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News: Program - Deal Maker's Marketplace

2003 Affordable Housing Deal Maker's Marketplace Conference and Nebraska Housing Report

(1/24/2003)

PRESS RELEASE

For more information:
Susan Stibal, Director of Program Development
Nebraska Investment Finance Authority
(402) 434-3920

For Immediate Release

NIFA HOSTS AFFORDABLE HOUSING MARKETPLACE

(JANUARY 24, 2003) The first annual Affordable Housing Deal Maker's Marketplace, sponsored by the Nebraska Investment Finance Authority (NIFA), will be held on January 27-28, 2003 at the Omaha Marriott Hotel. The goal of the conference is to stimulate the formation of affordable ownership and rental housing development deals.

Over 50 speakers will be featured during the conference including Robert Couch, Chairman-elect, Mortgage Bankers Association of America; Roy Alexander, Executive Director, Colorado Housing and Finance Authority; and Jim Carr, Senior Vice-President, Innovation, Research and Technology, Fannie Mae Foundation.

NIFA will also be celebrating its 20th anniversary by releasing the newly developed 2003 Profile of Nebraska Demographics, Economics and Housing. This unique report combines a variety of data sources to help community developers make informed decisions about Nebraska’s future.

Key information identified in the profile includes:

· Demand for housing and housing related services take on different characteristics by Region. Rural areas may have more need for housing services for Nebraska’s older citizens and the more urbanized areas more housing demand for smaller households and young families

· Nebraska’s population is becoming more ethnically and racially diverse. While Nebraska’s white population rose only about 3.56 percent from 1990 to 2000, well below the national average, the state’s African American population rose 19.4 percent. The number of other racial minorities increased 111.53 percent, and the number of Hispanics rose more than 155 percent.

· There are relatively fewer disabled and disabled elderly people in Nebraska than in the US as a whole. However, the distribution of the disabled varies significantly by region, with a higher concentration of disabled people in the more rural areas of the state.

· The number of households in Nebraska has grown more quickly than the rise in population, growing 10.6 percent versus the 8.42 percent rise in population, because the number of persons per household is declining.

· Homeownership rose slightly in Nebraska from 66.47 percent to 67.45 percent over the last decade. Although homeownership rose in all regions, rural areas have had much higher home ownership rates and usually faster growth in the home ownership rate than did densely populated regions.

· Over the last decade, 4,783 abandoned, dilapidated, and otherwise unutilized housing units were either made usable again or demolished.

· In the 1990s, overcrowding rose by 45 percent in Nebraska, with 10,578 households experiencing an overcrowded dwelling unit, from 1.0 to 1.5 people per room. Furthermore, severe overcrowding escalated by more than 250 percent, exceeding 7,500 households having more than 1.5 people per room.

· The number of units lacking complete plumbing facilities fell by more than half, from 5,242 in 1990 to 2,408 in 2000. Similarly, the number of units lacking complete kitchen facilities fell almost 45 percent, from 7,218 to 3,990. These declines occurred in both rural and more urban areas of the state, implying an improved quality of the existing housing stock.

· Housing costs in Nebraska are considerably less than the national average. For example, in the 2000 Census the national median gross rent was $602 per month but Nebraska was only 81.5 percent of that, about $491 per month. For owner-occupied homes, the difference is even more striking; Nebraska’s median home value of $88,000 is only 73.6 percent of the national median value, which is $119,600.

· Nebraska continues to be a place where new home construction costs are less than the national average. In 2001, Nebraska’s average value of new construction was $115,320, some $22,275 less than the national average of $137,595, excluding the cost of the lot.

· Statewide, a market rate apartment has an average rental rate just over $500 dollars per month and the average assisted rental is just under $300 per month. This is also true for single-family rental homes, where the statewide market rate average is $522 per month and the assisted rate is $329 per month.

The author of the Profile will present his findings on Tuesday morning. For more information about the conference check out NIFA’s website under Affordable Housing Deal Maker’s Marketplace. If you would like a complete copy of the report, please contact Susan Stibal (402) 434-3920.

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