As reported in last week's article, the affordable $100,000-$350,000 home price range has had the largest demand and greatest inventory declines for the past two years. The latest news out of Washington, D.C., in terms of the proposed HUD budget cuts is not good news for the affordable housing market, which benefits from these programs. What this often means for us locally is that the burden for fulfilling the needs for these programs will shift to the state and local level— already in financial crisis.
According to an article in the National Association of Realtors Daily Real Estate News, in order to increase the Department of Defense and Homeland Security budgets by $54 billion, cutbacks are proposed in many other programs. Included in this is the Department of Housing and Urban Development, where the budget is to be decreased from $46.9 billion to $40.7 billion. Among the programs on the "chopping block" are Community Development Block Grants, the Home Investment Partnerships Program, the Choice Neighborhoods Program and the Self Help Home Ownership Program.
Community Development Block Grants were started in the 1970s to provide local funding for property acquisition, infrastructure development and new affordable housing. The program is currently funded at $3 billion.
The Home Investment Partnerships Program is a block grant program for housing projects. The Choice Neighborhoods program provides money to fix up distressed neighborhoods, and the Self-Help Home Ownership Program provides assistance to nonprofits to buy land or improve streets for affordable homeownership. One program that is staying and actually getting an increase of $20 million is the program for lead-based paint removal and abatement.
More details and information are expected to be available in May when the administration releases a detailed budget.
60982 Honkers Ln., Bend, OR 97702
3 beds, 2 baths, 1032 square feet, .15 acre lot
Built in 2003
Listed by The Associates Realty Group
61411 Sunbrook Dr., Bend, OR 97702
3 beds, 2.5 baths, 1,825 square feet, .12 acre lot
Built in 2007
Listed by High Lakes Realty and Property Management
19436 Green Lakes Loop, Bend, OR 97702
4 beds, 3.5 baths, 3,596 square feet, .56 acre lot
Built in 2005
Listed by Keller Williams Central Oregon
Photos and listing info from Central Oregon Multiple Listing Service