Housing Authority of Jackson County Established 1969 Mission is to provide, develop, and preserve decent, safe and affordable housing to families and individuals while promoting efforts toward self-sufficiency. Independently-run public corporation, autonomous from the County.

What We Do Administer more than 2,100 Housing Choice Vouchers Own and manage over 1,500 affordable rentals in two counties Average development 50-100 units of rental housing each year. Homeowner Repair Program: zero-interest, no payment, deferred loans Family Self-Sufficiency Program– clients set long-range goals for self-sufficiency Resident Services : after-school programs and youth summer camps, adult extended learning programs, referrals, classes in employability, personal finance, parenting, and homeownership readiness.

Two major types of properties: 1) Deep Subsidy Tenants pay 30% of their adjusted income toward rent Subsidies come from HUD and USDA Rural Development Tenants are recertified annually or as needed 308 units are in deep subsidy projects Waiting lists from 3– 4 years

2) Below Market Rate Properties Tenants pay a fixed rent that is below the market rate rent. Example: Finley Square, Medford 2 Bedroom/2 Bath, 1,200 square feet with garage Market Rent = $1075/month HAJC Rent = $960/month Targeted to tenants below 80% AMI

Primary funding sources for below market rent units include: Low Income Housing Tax Credit (LIHTC) HOME Oregon Trust Fund Oregon Affordable Housing Tax Credits Public Bonds Private Bank Loans HAJC Equity Units are targeted to families between 40% - 80% AMI with the majority of HAJC units targeted to the 50% AMI households.

Housing Trends “Struggling to find a home” April 9, 2017 – Medford Mail Tribune “Rental crisis in Jackson County looms as housing costs outpace wages” May 3, 2015 – Medford Mail Tribune “Where home prices are rising fastest” May 30, 2012 - CNN Money “Soaring rents, stagnant wages create housing crisis” May 3, 2015 - Medford Mail Tribune “Southern Oregon’s Rental Market is Now Worse Than NYC’s” July 23, 2015 - The Rogue Valley Messenger

Housing Trends Declining Rental Vacancy Rates Market Rate From 5% to 4.5% in 2008 to <2% Today HAJC Portfolio 4 to 4.5% in 2008 to roughly 1% Today

Housing Trends Increasing wait lists: *Housing Choice Voucher Wait list has doubled since 2008* 2008 waitlist averaged two thousand (2,000) households. 2017 waitlist averages four thousand (4,000) households and a 4 ½ year wait time.

Housing Trends Housing Choice Voucher lease-up success rate is declining. More and more difficult for clients to utilize a voucher when they get to the top of the list because there are not enough rental units in the market. 2008 Success rate was 93% 2017 Success rate as declined to 63% Households/individuals seeking a 1 bedroom unit struggle the most.

Housing Trends Multi-family new construction continues to witness an staggeringly quick absorption rate in the market. HAJC projects are filled within hours of opening a wait list. Waitlists are one to two years long within 24 hours. HAJC recently went from a first-come first-serve approach to a lottery system to assimilate new project wait lists.

Housing Trends Housing costs are escalating at a faster pace than income levels. Number/percentage of rent burdened households continue to increase in Jackson and So. Oregon. # Renter Households in Jackson Co. = 32,085 # Extreme Rent Burdened = 9,759 Nearly 1/3 Renter Households pay more than 50% of their income on housing costs.

Barriers to Affordable, Middle Housing Available land with proper zoning and/or infrastructure Cost of Land (some communities) Construction & Development Costs Economy of Scale Lack of Incentives/Funding *Particularly for middle/median income Complicated Bank Financing Developers’ Bottom Line