As Newsday's series on Zombie Homes turns to illegal housing, if one was "reading the signs", it would appear that the underlying problem is affordable housing.
In that respect, Long Island and New York City is in a similar situation. See: http://peoplesworld.org/new-york-city-facing-the-crisis-of-affordable-housing/
Showing posts with label Affordable Housing. Show all posts
Showing posts with label Affordable Housing. Show all posts
Friday, March 27, 2015
Thursday, May 8, 2014
NEW YORK MORTGAGE FORECLOSURE - AFFORDABLE HOUSING
This chart is from a web article on the subject titled "1 in 3 homes is unaffordable and a bubble is forming". Line 2 states that in New York, 41.8% of the homes are unaffordable by historic standards while the percentage of monthly income that needs to be devoted to median housing is 31.6% (not sure if that figure of mortgage payments also includes real estate taxes).
The full link to this article, which appeared last month, can be found here:
http://www.housingwire.com/articles/29553-in-3-homes-is-unaffordable-and-a-bubble-is-forming
The full link to this article, which appeared last month, can be found here:
http://www.housingwire.com/articles/29553-in-3-homes-is-unaffordable-and-a-bubble-is-forming
Monday, March 31, 2014
HOMELESS IN NASSAU
Some information I found from various websites when I recently counseled a tenant who was not only facing eviction but lacked any financial means to obtain new premises. This list is not meant to be all inclusive but for those faced with eviction and in need of immediate housing assistance, please note the following:
1. "If a person is experiencing a housing crisis in Nassau County, he or she should go to the Nassau County Department of Social Services (DSS), at 60 Charles Lindbergh Blvd. in Uniondale, Monday thru Friday, between the hours of 8:00 am – 4:00 pm. A DSS emergency services unit worker will assess the individual’s needs. The person may have to wait some time before they receive their referral for an emergency housing placement. Shelter placements and assistance with emergency housing needs are provided at the Department of Social Services (DSS) under the auspices of the Nassau County Office of Housing and Community Development (OHCD). Eligible individuals and families can, on an emergency, temporary basis be assisted with shelter and other items of need to help them meet their emergency and move as quickly as possible to a stable self-sufficient role in the community. If a family or individual is threatened with eviction or foreclosure, assistance may be available to save the current housing. These programs are: Emergency Assistance to Families, Emergency Assistance to Adults and Emergency Safety Net Assistance. These programs were designed to meet one-time non-recurrent emergency situations. These benefits do have specific eligibility requirements, and each case receives the attention of a worker with specialized knowledge in this area. Applications for eligibility should be made as soon as the potential problem becomes known. Following approval of eligibility by DSS, OHCD will proceed with providing for emergency housing assistance."
2. "The INN’s emergency shelters provide housing and supportive services for guests experiencing the trauma of homelessness. The INN has three emergency shelters in Nassau County—two family shelters and one shelter for single men. The INN shelters are open all year long and staffed 24 hours a day, 7 days a week. Additional services provided to the shelters include educational workshops for the guests on activities of daily living, parenting, employment, nutrition, etc. The INN also has a housing specialist to assists families in locating and securing appropriate and affordable housing. For further information please contact The INN's main office, at (516) 486-8506"
3. "Bethany House provides safe, supportive, emergency housing for women and their dependent children, and a comprehensive range of additional programs and resources. Each shelter has a social worker to assist guests with crisis intervention and prevention, goal identification and achievement, and overcoming barriers that led to homelessness. The social worker also assists the guests in identifying and developing support systems and services to prevent the future of homelessness. Support staff helps guests to adjust to communal living; ensure a safe, stable, dignified environment; and provide information and referrals. Bethany House, 102 Whitehouse Avenue, Roosevelt, NY 11575 (516) 868-6866"
4. "Other programs that provide a temporary place to stay (usually three days to two weeks), generally in dormitory-style facilities with very little privacy, for people who have no permanent housing. Also included are programs that provide motel vouchers for people who are homeless.
