Legislative Finance Committee Cloudcroft July ly 10, 10, 2019 2019 Permian Basin Housing Briefing New Mexico Mortgage Finance Authority Jay Czar, Executive Director
MFA Annual Production Highlights 2018 • Tota tal P Producti tion: MFA’s total production was $531 mi milli llion in 2018. • Homeown wnership: In 2018, MFA made more loans to homebuyers than in any time in its history. More than 2,800 New Mexican families became homeowners in 2018 using $420.1 million in MFA loans and $16.8 million in down payment assistance. The numbers reflect an increase of 13 percent from 2017. • Constructi tion F Financing: g: MFA provided $52.4 million in financing to construct and rehabilitate more than 370 apartments and affordable homes. • Rehabilitati tion A And En Energy-Effic iciency I y Improv ovements: Almost 800 low-income families received home rehabilitation or energy-efficiency improvements through $8 million in MFA funding. • Ho Homeless P Preventi tion And S Supportive Ho Housing: MFA partners sheltered and housed almost 8,700 people experiencing homelessness with $1.3 million in MFA funding. In addition, $1.9 million in supportive housing vouchers and services stabilized or prevented homelessness for 300 households with special needs, and $830,000 in rental assistance rapidly re-housed or prevented homelessness for 700 households. • Renta tal A Assista tance: MFA processed more than $30 million in project-based Section 8 rental assistance for 5,200 low-income renter households. • Asset ets U Under er M Managem emen ent: In 2018, MFA managed $3.4 b billio lion in assets. 2
MFA Five Year Production In Eddy and Lea Counties Counties MFA Production by Programs 2014-2018 Eddy County Lea County Combined New Mexico Homeownership $11,205,834 $21,744,179 $32,950,013 $1,454,292,771 Rental $47,068,223 $50,454,590 $97,522,813 $576,604,080 Community Development $210,886 $188,939 $399,825 $17,324,939 Five-Year Expenditures by County $58,484,943 $72,387,708 $130,872,651 $2,048,221,790 Percent of Total NM Expenditures 2.86% 3.53% 6.39% Percent of NM Population 2.73% 3.29% 6.02% 3
MFA Five Year Multifamily Production In Eddy and Lea Counties Year Name of Development City County Awarded Total Development Cost Total Units Roselawn Manor Apartments Artesia Eddy 2015 $13,104,879 63 Colonial Hillcrest Apartments Carlsbad Eddy 2016 $14,416,196 75 Villa San Jose Apartments Carlsbad Eddy 2017 $7,212,665 60 Parkside Place Apartments Carlsbad Eddy 2018 $15,289,314 80 Eddy County Developments $50,023,054 278 New Leaf Community Hobbs Lea 2014 $13,437,301 72 Playa Escondida Hobbs Lea 2014 $12,287,568 60 Parkside Terrace Hobbs Lea 2015 $12,686,040 65 Washington Place Hobbs Lea 2015 $8,387,561 76 Lea County Developments* $46,798,470 273 Total Developments $96,821,524 551 *In 2 2019, 19, M MFA a awar arded $ $11, 1,57 573, 3,250 i 50 in t tax credits t to Skyview T Terrac ace i in H Hobbs, a a 72 u unit p property with a a Total al Development C Cost o of $ $15, 5,698 698,57 573 4
