2021 Commercial Real Estate Summit

Our friends at COCAR have scheduled their 6th Annual Commercial Real Estate Summit for Tuesday, September 14, 2021 at UCO Nigh Center in Edmond. This year’s event includes a track for Apprasiers & County Assessors and will include a LIHTC 101 taught by Darrell Beavers and a LIHTC Valuation Course taught by Chip Ard. This is a great opportunity for county assessors to lear more about how the affordable housing tax credit industry works and how these properties are valuated. CLICK HERE for more information or to register. OCAH Members are eligible for the discounted member rate through August 5th!

Last Chance to Register for the HOME Program Rental Training

Last Day to register for the HOME Program Rental Training Virtual Session on Tuesday, July 27, from 9:00 a.m. – 12:00 p.m. and 1:00 p.m. – 2:00 p.m. The training includes HOME Rental Activities Part 1 & 2 and Construction Standards & Implementation. *This meets OHFA’s criteria for training points.​​ 4 CE Hours available. Member Price: $50 | Non-Member Price: $75. Register Now!

Upcoming Webinar: PSO Weatherization Program for Landlords

PSO, Titan ES, the Tulsa Authority for Economic Opportunity (TAEO), and the City of Tulsa will be hosting a free webinar on the PSO weatherization program for landlords and property managers on July 26th at 11am. The weatherization program provides free home upgrades, such as attic insulation, air and duct sealing and more. Through this free webinar, landlords and property managers will learn if their rental properties qualify and what assistance might be available.

Register in advance for this meeting: https://us02web.zoom.us/meeting/register/tZIsde6hqjouEtESNBsTNU21I4tUCD1tEwQv

After registering, you will receive a confirmation email containing information about joining the meeting.

PSO, TAEO, and the City of Tulsa have recently hosted webinars on energy efficiency programs for landlords and property managers. If you were unable to attend, recordings will be available on the City of Tulsa’s YouTube page. To view the webinar on energy efficiency programs for single-family landlords, visit:https://www.youtube.com/watch?v=k0skJaniB4Y

Workshop for Off-Farm Labor Housing Loans and Grants for New Construction

Off-Farm Labor Housing Workshop

On February 2, 2021, Rural Development published a Notice of Solicitation of Applications (NOSA) for the Section 514 Off-Farm Labor Housing (FLH) Loans and Section 516 Off-FLH Grants for New Construction for Fiscal Year 2021. This program provides financing for the construction of new Off-FLH units for domestic farm laborers, retired domestic farm laborers, or disabled domestic farm laborers. The program objective is to increase the supply of affordable housing for farm laborers. This NOSA offers three rounds of pre-application submissions and selections. The Fiscal Year 2021 NOSA can be found at the following link:

https://www.govinfo.gov/content/pkg/FR-2021-02-02/pdf/2021-02193.pdf.

The second round will open on September 1st, 2021.

Rural Housing Service will host an Off-Farm Labor Housing Workshop for New Construction on August 25th, 2021 from 1:00pm – 2:00pm EDT to discuss the application process, the borrower’s responsibilities under the Off-FLH program, among other topics. Requests to attend the workshop will be accepted beginning on August 18th, 2021. Requests must be sent to the following email address: Off-FLHapplication. The email must contain the following information:

Subject line: “Off-FLH Workshop”
Body of email: Borrower Name, Project Name, Borrower Contact Information, Project State
Request language: “Please reply with information for attending next week’s Off-FLH Workshop.”

Register Now for the HOME Program Rental Training taking place on July 27

Register Now for the HOME Program Rental Training Virtual Session on Tuesday, July 27, from 9:00 a.m. – 12:00 p.m. and 1:00 p.m. – 2:00 p.m. HOME Rental Activities Part 1 & 2 and Construction Standards & Implementation. *This meets OHFA’s criteria for training points.​​ 4 CE Hours available. Member Price: $50 | Non-Member Price: $75

Register and find out more by CLICKING HERE!

New NLIHC Report Highlights Persistent Housing Affordability Challenges for Low-Wage Renters

On July 14, the National Low Income Housing Coalition (NLIHC) released Out of Reach 2021: The High Cost of Housing, its annual report documenting the gap between renters’ wages and the cost of rental housing across the nation. NLIHC’s 2021 report concludes that the profound economic downturn caused by the COVID-19 crisis had a significant impact on the lowest-wage households, exacerbating the disconnect between wage growth and rental cost increases.

The report calculates the “Housing Wage“ a full-time worker must earn to afford a rental home without spending more than 30 percent of their income on housing costs. This year’s national Housing Wage is $24.90 per hour for a two-bedroom home at fair market rent and $20.40 per hour for a modest one-bedroom rental home, a 3.9 percent and 4.2 percent increase from the 2020 Housing Wages, respectively. In no state, metropolitan area, or county can a full-time, minimum-wage worker afford a modest two-bedroom rental home, and that same worker can afford a modest one-bedroom rental home in only seven percent of U.S. counties.

