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Press clips : Video Clips
1) HUD Homeownership subsidy
2) FNMA Zero-down loans
3) Vouchers Enable Low-Income HomeOwnership
4) Home Ownership: Pipe Dream or a New Reality
5) Daly Plan Pitifully Inadequate
6) May 16 HomeOwnership Debate in San Francisco
7) NAACP Minority HomeOwnership Program
8) Ellis/OMI/Costa Hawkins protections
9)Policy Hurts Immigrants
10)Home Ownership Causes HH Wealth
11)Class War and the Poverty Trap
12) Home Ownership Program for Equity

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Ownership vs rentSF Housing PollsTenant protectionHOT Revenue subsidyOwnership processPress Clips
 Loan Information ->FHA 0 dp loansFNMA Low programsFNMA Flexible 97FNMA Facts
Purchase money loans Nehemiah DP LoansHUD Special programFHA Fixup/Rehab loanCHFA Loan

Rent V/s Ownership

Avg 2000-1 sale prices of rentals* Studio 1-2BR Flat        
Sale price*: $ 92,480 168,587 258,304 Down payment percentage 0% 0% 0%
Down payment (from %age) 0 0 0 Homeowners exemption 7,000 7,000 7,000
Loan amount: $ 92,480 168,587 258,304 Marginal tax rate (State & Fed.) 34.7% 37.4% 42.0%
Loan interest rate: % 6.75% 6.75% 6.75% Property tax rate (S.F. county) 1.136% 1.136% 1.136%
        Homeowners fee (approx.) 0.75% 0.75% 0.75%
MONTHLY OWNERSHIP COST              
Loan pmt (principal + int) 600 1,093 1,675 TAX DEDUCTIBLE EXPENSES      
Property taxes 81 153 238 Interest portion 520 948 1,453
Homeowners fee 58 105 161 Property taxes portion 81 153 238
Total pretax monthly cost: 739 1,352 2,075 TOTAL tax deductible expenses 601 1,101 1,691
Less:              
Monthly tax savings: 209 412 710 Monthly tax savings at above rate 209 412 710
After-tax monthly ownership pmt 530 940 1,365        
Less:       HomeOwnership % Phoenix AZ 71%    
Loan principal paydown/mo 80 145 222 Atlanta GA 68%    
        USA 68%    
Actual after-tax housing cost 450 795 1,142 Seattle WA 63%    
        San Diego CA 59%    
Avg comparable rental cost: $ 800 1,250 1,600 San Francisco CA 34%    
Owning v/s renting comparison (350) (455) (458) (Negative) number means it is cheaper to own than to rent.
               
Loan-Qualify HH Income / mo 1,846 3,379 5,187        
Loan-Qualify HH Income / year 22,156 40,554 62,241        
% of median HH income to qualify 28% 51% 78% San Francisco 2001 median HH Income is $ 80,100 per year
*SF January 2000 to April 2001 rental apartment building sales data Other marginal income tax rates would be:
Size of bldg Total # units sold Average price   34.7% 37.4% 42.0% 45.2%
3-4 units 1850 $ 258,304   For incomes above the following levels:      
5-6 units 821 $ 168,587   Single filers: $32,600 $63,550 $132,600 $288,350
7+ units 3014 $ 92,480   Filing jointly: $65,200 $105,950 $161,450 $288,350
Source: Old Republic Title Company          
HOT: HomeOwnership for Tenants: After-tax housing cost comparison: Own v/s Rent   Updated May 14, 2001


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