The Government Affairs city liaison teams have begun to meet with cities to present the WeSERV Housing study and to bring city and market specific data and information to decision makers.
In April we met with Apache Junction and Chandler. Our members provided context and market information in addition to the data. Cities and towns are interested in knowing what our members experience in residential, commercial and agricultural real estate, and members who join me in these conversations provide the impetus for necessary conversations.
Across the WeSERV territory entry level housing is missing or less available than the wage earning population’s needs. WeSERV identified entry level as wage earners making between $45,000/year gross to $95,000/year gross. Net income is the important criteria when determining long term suitability of housing. At this wage range net income would be between $43,000 and $80,000/year. 25% to 30% of net income spent on housing costs is a sustainable level of monthly budget so that no matter the oopsies of life, the tenant or buyer has a better chance of maintaining their home.
Financing changes at Fannie Mae and Freddie Mac: As the headlines at some media have been trumpeting the increases in upfront fees going into effect May 1st, it is sometimes difficult to figure out exactly what is happening.
The changes were first described in the Fall of 2022 and delayed until this upcoming May because of all the other fee and guideline changes last Fall. Now the FHFA is bringing the DTI based lending fees forward in May.
I have a link to the Framework document and the LLPA matrix.
The important part for borrowers is to know and understand their own borrowing needs and then find a lender who can help them on their terms so that long term homeownership is realized. That may mean shopping several lending choices.
Our April 5th Government Affairs Orientation meeting was fun and members discussed new home build problems and short term rental ordinances.
As a result, we now have two new Task Forces: A New Home Build Task Force and the Short Term Rental Ordinance Task Force.
Read the WeSERV Housing Study: The Web of Housing Solutions.
The next Government Affairs Orientation will be on June 7th at the WeSERV Peoria office 9:30am and the Government Affairs Meeting will be immediately following at 10:30am. As always you may join one or both of these meetings in person or via zoom.
WeSERV GAD: Advocating for private property rights, the right to private contract and YOUR business!
Song Credits:
WEPA Song Credits:
“Wepa” Kevin MacLeod (incompetech.com), Licensed under Creative Commons: By Attribution 3.0 License http://creativecommons.org/licenses/by/3.0/
WERQ Song Credits: “Werq” Kevin MacLeod (incompetech.com), Licensed under Creative Commons: By Attribution 3.0 License
http://creativecommons.org/licenses/by/3.0/