Landlords asked to 'step up'... due to housing 'crisis'.

[Chris Martin]

There is a story on about Forest Hills Apartments, on 7th Avenue in Garner. Apparently a lot of people there are on S-8 through RHA (apparently) and have been given notice to vacate.

The apartment sold on 2/21/2017 and the new owners plan to renovate, according to the story. I would expect rents would have a different price range after the renovation. Up... not down;) Regardless, the existing tenants have to go. From the story:

"There is a shortage of affordable housing in Wake County," said Sig Hutchinson, chairman of the county Board of Commissioners. "We need more landlords to step up and accept tenants with rental assistance vouchers so that these families can be sure to have a roof over their heads on June 16."

While I no longer follow RHA rates after , when we exited (94%, we still have 1) the S-8 program due to large rental rate cuts to landlords, I do wonder if Sig knows local HA history. I've posted about it . And . Blast from the past!

While I think it would be great if local landlords 'step up' and join 'the program', I can't help but wonder if Commissioners will brand landlords as 'slumlords' when S-8 tenants are put out. My view is that for real estate investors it's a lose/lose. The winners are making more than positions in LA, Chicago, and NYC with 10x the size.

I'd help, but I don't have any vacancies. We are down to only 3 properties in Raleigh proper. 1 is Section-8. That's 33%.

The real answer is to make new affordable housing. I'd like to hear if anyone is interested. I'm not in if it is in Raleigh, but surrounding communities... I'd consider. Doesn't have to be Wake county either. The game for me is small, affordable, with local town support, can be through HUD or not, and numbers have to have a chance after credits, incentives, and grants. Let me know what you think;)

[Jay Hinrichs]

@Chris Martin  I do see a shift in some of the markets I work and or were I live or lived.

Napa CA... for instance just approved a 100% low income project in the city proper.. that would NEVER have happened 10 years ago.

Portlandia just passed an ordinance that any new multi with 20 units or more must have 20% of the units set aside for low income..  what did this do.. well developers in Q4 of 2016 pushed through permits for 7500 doors.. :)  since the law went into effect applications in the first half of year are in for 120 doors.... developers will simply not build those units. so city trying to force private developers into subsidized housing shot themselves in the foot..

I tried once to do a tax credit low rate bond deal for 120 unit apartment site I owned on the Oregon coast.. IT was painful and after 6 months and 30k or so I just gave up on it.. its a specialty that you have to create a niche and be very good at.... I just replatted and built townhomes  LOL

then again in our area of the world section 8 is  a fraction of what it is in the deep south and mid west to begin with.

in most of the markets I work in those areas Section 8 pays HIGHER than market rent.. that is one of the appeals of it to landlords..