OHFA Annual Plan - Ohio Housing Finance Agency

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More efficient transaction• Borrowers obtain mortgages or homes faster• Lenders experience reduced time per customer• Real estate industry professionals experience reduced time per customerSource: Hartarska, Gonzalez-Vega and Dobos (2002) Additional research neededSource: NeighborWorks America. (May 2005) Measuring the Delivery Costs of Prepurchase Homeownership Educationand Counseling. Retrieved September 17, 2008, from http://www.nw.org/network/pubs/studies/documents/MeasuringtheDeliveryCostsofHBE.pdfFederal Reserve Bank of New York: Dynamic Maps of Nonprime Mortgage Conditionsin the United States (August 2008) (Figure I)Ohio: Subprime Loans Alt-A LoansLoans per 1,000 housing units: 23.5 6.2In foreclosure per 1,000 housing units: 2.9 0.3REOs per 1,000 housing units: 1.5 0.1Share ARMs: 53.4 percent 35.3 percentShare Current: 56.5 percent 83.9 percentShare 90 days delinquent: 9.9 percent 3.0 percentShare in foreclosure: 12.4 percent 4.7 percentMedian combined LTV: 90.0 percent 90.0 percentShare low FICO & high LTV: 19.6 percent 1.8 percentShare low or no documentation: 20.7 percent 51.7 percentShare ARMS resetting in 12 months: 20.4 percent 7.6 percentShare late payment last 12 months: 59.1 percent 23.9 percentSource: FirstAmerican CoreLogic, LoanPerformance Data.58
Ohio County Foreclosure Filings (1995-2007) (Pull-out box)Source: Hirsch, A. & Schiller, Z. (April 2008) Foreclosure Growth in Ohio 2008: A Report from Policy Matters Ohio. RetrievedSeptember 30, 2008, from http://www.policymattersohio.org/pdf/ForeclosureGrowthInOhio2008.pdf.Pull-out Boxes1.) 2003 Fannie Mae National Housing Survey• Thirty-five percent of all renters have tried to become homeowners but have notsucceeded, and affordability is the most common reason cited.• In addition, seekers’ savings rate is only about half that of the general public (7.6percent of monthly income vs. 13.7 percent).• Over half (51 percent) of all seekers say the reason they did not to complete theprocess was that it was more expensive than they initially thought, or they hadconcerns about getting a low-cost mortgage given their credit history.• Only 13 percent of this group said they stopped the process because it was moredifficult than they thought.2.) Financial Literacy: Senate Bill 311• Recognizing the importance of financial literacy, SB 311 (the Ohio Core legislation) waspassed in late December 2007. The Ohio Core will increase rigor in the high schoolcurriculum and requires integration of economics and financial literacy within classesbeginning 2010.59
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OHFA Annual PlanThe Ohio Housing Fi
Page 5:
Mission StatementsThe OHFA Annual P
Page 8 and 9: The State’s Housing NeedsAffordab
Page 10 and 11: Subject Matter Expert (SME) Workgro
Page 12 and 13: 3. Financial LiteracyOHFA and other
Page 14 and 15: Affordable Housing Preservation & D
Page 16 and 17: federal subsidies. To achieve this
Page 18 and 19: Accessible HousingBackground DataOh
Page 20 and 21: 3) Create dedicated funding streams
Page 22 and 23: • Recommend that Ohio support the
Page 24 and 25: Rural and Appalachian RegionsBackgr
Page 26 and 27: 6. Annual Set-Asides and Incentives
Page 28 and 29: • Several cities in Ohio current
Page 30 and 31: OHFA should provide funding, traini
Page 32 and 33: Permanent Supportive Housing Produc
Page 34 and 35: 3. The State should assist local Co
Page 45 and 46: PrioritizationThe challenge of prio
Page 47 and 48: Agency RecommendationsThe Annual Pl
Page 49 and 50: APPENDIXWorkgroup 1: Affordable Hom
Page 51 and 52: Executive SummaryHousing Need Descr
Page 53 and 54: efficiency and resource conservatio
Page 55 and 56: 554. Home Buyer Education in OHFA F
Page 57: Estimated Units in Need of Some For
Page 61 and 62: Operating Costs - Met and Unmet Nee
Page 63 and 64: Workgroup #2:Affordable Housing Pre
Page 65 and 66: Secondary Recommendations• Explor
Page 67 and 68: Executive SummaryOhio’s supply of
Page 69 and 70: Met Housing Needs (“Resource Inve
Page 71 and 72: Ohio Deptof MentalRetardation andDe
Page 73 and 74: Unmet Housing NeedsData OverviewThe
Page 75 and 76: ody, and will be built within the C
Page 77 and 78: • OHFA will continue to maintain
Page 79 and 80: Best Practices, Policies and Progra
Page 81 and 82: addition, 60,111 one-person househo
Page 83 and 84: Across Ohio, people with very low i
Page 85 and 86: • Responsible for Rent - The pers
Page 87 and 88: Seattle, St. Louis, and Washington,
Page 89 and 90: Primary Recommendations• Create a
Page 91 and 92: Unmet Housing Needs:• Due to the
Page 93 and 94: • The cost of construction often
Page 95 and 96: Recommendations for Annual Plan Adv
Page 97 and 98: capacity to quantify vacant propert
Page 99 and 100: distributed on or about January 15,
Page 101 and 102: Action is needed at the State level
Page 103 and 104: a “user-friendly” data system,
Page 105 and 106: 5) Incentivize the formation of bro
Page 107 and 108: Workgroup #8:Permanent Supportive H
Page 109 and 110:
3. Assist local Continuums of Care
Page 111 and 112:
Program and Resource InventoryNonpr
Page 113 and 114:
Table 2PopulationsPersons whoexperi
Page 115 and 116:
Examples: A national model for succ
Page 117 and 118:
oles, so they create a contract bet
Page 119 and 120:
Workgroup #8:Appendix ANameProgramD
Page 121 and 122:
or remedyingneglect, abuse,or the e
Page 123 and 124:
ased healthcare, and earlyintervent
Page 125 and 126:
“Bob” of Stark County, OhioPubl
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OHFA Annual Plan - Ohio Housing Finance Agency

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