Eddy County Household Income Distribution Population, Income and Poverty Less than $15,000 $15,000 to $24,999 $25,000 to $34,999 Growth Rate $35,000 to $49,999 $50,000 to $74,999 $75,000 to $99,999 2018 $100,000 to $149,000 $150,000 or More 3.00% 2.76% 2.13% Population All Households 2.50% 2.00% 9.4% 11.2% 8.1% 14.5% 18.5% 14.4% 15.0% 8.8% Eddy 1-Year 57,900 Growth 1.50% NM 15.7% 12.4% 10.8% 14.0% 17.3% 11.2% 11.4% 7.4% Rate 0.24% 1.00% US 11.5% 9.8% 9.5% 13.0% 17.7% 12.3% 14.1% 12.1% 5-Year 0.50% Growth Rate Homeowner Households 0.00% US NM Eddy Eddy 7.8% 10.0% 8.0% 12.3% 18.6% 13.4% 18.3% 11.5% NM 10.9% 10.1% 13.5% 18.6% 13.1% 14.3% 9.9% Poverty Rate Median HH Income 9.6% US 60,703 6.4% 7.0% 7.8% 11.8% 18.3% 14.3% 17.9% 16.6% 70,000 40.0% 55,322 35.0% Renter Households 60,000 20.6% 30.0% 45,674 14.6% 25.0% 14.6% Eddy 13.2% 14.2% 8.3% 20.0% 18.1% 16.7% 7.1% 2.5% 50,000 20.0% NM 25.7% 17.2% 13.4% 14.9% 14.6% 7.1% 5.2% 2.1% 15.0% 40,000 US 20.6% 14.7% 12.7% 15.1% 16.6% 8.8% 7.3% 4.3% 10.0% 5.0% 30,000 0.0% US NM Eddy 20,000 Source ces: American Community Survey 2013-2017 5-Year Estimates, Annual Estimates of the Resident US NM Eddy Population, April 1, 2010 to July 1, 2018 5
Household Type Eddy County Homeowners:Married couple HH Homeowners: Male Headed HH Homeowners: Female headed HH Homeowners: Non Family HH Renters: Married couple HH Renters: Male Headed HH Renters: Female headed HH Renters: Non Family HH Demographics 41.0% 4.4% 6.9% 18.2% 8.4% 6.0% 11.2% Eddy Average NM 36.0% Median 3.4% 7.5% 20.9% 8.3% 6.3% 15.3% Senior Household Age US 38.5% 2.6% 5.8% 17.0% 9.9% 6.9% 17.1% Size Households 2.66 35.0% 40.0 2.65 37.8 37.3 2.65 30.0% 35.9 Homeowners and Renters 2.64 25.0% 2.65 Living with Non-Family 20.0% Owner-Occupied Units Renter-Occupied Units 2.64 15.0% Eddy 70.6% 29.4% 2.63 2.64 Living with 10.0% Family 2.63 NM 67.9% 32.1% 5.0% 2.63 30.0 63.8% 36.2% Living Alone US 0.0% US NM Eddy 2.62 US NM Eddy US NM Eddy 0.2% 1.3% 1.8% Race & Ethnicity 1.3% 0.5% 0.8% 0.7% 2.5% 1.4% 5.3% Hispanic 1.8% 8.7% 17.6% 12.3% White Black or African American 48.2% 47.5% Native American and Alaksa Native 48.5% 38.2% Asian Native Hawaiian and Pacific Islander 61.5% Other Source ce: American Community Survey 2013-2017 5-Year Estimates 6 Eddy County New Mexico United States
Eddy County Housing Conditions Housing Stock Lacking Complete Plumbing Type of Housing Lacking Complete Kitchens Overcrowded Owner Occupied, Single Family Owner Occupied, Attached Owner Occupied, Mobile Home Renter-Occupied Single Family 4.5% Renter Occupied, 1-4 Attached Renter Occupied, Apartment Renter Occupied, Mobile Home 5.0% 4.5% Eddy 56.5% 1.3% 12.8% 14.6% 3.8% 5.7% 5.2% 3.5% 3.3% 4.0% 3.5% NM 53.1% 2.9% 11.7% 12.5% 6.5% 8.8% 4.2% 3.0% US 2.5% 52.6% 7.1% 4.0% 10.3% 8.7% 15.5% 1.6% 2.0% 0.9% 1.0% 1.5% 0.8% 0.6% 0.4% Age of Housing 0.4% 1.0% 0.5% 0.0% 2010 or Later 2000s 1990s 1980s 1970s 1960s 1950s 1940s 1939 or Earlier US NM Eddy Eddy 7.6% 8.4% 9.8% 11.7% 12.6% 14.0% 20.4% 9.5% 6.0% NM 3.0% 15.9% 17.8% 16.9% 17.7% 10.3% 9.7% 4.1% 4.6% US 3.2% 14.5% 14.0% 13.6% 15.5% 10.8% 10.5% 5.1% 12.9% Source ce: American Community Survey 2013-2017 5-Year Estimates 7
