Professional Publishing, Inc www.TheLandlordTimes.com
METRO
PORTLAND & VANCOUVER
Vol. 17 Issue 5
Published 17 Years
May 2013
MONTHLY CIRCULATION TO MORE THAN 20,000 IN PORTLAND/VANCOUVER APARTMENT OWNERS, PROPERTY MANAGERS, ON-SITE & MAINTENANCE PERSONNEL Published in association with: METRO Multifamily Housing Association; Rental Housing Association of Oregon; IREM & Clark County Rental Association
Obama Administration Renews Funding for 19 More Homeless Projects in Alaska, Idaho, Oregon & Washington State $2 million in HUD Continuum of Care funds awarded recently is over & above $68.4 million in renewal funding awarded to 408 Alaska, Oregon & Washington homeless projects in March, 2013 U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan recently awarded an additional $2,070,603 in renewal funds to 19 homeless projects in Alaska, Idaho, Oregon and Alaska in a second round of renewal grants under HUD's Continuum of Care. Recently's awards will ensure these HUD-assisted local homeless assistance projects remain operating in the coming year. The renewal funds announced recently are over and above the $68,351,206 in renewal funds awarded to 408 homeless projects in Alaska, Idaho, Oregon and Washington awarded in March, 2013. HUD will make a third round of Continuum of
Care funding to support selected new projects later this year. "We know these modest investments in housing and serving our homeless neighbors not only saves money, but saves lives," said Donovan. "These local programs are on the front lines of the Obama Administrations efforts to prevent and end homelessness as we know it once and for all." "Even with an improving economy times remain as tough as ever for those without a place to call home," said HUD Northwest Regional Administrator Mary McBride. "These funds help hard-working local organizations keep their doors open and Continued on page 9
Apartment Industry Outlines Tax Reform Principles for Congress Tax reform must be comprehensive and take special care not to harm the thousands of businesses involved in multifamily real estate nor the 35 million Americans who call an apartment home. This was the focus of testimony by the National Multi Housing Council (NMHC) and the National Apartment Association (NAA) before the House Committee on Ways and Means recently. Representing NMHC and NAA, Thomas Moran, Chairman and Managing Partner of Moran & Company, testified on the need to meet the housing needs of what the Harvard Joint Center for Housing Continued on page 15 Page 3
U.S. Home Value Appreciation Rate Slows in First Quarter, But Values in Some Local Markets Remain at a Boil
PRESIDENT'S MESSAGE Page 6
Unsustainably High Appreciation Continues in Phoenix, Las Vegas and California, But National Moderation Could Indicate Stabilization, According to First Quarter Zillow Real Estate Market Reports The national housing market showed signs of moderation in the first quarter after months of robust and largely unsustainable annual home value appreciation. The Zillow速 Home Value Index (ZHVI) [i] rose to $157,600 as of the end of the first quarter, up 5.1 percent yearover-year and 0.5 percent from the fourth quarter of 2012, according to the first quarter Zillow Real Estate Market Reports[ii]. Professional Publishing, Inc PO Box 30327 Portland, OR 972943327
Current Resident or
PRSRT STD US Postage PAID Portland, OR Permit #5460
In March, U.S. home values rose for the 16th consecutive month, though last month represented the second straight month of slowing annual appreciation. Underscoring this slowdown, home value appreciation in the first quarter was 0.5 percent compared to 2.1 percent in the fourth quarter of 2012. Historically, housing markets can expect annual home value appreciation of roughly 3 percent, according to Zillow research. Looking ahead, the Zillow Home Value Forecast[iii] shows national home values increasing by 3.2 percent through March 2014, an annual appreciation rate more in line with historic norms. But in some local markets, home values continue to rise at a breakneck pace. Five metros covered by Continued on page 18
PRESIDENT'S MESSAGE Page 10 Chapter 29 Institute of Real Estate Management
IREM AND CCIM TAKE KEY COMMERCIAL REAL ESTATE ISSUES TO CAPITOL HILL Page 14
Clark County Rental Association
PRESIDENT'S MESSAGE