See http://211longisland.communityos.org/taxonomy/taxonomy_overview.taf?taxonomy_id=525848"
1. "If a person is experiencing a housing crisis in Nassau County, he or she should go to the Nassau County Department of Social Services (DSS), at 60 Charles Lindbergh Blvd. in Uniondale, Monday thru Friday, between the hours of 8:00 am – 4:00 pm. A DSS emergency services unit worker will assess the individual’s needs. The person may have to wait some time before they receive their referral for an emergency housing placement. Shelter placements and assistance with emergency housing needs are provided at the Department of Social Services (DSS) under the auspices of the Nassau County Office of Housing and Community Development (OHCD). Eligible individuals and families can, on an emergency, temporary basis be assisted with shelter and other items of need to help them meet their emergency and move as quickly as possible to a stable self-sufficient role in the community. If a family or individual is threatened with eviction or foreclosure, assistance may be available to save the current housing. These programs are: Emergency Assistance to Families, Emergency Assistance to Adults and Emergency Safety Net Assistance. These programs were designed to meet one-time non-recurrent emergency situations. These benefits do have specific eligibility requirements, and each case receives the attention of a worker with specialized knowledge in this area. Applications for eligibility should be made as soon as the potential problem becomes known. Following approval of eligibility by DSS, OHCD will proceed with providing for emergency housing assistance."
2. "The INN’s emergency shelters provide housing and supportive services for guests experiencing the trauma of homelessness. The INN has three emergency shelters in Nassau County—two family shelters and one shelter for single men. The INN shelters are open all year long and staffed 24 hours a day, 7 days a week. Additional services provided to the shelters include educational workshops for the guests on activities of daily living, parenting, employment, nutrition, etc. The INN also has a housing specialist to assists families in locating and securing appropriate and affordable housing. For further information please contact The INN's main office, at (516) 486-8506"
3. "Bethany House provides safe, supportive, emergency housing for women and their dependent children, and a comprehensive range of additional programs and resources. Each shelter has a social worker to assist guests with crisis intervention and prevention, goal identification and achievement, and overcoming barriers that led to homelessness. The social worker also assists the guests in identifying and developing support systems and services to prevent the future of homelessness. Support staff helps guests to adjust to communal living; ensure a safe, stable, dignified environment; and provide information and referrals. Bethany House, 102 Whitehouse Avenue, Roosevelt, NY 11575 (516) 868-6866"
4. "Other programs that provide a temporary place to stay (usually three days to two weeks), generally in dormitory-style facilities with very little privacy, for people who have no permanent housing. Also included are programs that provide motel vouchers for people who are homeless.
See http://211longisland.communityos.org/taxonomy/taxonomy_overview.taf?taxonomy_id=525848"
Wednesday, March 12, 2014
MORE ON HOME AFFORDABILITY AND FORECLOSURE
So why do people default on their mortgage - whether due to divorce, illness, unexpected expenses, loss of employment, etc. - the answer is the same: the house is unaffordable.
Yesterday, MSN had the following post:
"What you must earn to buy a home in 25 cities in 2014
By Tim Manni of HSH.com
How much salary do you need to earn to afford the principal and interest
payments on a median-price home in your metro area?
To find out, HSH.com took the National Association of Realtors'
fourth-quarter data for median home prices and HSH.com's fourth-quarter
average interest rate for 30-year, fixed-rate mortgages to determine how
much of your salary it would take to afford the base cost of owning a
home -- the principal and interest -- in 25 metro areas.
We used standard 28 percent "front-end" debt ratios and a 20 percent down
payment subtracted from the NAR's median-home-price data to arrive at our
figures. There is no doubt that your income will need to be much higher to
cover taxes, insurances and other expenses to live in the home, plus any
other debts you might have.
While the NAR continues to report strong year-over-year price growth, home
prices and mortgage rates retreated from the third to fourth quarter in
2013. While homeowners continue to praise home-price growth as it adds to
their equity positions, some homebuyers have actually been stymied by the
rapid growth as home prices have been rising faster than incomes."
And this was the result for New York - these figures do not cover taxes and other expenses to live in the home which are quite high in Nassau and can add that monthly figure to almost another $1000 a month and the required income figure to almost $90,000 a year.:
"What you must earn to buy a home in 25 cities in 2014
New York: $66,167.27
Mortgage rate: 4.38 percent
Quarterly change: -0.22 percent
Home price: $386,300
Quarterly change: -4.71 percent
YOY change: +2.8 percent
Monthly payment: $1,543.90
Salary: $66,167.27
Quarterly change: -$5,088
If you're on the cusp of affordability in the Big Apple, you must "buy on
the dips." The fourth quarter of 2013 would have been your time to pounce.
Lower mortgage rates and a $19,000 drop in home prices improved salary
conditions by $5,000."
