Affordable Housing Needs.

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1 Affordable Housing Needs

2 P r o j e c t T e a m Owen S. Chip Ard, MAI Executive Vice President chip.ard@am.jll.com David A. Puckett, MAI Senior Vice President david.puckett@am.jll.com Jones Lang LaSalle Valuation & Advisory Services Market Studies & Appraisals Byron DeBruler byron@debrulerinc.com Wanda DeBruler wanda@debrulerinc.com DeBruler Inc Dawn F. Jourdan, esq., Ph.D. Director and Associate Professor dawnjourdan@ou.edu K. Meghan Wieters, AICP, Ph.D. Assistant Professor kmeghanwieters@ou.edu Bryce C. Lowery Assistant Professor bryce.c.lowery@ou.edu Regional and City Planning The University of Oklahoma College of Architecture

3 Study Website OHFA Full Assessment On line: Oklahomahousingneeds.org

4 Major Findings Statewide 66,821 total housing units needed between (43,942 for ownership, 22,879 for rent) 7,454 affordable housing units for ownership (under 60% AMI) 11,630 affordable housing units for rent (under 60% AMI) 5,486 affordable housing units for persons age 62 and up 7,410 affordable housing units for persons with one or more disabilities

5 Blaine Canadian Custer Beckham Woodward Texas

6 Oklahoma Tulsa Cleveland

7

8

9 $ Oklahoma Total Employment versus Crude Oil Prices Through June ,750 $ ,700 $ ,650 $ $80.00 $ ,600 1,550 1,500 1,450 $ ,400 $ ,350 $0.00 1,300 Employment (Thsnds) Crude Oil (WTI)

10 200.00% 12 Month Trailing Employment versus Crude Oil Prices (Through June 2017) 4.00% % 3.00% 2.00% % 1.00% 50.00% 0.00% 1.00% 0.00% 2.00% 50.00% 3.00% 4.00% % Employment Crude Oil (WTI) 5.00%

11 Major Findings Northwest Region 5 Year Population Growth Forecast (Annualized) Total Units Total Units For Area Needed Ownership Alfalfa County 1.37% Beaver County 0.16% Blaine County 1.83% Cimarron County 1.21% Custer County 1.72% 1, Dewey County 0.59% Ellis County 0.80% Garfield County 1.04% 1, Grant County 0.27% Harper County 1.31% Kingfisher County 0.81% Major County 0.61% Roger Mills County 0.36% Texas County 1.57% Woods County 1.04% Woodward County 1.60% Regional Sums / Averages 1.02% 4,958 3,365 1,593 Total Units For Rent

12 Affordable Housing Needs Northwest Region Area For Ownership Under 60% AMI For Rent Under 60% AMI For Seniors Age 62+ For Seniors Age 62+, Under 60% AMI Alfalfa County Beaver County Blaine County Cimarron County Custer County Dewey County Ellis County Garfield County Grant County Harper County Kingfisher County Major County Roger Mills County Texas County Woods County Woodward County Regional Sums / Averages ,

13 Special Needs Northwest Region For Persons with Disabilities, Under 60% AMI For Veterans For Working Families w/children For Persons with Area Disabilities Alfalfa County Beaver County Blaine County Cimarron County Custer County Dewey County Ellis County Garfield County Grant County Harper County Kingfisher County Major County Roger Mills County Texas County Woods County Woodward County Regional Sums / Averages 1, ,328

14 Housing Cost Burdens Northwest Region Area Overburdened Renters Overburdened Owners Alfalfa County 19.09% 8.22% Beaver County 10.96% 14.31% Blaine County 32.61% 13.59% Cimarron County 13.69% 11.45% Custer County 36.98% 14.72% Dewey County 15.70% 13.69% Ellis County 7.11% 14.93% Garfield County 30.61% 17.59% Grant County 16.63% 15.96% Harper County 22.41% 8.36% Kingfisher County 31.27% 17.42% Major County 33.43% 12.15% Roger Mills County 16.00% 12.19% Texas County 21.22% 16.13% Woods County 30.89% 9.89% Woodward County 27.98% 14.81% Regional Sums / Averages 28.58% 15.09%

15 How Has Population Growth Compared to the Forecasts? 5 Year Population Growth Forecast (Annualized) Alfalfa County 1.37% 0.22% Beaver County 0.16% 0.61% Blaine County 1.83% 1.48% Cimarron County 1.21% 1.73% Custer County 1.72% 1.08% Dewey County 0.59% 2.53% Ellis County 0.80% 3.48% Garfield County 1.04% 1.19% Grant County 0.27% 0.87% Harper County 1.31% 1.43% Kingfisher County 0.81% 0.43% Major County 0.61% 0.41% Roger Mills County 0.36% 3.06% Texas County 1.57% 1.25% Woods County 1.04% 1.25% Woodward County 1.60% 3.14% Regional Sums / Averages 1.02% 1.33% STATEWIDE 0.81% 0.41% Actual Growth Actual United States Growth : 0.70%

16 How Has New Housing Construction Compared with Forecasted Need in 2016? 13,364 units needed in Oklahoma per year 12,521 units permitted in Oklahoma in ,788 units needed for ownership per year 9,324 single family units permitted in Oklahoma in ,876 units needed for rent per year 3,197 multifamily units permitted in Oklahoma in 2016

17 How Has New Affordable Rental Housing Funding Compared with Need Forecasts? Area Needed For Rent Under 60% AMI Needed For Rent Under 60% AMI, Per Year (Rounded) Alfalfa County Beaver County Blaine County Cimarron County Custer County Dewey County Ellis County Garfield County Grant County Harper County Kingfisher County Major County Roger Mills County Texas County Woods County Woodward County Regional Sums STATEWIDE 11,630 2, Newly Constructed Tax Credit Units Funded in 2016

18 David A. Puckett, MAI Senior Vice President JLL Valuation & Advisory Services Tulsa, OK , x104 Thank you COPYRIGHT JONES LANG LASALLE IP, INC. 2016

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