Ohioans Move to Cheaper Housing When Having Babies

Not only do women with newborns move more; they also tend to move to areas with lower housing costs. In 26 of the 35 largest U.S. metro areas, women who both moved and had a baby in the past year tended to move to areas with less expensive homes than where they came from. New research from Zillow presents the data and offers insight: https://www.zillow.com/research/moving-to-cheaper-areas-21844/

Nationwide, women with newborns who moved typically landed in an area where homes are valued $11,500 less than where they moved from. Similar-aged women without newborns moved to areas where home values were only about $9,000 less than where they moved from.

The phenomenon was especially pronounced in the largest 35 metro areas, where women with newborns who moved to median-valued homes typically ended up in areas $20,100 cheaper than where they moved from, while women without newborns moved to areas with home values only about $6,300 cheaper.

Metropolitan Statistical AreaMedian Change in ZHVI After Move With New Baby*Median Change in ZHVI After Move Without New Baby*$ Difference for Movers With Baby% of Women Who Moved Who Also Had a Newborn
Cincinnati
$879-$3,201$4,0796%
Cleveland
-$35,442-$35,442$06%
Columbus
-$8,991$4,396-$13,3874%
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#FHAct50 Opportunity for Cleveland, Cincinnati, and Columbus

The new #FHAct50 Building Opportunity Fund through the Ohio Housing Finance Agency has the potential to transform urban neighborhoods into diverse, prosperous, mixed-income communities. FHAct50—named in honor of the 50th anniversary of the Fair Housing Act—will build stable neighborhoods that find strength in the diversity of its residents’ incomes, experiences and cultures. By creating spaces that reflect Ohio’s wealth of backgrounds and skills, all residents can pursue more enriched lives and better prepare themselves for the global marketplace.

Participating cities (Cleveland, Columbus, and Cincinnati) must create a Target Area Plan through a public process. OHFA is providing administrative support to ensure the city has sufficient resources for authentic community engagement. The selection of individual units must be conducted in accordance with this Target Area Plan and must be open for public inspection. The Target Area Plan must create or otherwise empower a committee that is responsible for advising and consulting on TAP implementation and serves as a single point of community contact to partners and potential funders regarding the TAP. The committee must include, but is not limited to, low-income neighborhood residents. Each development financed with tax credits must include a local nonprofit in the ownership entity

Cities will not receive any funds directly. Instead, they receive authority to supplant OHFA’s competitive scoring requirements for those contained in their local Target Area Plan. The equity value of housing tax credits can fluctuate with market conditions and investor demand; however, this program could generate as much as $30 million in equity for each selected neighborhood.


Study Shows Gentrification Mainly Affects Renters

https://howhousingmatters.org/articles/gentrification-affect-homeowners-renters-differently/?cm_ven=ExactTarget&cm_cat=HHM+Send+September+27%2c+2018&cm_pla=All+Subscribers&cm_ite=https%3a%2f%2fhowhousingmatters.org%2farticles%2fgentrification-affect-homeowners-renters-differently%2f&cm_lm=kleit.1@osu.edu&cm_ainfo=

A new study profiled by How Housing Matters produced the following key findings:

  • Gentrification had no effect on homeowners moving.
  • While some evidence suggests that rising property taxes displace homeowners, the study shows no differences between the likelihood of owners making unwanted moves because of property taxes between gentrifying and nongentrifying areas.
  • Displacement rates of homeowners in gentrifying areas are also unaffected by state laws that limit property tax increases.
  • A renter in a gentrifying neighborhood is more likely to report a move and that the move was involuntary by 2.6 percentage points.
  • Homeowners may be less likely to move because they tend to have lived in the community longer, are older, and view their home an economic asset.

Ohio Land Bank Conference Next Week

https://www.wrlandconservancy.org/olbc2018/

The Ohio Land Bank Conference will be held October 23-24 at the Greater Columbus Convention Center in Downtown Columbus.

