Prescott.
• Rehabilitation and Emergency Repair
– Rehabilitated 231 owner-occupied homes.
– Emergency Repair of 516 owner-occupied homes.
Rental Housing
• ADOH provides several financial tools to non-profit and
for-profit housing developers to assist with the
development and rehabilitation of affordable rental
homes and transitional housing facilities for individuals
earning less than 60% of area median income, adjusted
for household size.
• ADOH also provides financial assistance for the
development and rehabilitation of emergency shelters to
assist persons who are homeless or otherwise in crisis,
including victims of domestic violence.
Rental Housing
• ADOH allocates Federal Tax Credits
– $10.6 Million in 2005 in 9% Credits
– Translates into roughly $127 Million in
projects
• Allocates 4% Credits for Tax Exempt
Bond Projects
Low Income Housing
Tax Credit
Development
Yavapai Apache Tribe
Middle Verde
Rental Housing
• New Construction
– Constructed 2,264 new affordable rental homes
• Rehabilitation
– Rehabilitated 1,073 existing rental homes
• Emergency Shelters
– Constructed emergency shelter space for 501
homeless persons and victims of domestic violence
Multi-family Mortgage
Revenue Bonds
• The Arizona Housing Finance
Authority has the Bond issuing
jurisdiction for the 13 rural Counties
• To be a qualified residential rental project:
– 20% or more of the units must be occupied by
individuals at or below 50% of area median
income, or
– 40% or more of the units must be occupied by
individuals at or below 60% of area median
income
Long Term Affordability
• Units must remain affordable:
– 15 years after the project is 50% occupied,
or
– Until no tax exempt bond issued is
outstanding, or
– The date when any Section 8 assistance on
the project terminates.
Additional Assistance
• Applicants for multi-family private
activity bond cap may be eligible for
other funding
– 4% Low Income Housing Tax Credits
– May apply for AzHFA Gap Financing for
rural areas
Arizona Housing Finance Authority
• Santa Carolina Apartments groundbreaking
• 128 units of affordable housing
• Nogales, August 2005
Special Needs
• Address the housing needs of populations
that have needs beyond the mere fact that
their incomes may not support decent and
affordable housing opportunities.
– HIV/AIDS
– Serious mental illnesses
– Emotional disturbance or chronic substance abuse
problems
– Persons and families who are homeless
– Victims of domestic violence
Special Needs
• Homeless Prevention
– Prevented 3,806 persons from becoming homeless through eviction
prevention or foreclosure assistance
• Rural Continuum of Care
– The Shelter Plus Care and Supportive Housing Programs provided
1,177 households with rental assistance and other related services
• HOPWA
– 204 households were provided short-term mortgage, rental, and
utility assistance as well as support services
Community Revitalization
• The Community Revitalization Program provides
assistance to communities to address housing and
community development issues that contribute to the
vitality of a community.
• ADOH receives Community Development Block
Grant (CDBG) entitlement funds annually from the
U.S. Department of Housing and Urban
Development (HUD) to fund eligible programs and
projects in communities located in the 13 rural
counties in the state.
Community Revitalization
• The rural Councils of Government (COGs) partner
with ADOH to assist communities with project
administration and technical assistance.
• CDBG funds may be utilized to address a wide
variety of community needs, including:
– Affordable housing Infrastructure projects
– Community facilities
– Expansion of public services to serve low-income
persons.
– Creation of new jobs
Tribal Outreach
• Tribal Liaison
• Low Income Housing Tax Credit
Awards
• Governor’s Tribal Housing Initiative
– Housing Trust Fund
– Task Force
– Community Development Financial
Institution
Rehabilitation
White Mountain
Apache Tribe
Whiteriver
Socialserve.com
• The Arizona Department of Housing formed a partnership
with a national group called Socialserve.com to bring a
convenient and timely new tool to the search for affordable
housing. The new service allows those seeking affordable
apartments to search the department's portfolio of over
30,000 apartments across the state for vacant affordable
units.
• Information is available in both English and Spanish, by
phone, fax or mail.
Contact:
www.housingaz.com or 1-877-428-8844
Fund Sources
• State Housing Trust Fund – 55% of the
proceeds of Unclaimed Property
• Federal HOME funds
• Federal Community Development
Block Grant funds (CDBG)
• Federal Low Income Housing Tax
Credits (LIHTC)
Fund Sources (cont’d)
• Federal Housing Opportunities for
People with HIV/AIDS (HOPWA)
• Federal McKinney Vento Homeless
Assistance Funds
• Federal Private Activity Bonding
Authority
FY2005 Accomplishments
• Developed 2,264 new affordable rental homes
• Rehabilitated 1,073 existing rental homes
• Developed 67 single-family homes
• Rehabilitated 231 owner-occupied homes
• Provided emergency repair to 516 owner-occupied
homes
• Provided 484 households with assistance in
purchasing their first home
FY2005 Accomplishments
• Prevented homelessness by providing rental
eviction and mortgage foreclosure prevention
assistance to 21 agencies, assisting 3,806
households
• Constructed 501 emergency shelter beds for
homeless persons and families
• Provided one-time assistance to prevent the
closure of 284 emergency shelter beds
FY2005 Accomplishments
A REMI analysis shows that the work of ADOH
and its numerous partners equated to over:
• 3,057 jobs
• $94.2 million in wages and salaries
• $24.3 million in state and local taxes
• Economic impact of over $350 million to the
Arizona economy
For additional information
contact:
Carl Kinney
602-771-1091
carlk@housingaz.com
1700 W. Washington Street, Suite 210 · Phoenix, Arizona · 85007
www.housingaz.com