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The report notes that more than 7.5 million extremely low-income renters are severely housing cost-burdened. Such cost burdens contribute to housing instability and homelessness, disproportionately impacting people of color. Black and Latino workers earn less than white workers and are more likely to spend more than 30 percent of their incomes on housing costs, compared to 25 percent of white households who are housing cost-burdened. Pervasive racial and ethnic inequities across multiple domains — in wealth, income, employment, neighborhood quality, health care access, and housing — mean that people of color are often the most severely impacted when disaster strikes. Moreover, the Census Household Pulse Survey has shown that Black and Latino renters are more likely to fall behind on their rent.

The report concludes that low-wage renters will continue to struggle due to high debt accumulation if there isn’t significant congressional action. NLIHC notes the emergency rental assistance provided in response to the health crisis alone will not solve the long-term affordability challenges low-wage renters have faced for decades. As a result, NLIHC calls for a stronger, robust housing safety net that includes a sustained commitment to universal rental assistance for eligible households by fully funding the Housing Choice Voucher program, providing investments in new affordable housing to the lowest-income people, preserving affordable rental homes that already exist through the national Housing Trust Fund, and establishing stronger renter protections.

Report data is available for every state, metropolitan area, and county on NLIHC’s website.

Eviction Numbers for Oklahoma

From our friends at OK Policy Institute:

· 14,943 – Despite the CDC moratorium, more than 14,943 evictions have been granted by courts in Oklahoma since March 2020, according to Open Justice Oklahoma, a program of the Oklahoma Policy Institute. A total of 36,353 evictions have been filed in court during that time. [Source:

Open Justice Oklahoma
]

· 9,236 – Number of evictions filed by the 53 most frequent plaintiffs in Tulsa County, 2019-2020. These landlords accounted for over 2 out of every 5 eviction filings during the period [Source:

Open Justice Oklahoma
]

· 1 in 3 – Portion of eviction filings filed against Black renters in an Eviction Lab study, despite Black renters making up only 1 in 5 renters in their sample. The study found that Black and Latinx renters in general, and women in particular, are disproportionately threatened with eviction and disproportionately evicted from their homes. [Source:
Eviction Lab
]

· 25% – Nearly 1 in 4 renters who have “a lot of difficulty” or “cannot” see, hear, or walk or climb stairs reported that their household was behind on rent, according to data collected April 14 – May 24. [U.S.
Census Data via CBPP
]

JOIN US in November to hear from Matthew Desmond – author of EVICTED~

CFPB Issues Rules to Help Prevent Surge of Foreclosures and Protect American Economy

On June 28, the Consumer Financial Protection Bureau (CFPB) announced the finalization of changes to federal mortgage serving regulations that would bolster economic recovery efforts. The announcement, which coincides with the end of the foreclosure moratoria, will protect borrowers as their terms of forbearance end. Specifically, the rules create temporary safeguards, such as giving homeowners additional time to create loan modifications, streamlining loan modifications, increased outreach to borrowers, lower monthly mortgage payments, or the opportunity to sell homes prior to receiving foreclosure notices. These rules will not be in effect for borrowers who have abandoned their property or were behind on mortgage payments prior to March 1, 2020. The new rules are set to take effect on August 31, 2021. Acting CFPB Director Dave Uejio noted that these rules were established to protect distressed communities that were at risk of losing value due to a foreclosure crisis, an event which could destabilize housing markets. With two million homeowners still in forbearance, this newly established policy could help mitigate some of the worst effects of the transition. For more information on the new CFPB regulations, click here.

Eviction Prevention

Turning the tide on evictions: Using federal aid, support to reduce Oklahoma’s eviction crisis: The Centers for Disease Control and Prevention recently extended its eviction moratorium until the end of July, giving renters and governments another month to organize efforts to prevent mass displacement after the economic fallout of the COVID-19 pandemic. Experts have warned for months of an eviction wave coming when the moratorium lifts and millions of renters owe a combined billions in back rent. Eviction has devastating effects on a family’s long-term well-being, and a wave of family displacements would be a serious threat to public health. Fortunately, rent assistance funds from federal COVID-19 relief bills are still available, and this will be the most important tool in preventing displacement and making landlords financially whole going forward. Combined with the Advance Child Tax Credit that will send cash directly to families with children starting in July, the financial supports put into place in recent months may help Oklahoma avoid an eviction wave in the short term, and building upon them could help turn the housing crisis tide over the long term. [Ryan Gentzler
/ OK Policy
]

· Fact Sheet: Right to Counsel in Oklahoma: Facts and Figures on Housing, Costs, and Effects

· Data Analysis: Legal Representation and Eviction Outcomes

Policy Matters: The human costs of eviction: In coldly analytical terms, an eviction is the expulsion from a residence when a housing contract has expired or otherwise been terminated. However, evictions come with very real human costs. They are life-changing events with often catastrophic consequences for families today and years in the future. Even before the pandemic, Oklahoma’s two largest metropolitan areas were among the nation’s top 20 for eviction rates. The pandemic made this bad situation worse. By mid-May, more than 1 in 3 Oklahomans lived in households facing likely eviction or foreclosure during the previous nine months. [Ahniwake Rose / Policy Matters]

JOIN US in November to hear from Matthew Desmond!