Yesterday, MSN had the following post:
"What you must earn to buy a home in 25 cities in 2014
By Tim Manni of HSH.com
How much salary do you need to earn to afford the principal and interest
payments on a median-price home in your metro area?
To find out, HSH.com took the National Association of Realtors'
fourth-quarter data for median home prices and HSH.com's fourth-quarter
average interest rate for 30-year, fixed-rate mortgages to determine how
much of your salary it would take to afford the base cost of owning a
home -- the principal and interest -- in 25 metro areas.
We used standard 28 percent "front-end" debt ratios and a 20 percent down
payment subtracted from the NAR's median-home-price data to arrive at our
figures. There is no doubt that your income will need to be much higher to
cover taxes, insurances and other expenses to live in the home, plus any
other debts you might have.
While the NAR continues to report strong year-over-year price growth, home
prices and mortgage rates retreated from the third to fourth quarter in
2013. While homeowners continue to praise home-price growth as it adds to
their equity positions, some homebuyers have actually been stymied by the
rapid growth as home prices have been rising faster than incomes."
And this was the result for New York - these figures do not cover taxes and other expenses to live in the home which are quite high in Nassau and can add that monthly figure to almost another $1000 a month and the required income figure to almost $90,000 a year.:
"What you must earn to buy a home in 25 cities in 2014
New York: $66,167.27
Mortgage rate: 4.38 percent
Quarterly change: -0.22 percent
Home price: $386,300
Quarterly change: -4.71 percent
YOY change: +2.8 percent
Monthly payment: $1,543.90
Salary: $66,167.27
Quarterly change: -$5,088
If you're on the cusp of affordability in the Big Apple, you must "buy on
the dips." The fourth quarter of 2013 would have been your time to pounce.
Lower mortgage rates and a $19,000 drop in home prices improved salary
conditions by $5,000."
Tuesday, September 10, 2013
REBUILDING AFFORDABLE HOUSING AFTER SANDY
Consulting at yesterday's Sandy/Foreclosure clinic, I was faced with this issue - can one rebuild with insurance funds, SBA loans, etc. and make the housing affordable.
See this article:
NY WORLD - Left high and dry by insurers, homeowners reluctantly borrow Sandy rebuilding funds
So assuming a family earning $100,000 a year, with a $200,000 regular mortgage, requiring a $250,000 loan SBA loan to rebuild in addition to flood insurance funds received - with Nassau County taxes, flood insurance costs, etc. calculated and assuming no other debt - that would put the family into a house with $450,000 debt and unaffordable housing.
See this article:
NY WORLD - Left high and dry by insurers, homeowners reluctantly borrow Sandy rebuilding funds
So assuming a family earning $100,000 a year, with a $200,000 regular mortgage, requiring a $250,000 loan SBA loan to rebuild in addition to flood insurance funds received - with Nassau County taxes, flood insurance costs, etc. calculated and assuming no other debt - that would put the family into a house with $450,000 debt and unaffordable housing.
Tuesday, June 11, 2013
AFFORDABLE HOUSING - WITH RENTALS
Yesterday, at Landlord/Tenant court, it became clear to me that tenants and homeowners face the same issue - what is affordable housing?
The National Low Income Housing Coalition has a calculator to determine your own personal Housing Wage, the wage you would need to earn in order to pay no more than 30% of your income on the rent- the accepted standard of affordability.
NLIHC - Housing Wage Calculator
Example, Tenant has combined family income of $48,000 a year and rents a home at $2,000 a month. According to the calculator, Tenant should have a combined family income of $80,000 a year. Whether it is health, job loss, increased expenses, whatever reason, Tenant is behind in rent for 4 months ($8,000) and a non-payment proceeding is commenced. How can Tenant continue to pay $2,000 a month rent and pay off the $8,000 balance on a combined family income of $4,000 a month?
The National Low Income Housing Coalition has a calculator to determine your own personal Housing Wage, the wage you would need to earn in order to pay no more than 30% of your income on the rent- the accepted standard of affordability.
NLIHC - Housing Wage Calculator
Example, Tenant has combined family income of $48,000 a year and rents a home at $2,000 a month. According to the calculator, Tenant should have a combined family income of $80,000 a year. Whether it is health, job loss, increased expenses, whatever reason, Tenant is behind in rent for 4 months ($8,000) and a non-payment proceeding is commenced. How can Tenant continue to pay $2,000 a month rent and pay off the $8,000 balance on a combined family income of $4,000 a month?
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