Hosting the conference, the Western Reserve Land Conservancy works to transform some of the areas hit hardest by the foreclosure crisis by revitalizing and restoring safe, green, vibrant communities. These efforts include work to support county land banks.

Check out the conference sessions here.

More than 300 land bank board members and staff, county and municipal officials, community and economic development officers, community development corporations, and all those interested in re-purposing vacant and abandoned properties and revitalizing neighborhoods across Ohio will be learning together

Dialogue Dates Announced

The Housing Dialogue is starting back up after a long summer break. The group will continue to meet at MORPC, with free parking available for guests. In keeping with our goal of dialogue, we are open to suggestions for dates without listed topics or speakers.

Tuesday, September 18, 2018
8:30-10am
Olentangy Room, MORPC
We will be joined by Jon Welty of Ohio Capital and Gretchen West of Nationwide Children’s Hospital to discuss the $20 million South Side Renaissance Loan Fund

Tuesday, October 30, 2018
8:30-10am
Scioto Room at MORPC
We will be joined by Carlie Boos and Katie Fallon of OHFA to discuss the Opportunity Pool associated with the 2019 Qualified Allocation Plan for tax credits.

Tuesday, November 27 — Olentangy Room, MORPC
Tuesday, January 29 — Scioto Room, MORPC
Tuesday, February 26 — Scioto Room, MORPC
Tuesday, March 26 — Scioto Room, MORPC
Tuesday, April 30 — Scioto Room, MORPC

New homes too pricey, too distant for many in central Ohio

 

 

Rising costs and changing demand have left homebuilders struggling to capitalize on the biggest housing market that central Ohio has ever seen.

Last year, 2,607 new homes were sold in central Ohio, the best year since 2007, according to Binns Real Estate Services, which tracks the central Ohio housing industry.

But those homes accounted for only 7.9 percent of all central Ohio homes sold last year, the second consecutive year that new homes have accounted for less than 8 percent of the housing market, according to a Dispatch analysis.

New homes have accounted for less than 10 percent of central Ohio home sales for eight straight years, despite an enormous increase in demand and a shortage of competing new homes on the market.

 

 

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Read full story here.

Update: Every State Will Likely Lose Housing Vouchers If Congress Doesn’t Boost Funding for 2017

From the Center on Budget and Policy Priorities

We’ve updated our December report urging policymakers to provide a large funding boost to renew housing vouchers in 2017. It now includes the potential impact of funding shortfalls in every state. Under a continuing resolution that freezes voucher funding for all of 2017 at last year’s level, for example, vouchers for more than 100,000 families would be unfunded, a loss of assistance that would be greater than what the 2013 sequestration cuts caused. Larger states like Florida, California, New Jersey, and North Carolina would lose the most vouchers, but smaller states like Maine and West Virginia would also lose rental assistance for hundreds of low-income seniors, people with disabilities, and families with children. For more information, see the updated report here.

Register for CBPP Webinar, “Treacherous Road Ahead: Outlook for Federal Housing Funding and Policy”

The safety net – including federal housing assistance – is facing the gravest threats in our lifetimes, and the road ahead will be unpredictable as well as difficult. In a webinar at 2 pm (ET) on Thursday, February 16, CBPP staff Barbara Sard and Doug Rice will guide participants through the challenging terrain of federal housing funding and policy in 2017, with an eye towards identifying key threats, opportunities, and decision points.

To register for the free webinar, go to: https://attendee.gotowebinar.com/register/809259630108777729.

Budget Relief Should Go Equally to Defense and Non-Defense

The House may soon consider a bill to fund the Defense Department for the rest of fiscal year 2017, and the bill may give defense some relief from the sequestration budget cuts without doing the same for non-defense programs. As our colleague, David Reich, explains, to do so would be to break an essential principle of parity that Congress has adhered to since the passage of the Budget Control Act of 2011. This principle has played a key role in mitigating budget cuts to housing assistance and community development programs.