Source ce: MFA Gap in Apartments Calculations Eddy County 5,000 3,987 4,000 Housing Market and Affordability 2,332 3,000 1,655 2,000 Median Home Price Average Rent 1,000 2016 2017 2018 2016 2017 2018 - $697 Apts. for Existing Apartment $663 $643 $200,000 $200,000 Current Apartments Gap $700 $602 $585 $581 $250,000 $190,900 Population $185,000 $175,000 $600 $165,000 Cost Burden for Homeowners $200,000 $500 Cost Burdened Extremely Cost Burdened $400 Not Cost Burdened Not Computed $150,000 Eddy 8.3% 6.2% 84.9% 0.6% $300 $100,000 NM 12.6% 9.4% 76.4% 1.7% $200 US 14.1% 9.5% 75.5% 0.8% $50,000 $100 Cost Burden for Renters $0 $0 Eddy 17.9% 11.7% 55.2% 15.2% Rural NM* Eddy (1.1%) NM (32,006) Eddy (880) NM 21.9% 22.6% 44.5% 10.9% (4.4%) Number of home sales, 2018 in parenthesis 2018 rental vacancy rate in parenthesis US 23.2% 23.7% 45.7% 7.4% Source ce: New Mexico Association of Realtors Housing Source ce: MFA/Bureau of Business and Economic Source ce: American Community Survey 2013-2017 5-Year Estimates Trends Research Rental Survey Renters Who Can Renters Who Can 44% 28% 71% 49% Afford a Median- Afford Average Priced Home Rent Eddy County New Mexico Eddy County New Mexico Source ce: MFA Calculations Source ce: MFA Calculations
Lea County Household Income Distribution Population, Income and Poverty Less than $15,000 $15,000 to $24,999 $25,000 to $34,999 Growth Rate $35,000 to $49,999 $50,000 to $74,999 $75,000 to $99,999 2.76% 2018 $100,000 to $149,000 $150,000 or More 3.00% Population 2.50% All Households -0.85% 2.00% 1.50% 0.24% 12.4% 9.4% 7.5% 12.3% 21.3% 13.8% 14.7% 8.7% Lea 1-Year 1.00% 69,611 Growth NM 15.7% 0.50% 12.4% 10.8% 14.0% 17.3% 11.2% 11.4% 7.4% Rate 0.00% US 11.5% 9.8% 9.5% 13.0% 17.7% 12.3% 14.1% 12.1% NM 5-Year US Lea -0.50% Growth -1.00% Rate Homeowner Households -1.50% Lea 8.1% 8.8% 7.7% 11.4% 21.9% 13.3% 17.9% 10.9% NM 10.9% 10.1% 13.5% 18.6% 13.1% 14.3% 9.9% Poverty Rate Median HH Income 9.6% US 59,285 6.4% 7.0% 7.8% 11.8% 18.3% 14.3% 17.9% 16.6% 70,000 40.0% 55,322 35.0% Renter Households 20.6% 60,000 30.0% 45,674 16.1% 25.0% 14.6% Lea 21.6% 10.8% 7.0% 14.0% 20.0% 14.8% 7.8% 4.1% 50,000 20.0% NM 25.7% 17.2% 13.4% 14.9% 14.6% 7.1% 5.2% 2.1% 15.0% US 20.6% 14.7% 12.7% 15.1% 16.6% 8.8% 7.3% 4.3% 40,000 10.0% 5.0% 30,000 0.0% US NM Lea 20,000 Source ces: American Community Survey 2013-2017 5-Year Estimates, Annual Estimates of the Resident US NM Lea Population, April 1, 2010 to July 1, 2018 9
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