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Retooling Affordable Housing Strategies Part 2 of 19 |
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Last Updated ( Tuesday, 31 March 2009 )
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| on March 31, 2009 03:56 PM |
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Affordable housing is housing that costs the owner or tenant no more than 30 percent of gross income, according to Trend Dynamics the Department of Housing and Urban Development (HUD). Rent or mortgage payments that exceed this percentage are considered a cost burden to the household because other basic expenses like health care, education and transportation are compromised.
In Texas, the number of families facing a cost burden is growing three times faster than the availability of decent, affordable housing, according to the Texas Low Income Housing Information Service. Rising housing costs have created a housing shortage Forex Trading Machine not only for lower-income groups, but also for middle-income professions such as teachers, nurses, firefighters, police officers and others who cant afford to live in the communities they serve. Maintaining employment does not guarantee that a family can find decent affordable housing.
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Retooling Affordable Housing Strategies Part 8 of 19 |
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Last Updated ( Monday, 30 March 2009 )
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| on March 30, 2009 05:54 AM |
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Private Activity Bonds in Lubbock
Lubbock Housing Finance Corp. (LHFC) administers PAB housing programs in Lubbock. The corporation has not issued single-family bonds in recent years Penny Stock Secrets because there was a significant gap between the interest paid on the outstanding bonds and the interest that would have been earned by investing the bonds proceeds. Negative arbitrage has been the largest barrier over the years, according to LHFC Executive Director Shari Flynn.
With improving economic circumstances and higher interest rates, bond issuance is now more attractive and competitive. In 2007, the LHFC plans to partner with South Plains Housing Finance Corp. to issue a combined $37 million in single-family mortgage revenue bonds that will service Lubbock and 14 counties outside the city. Single-family bonds will be used to finance below-market-interest-rate mortgage loans through a network of local lenders. Families and individuals who are purchasing their first home or who have not owned a home in the past three years will be eligible.
In 2006, the LHFC also issued a $10 million multifamily bond for a complex in north Lubbock called Hillcrest Manor Senior Community. The 220-unit housing facility, still under construction, is subsidized by an additional $624,800 in 4 percent tax
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