Resolution No. 4834 Exhibit - Laserfiche WebLink

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Low-income (includes very Iow- and Iow-income) minority households were more than twice as likely to experience housing problems as other owner households in Lane County. In 2000, among all minority owners with incomes at or below 50.0% of the median income, 71.0% had housing problems in Lane County compared to 43.0% in Eugene and 19.0% in Springfield. Minodty Owner Households with Housing Problems, 2000 Lane County Eugene Springfield Households Households Households [] Minority ~A Househo ds Homeownership Potential Both the Cities of Eugene and Springfield operate homeownership programs that allow Iow-income, first time homebuyers to purchase homes using a loan to help pay the down payment and closing costs. The homebuyer assistance loan up to $6,000 is a 0.0% loan that becomes due when the house is sold. The current HUD maximum home value for the program is $172,632. Qualifying households must have income levels at or below 80.0% of the established median income. It is valuable to look at the statistics available from both of these programs to get a perspective on incomes of the households using the program, as well as the value of the homes being purchased. In the past two years (2003-2004) the Springfield Home Ownership Program (SHOP), which made 78 loans during this period, reveals that income levels range from 34.0 - 80.0% of median. Of these homebuyers, 31.0% had incomes at 60.0% or below, 31.0% had incomes between 61.0 - 70.0%, and the remaining 38.0% fell between 71.0 - 80.0%. The average household size was 2.7 persons per household and 41.0% of the 78 total households buying their first home were single parent households. Concerning home values, 15.0% purchased homes valued at $90,000 or less, 22.0% purchased homes between $91,000 and $110,000; 33.0% purchased homes between $111,000 and $125,000; 22.0% purchased homes between $126,000 and $135,000, and the remaining 8.0% purchased homes over $136,000. The range in home prices purchased by SHOP households was $66,000 to $154,300. The average home value was $113,176. City of Springfield staff recently surveyed its SHOP clients. Of the surveys received to date, 93.0% of the respondents indicated that if they had not received assistance from the SHOP they would not have been able to purchase a home at all or would have had to wait and purchase at a later date. Many of those indicating that they would have been 52