Post by brysonpanas on Jun 29, 2023 20:47:58 GMT
Oklahoma Association of REALTORS® Comment : Oklahoma Housing Stability Program Draft White Paper
1) Does OHFA currently define micro- and metropolitan statistical areas (MSAs) using a
state or federal standard? As such, which areas are designated metropolitan statistical
areas?
2) Square footage is a critical factor in determining the viability and attainability of single
family developments across Oklahoma’s many localities. As such, consideration of
maximum square footage should be made in order to not price out potential buyers or
impact housing quality. Lowering the maximum square footage threshold for the
Homebuilder Subsidy for Homeowners will help ensure an affordable housing inventory
is made available to the widest pool of potential buyers.
3) In direct relation to overall square footage, cost per square foot is also a critical factor to
the viability of new developments based on locality. The proposed maximum thresholds
for cost per square foot fall well below current market rates, especially if property/lot
purchase is included in that figure. Raising the maximum cost per square foot thresholds
for the Homebuilder Subsidy for Homeowners will help ensure homebuilders are able to
produce residences that meet square footage requirements, while not pricing out
potential buyers.
4) Area Median Income can vary greatly throughout the state, especially with regard to
urban and rural areas. Rural areas incomes are generally lower in Oklahoma, preventing
adequate metrics (at 120% AMI) from being implemented to address shortages. While
the proposed 120% threshold for the Homebuilder Subsidy for Homeowners could work
well in some areas, it could also produce a scenario in which those most in need are left
without inventory. Lowering this threshold will help ensure new housing inventory
accelerates first-time home buying and property ownership in all localities.
5) Reconsideration of the percentage allotment for each program would likely result in a
more successful utilization of available funds. Due to the current nationwide housing
shortage and lack of programs available to developers for single family residences, a
greater allotment to the Homebuilder Subsidy for Homeowners will provide a much more
robust and lasting impact on communities. Focusing on new homes rather than multi-unit
developments will better address the needs of virtually every community across the
state.
1) Does OHFA currently define micro- and metropolitan statistical areas (MSAs) using a
state or federal standard? As such, which areas are designated metropolitan statistical
areas?
2) Square footage is a critical factor in determining the viability and attainability of single
family developments across Oklahoma’s many localities. As such, consideration of
maximum square footage should be made in order to not price out potential buyers or
impact housing quality. Lowering the maximum square footage threshold for the
Homebuilder Subsidy for Homeowners will help ensure an affordable housing inventory
is made available to the widest pool of potential buyers.
3) In direct relation to overall square footage, cost per square foot is also a critical factor to
the viability of new developments based on locality. The proposed maximum thresholds
for cost per square foot fall well below current market rates, especially if property/lot
purchase is included in that figure. Raising the maximum cost per square foot thresholds
for the Homebuilder Subsidy for Homeowners will help ensure homebuilders are able to
produce residences that meet square footage requirements, while not pricing out
potential buyers.
4) Area Median Income can vary greatly throughout the state, especially with regard to
urban and rural areas. Rural areas incomes are generally lower in Oklahoma, preventing
adequate metrics (at 120% AMI) from being implemented to address shortages. While
the proposed 120% threshold for the Homebuilder Subsidy for Homeowners could work
well in some areas, it could also produce a scenario in which those most in need are left
without inventory. Lowering this threshold will help ensure new housing inventory
accelerates first-time home buying and property ownership in all localities.
5) Reconsideration of the percentage allotment for each program would likely result in a
more successful utilization of available funds. Due to the current nationwide housing
shortage and lack of programs available to developers for single family residences, a
greater allotment to the Homebuilder Subsidy for Homeowners will provide a much more
robust and lasting impact on communities. Focusing on new homes rather than multi-unit
developments will better address the needs of virtually every community across the
state.