January 10, 2019 New Hampshire Housing Market Update Central NH Regional Planning Commission
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1 January 10, 2019 New Hampshire Housing Market Update Central NH Regional Planning Commission # N H H F A H O U S I N N H H F N E W H A M P S H I R E H O U S I N G
2 New Hampshire Housing Finance Authority Created by the General Court through RSA 204-C Self-sustaining public corporation (not a state agency; we receive no state operating funds) NHHFA is governed by 9-member Board of Directors who are appointed by Governor & Executive Council for 5-year terms (staggered) Executive Director is appointed by BOD NHHFA staff are appointed by Executive Director; currently 120 staff members NHHFA Divisions
3 NUMBER OF VOUCHERS ALLOCATED TO NHHFA & ISSUED TO HOUSEHOLDS 3,555 Assisted Housing Division FEDERAL HOUSING CHOICE VOUCHERS AVERAGE INCOME OF PROGRAM PARTICIPANTS $15,762 Average Attrition Rate 27 vouchers per month WHO USES THE VOUCHERS? Senior/disabled voucher holders 77% Families/ individuals 23% AVERAGE NUMBER OF HOUSEHOLD APPLICATIONS ON OUR WAITING LIST 5,054 $30 MILLION in rent to private landlords and assistance to New Hampshire residents
4 Management and Development Division Finance construction, acquisition and preservation of affordable rental housing for families, individuals, seniors and people with special needs. Through federal HUD grants, NHHFA provides grants for removal of hazardous lead paint from NH homes and apartments. Oversee the management of 400 properties (15,000 units) as well as 141 HUD properties (5,000 units). CONSTRUCTION BRADLEY COMMONS, DOVER ACQUISITION ROCKINGHAM VILLAGE PRESERVATION WHITTIER FALLS, DOVER
5 2018 Multi-Family Development Projects PRE-CONSTRUCTION Apple Ridge Phase I, Rochester Bradley Commons Phase II, Dover Bridge House Expansion, Plymouth Chandler Place Phase II, Plaistow Cocheco River Manor, Dover Goddard Block, Claremont Jane Forrest Manor, Rochester The Meadows Phase II, HamptonFalls St. Regis House, Berlin Sunrise Farm, Enfield Sunrise House, Laconia Tracy Street Apartments, Lebanon UNDER CONSTRUCTION Boulder Point Veterans Housing, Plymouth Carpenter Center, Manchester Family Willows Recovery Housing, Manchester Friendship House, Bethlehem Marshall Street Apartments, Nashua Newfound River Apartments, Bristol Parkhurst Community Housing, Lebanon Rockingham Village Apartments (f/k/a Cimarron), Seabrook Safe Spaces Shelter, Concord Three Meeting Place, Exeter Whittier Falls Housing, Dover COMPLETED Bradley Commons, Dover Bridgeview Apartments, Pittsfield Brookside Park, Berlin Gilford Village Knolls 3, Gilford Hope House, Wolfeboro Kensington Woods, Bedford Franklin Light and Power Mill, Franklin The Meadows Phase I, Hampton Falls Northfield Village, Northfield Pillsbury Square Apartments, Derry Renaissance RENEW, Manchester Residences on the Knoll overmystic Brook,Goffstown Rolling Green Village, Pittsfield Wentworth Place Apartments, Merrimack Whittemore Place Phase II,Londonderry
6 Mortgage Financing for Eligible Home Buyers Programs Include Downpayment Assistance + Flexible Underwriting Mortgage Credit Certificates Homebuyer Education & Counseling Targeted Grants for Homeowners Special grants to Granite State Independent Living and Habitat for Humanity FY 2018 Homeownership Division Number of mortgage loans 1,448 Dollar amount of mortgage loans $287 MILLION 88% First-Time Buyers GoNewHampshireHousing.com
7 SECO ND FLO O R DETACHE D BASEM ENT Research Planning Advocacy Technical Assistance Housing Studies and Reports Housing Market Reports Annual Rental Cost Survey 2018 Studies of home building costs, tax credit rental property residents HOUSING MARKETREPORT February 2018 Housing Advocacy/Technical Assistance Actively promotes the need for an adequate and balanced supply of housing in the state through: Municipal Technical Assistance Grants Program Housing conferences Local housing advocacy grants ADU Guides for Municipalities & Homeowners Planning Functions Lead agency for state s Consolidated Plan, which reports on the use of federal program funds and housing needs in the state (for HOME, CDBG and ESG funds) State Biennial Housing Plan ACCESSORY DWELLING UNITS IN NEW HAMPSHIRE A Guide for Municipalities
8 Tax Exempt Bonds How We Fund What We Do Single-Family & Multi-Family Mortgage Financing Mortgage Backed Securities and Loan Sales Single-Family and Single/Multi-Family Federal Programs LIHTC ($3M/yr = $30M equity) HOME ($3M/yr) National Housing Trust Fund ($3M/yr) Federal Finance Bank Housing Choice Vouchers ($30M) PBCA ($57M/yr) Lead, Counseling, FSS, Section 811 State Affordable Housing Fund ($16.8 Million since 1988)
9 Build Affordable Housing We rely on private developers (for-profit and non-profit) to build housing and we provide financing for qualified developments Own Affordable Housing Private entities own and manage all of the housing financed through programs we administer Oversee Local Housing Authorities They are independent local agencies What NHHFA Doesn t Do
10 HOUSING MARKET UPDATE # N H H F A H O U S I N N H H F N E W H A M P S H I R E H O U S I N G
11 OWNERSHIP MARKET
12 NEW HAMPSHIRE MLS CLOSED SALES LEVELING? 2.5% increase in sales over last 12 months Yearly - 11% 2018 New homes represent 7% of sales (12-Month Moving Average) Prior to the recession - 15%
13 NUMBER OF SALES MLS CLOSED SALES: MERRIMACK COUNTY % increase in sales over last 12 months Yearly - 9% 50 0 (12-Month Moving Average)
14 NUMBER PF LISTINGS HOMES UNDER $300,000 ARE SCARCE 13,000 11,000 9,000 7,000 5,000 3,000 1,000 Listings <$300K Listings >$300K 12 per. Mov. Avg. (Listings <$300K) 12 per. Mov. Avg. (Listings >$300K)
15 Thousands PURCHASE PRICES INCREASING $300 $280 $260 $240 $220 $200 $180 $160 $140 $120 All Homes 12 per. Mov. Avg. (All Homes)
16 CENTRAL NH RPC MEDIAN HOME PURCHASE PRICE $300,000 $250,000 $200, Average of 242 new homes $150,000 $100, Average of 44 new homes $50,000 All Homes Existing Homes New Homes
17 THE CHILLING EFFECT OF RAISING INTEREST RATES (AND FEW HOMES BELOW $300,000)
18 FEWER HOME FORECLOSURES 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 37% Q1 Q2 Q3 Q4
19 RENTAL MARKET
20 VACANCY RATES AND RENTS Statewide 2 Bedroom County 2 Bedroom $861 $1,456
21 NEW HAMPSHIRE MEDIAN GROSS RENTAL COST 20%
22 CENTRAL NH REGIONAL MEDIAN GROSS RENTAL COST $1,350 $1,250 13% $1,207 $1,150 $1,050 $1,114 $950 $850 $750 $ All Units 2-Bedroom Units
23 SINGLE-UNIT HOUSING PERMITS DOWN 50% MULTI-FAMILY PERMITS HAVE INCREASED IN THE HIGHEST COST MARKETS Average SF Permits = 501/mo Average SF Permits = 173/mo
24 MARKET SUMMARY Strong demand for housing with upward pressure on prices and rents Sales may be leveling due to a lack of supply at affordable prices Rising interest rates may reduce purchase demand and limit first-time buyers Limited new construction (some rental projects in southern NH) Renter incomes have not kept pace with increases in rents Impact on economic growth/stability Recruitment /Retention of workforce/upward pressure on wages
25 UNEMPLOYMENT RATE 12% 10% 8% 6% 4% 2% 0% US NE NH
26 IMPEDIMENTS TO ADEQUATE HOUSING DEVELOPMENT Workforce availability (Labor) Development costs (Lumber) Financing (Loans) Regulatory practices that discourage or slow housing development (Laws) Costs Risks Land
27 January 10, 2019 New Hampshire Housing Market Update Central NH Regional Planning Commission # N H H F A H O U S I N N H H F N E W H A M P S H I R E H O U S I N G
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