TABLE 1
| FHA insurance limits
| | | FHA market share total housing market
(percentage) |
|---|
| Year
| Floor
| High-cost
| |
|---|
| 1991 | 67,500 | 124,875 | 16.60
|
| 1992 | 67,500 | 124,875 | 12.70
|
| 1993 | 67,500 | 1151,825 | 13.20
|
| 1994 | 77,197 | | |
| 1995 | 77,197 | 152,362 | 11.70
|
| 1996 | 77,197 | 152,362 | 14.80
|
| 1997 | 81,548 | | |
| 1998 | 86,317 | | |
1Effective December 10, 1992.
G52Effective October 24, 1994.
G53Effective December 5, 1996.
G54Effective December 31, 1997.
G55For month of January, 1998.
TABLE 2
INCOME REQUIRED FOR $227,150 LOAN USING FHA AND PMI QUALIFYING STANDARDS AT VARYING INTEREST RATES
Rate
(percentage)
| Income needed for FHA loan of $227,150
| Income needed for PMI loan of $227,150 |
|---|
| | |
|---|
| 6.75 | $68,022 | $75,310
|
| 7.00 | 69,491 | 76,936
|
| 7.50 | 72,472 | 80,237
|
| 8.00 | 75,510 | 83,601
|
| 9.00 | 81,741 | 90,499
|
| 10.00 | 88,155 | 97,600
|
TABLE 3
Income targeting and termination of federal preferences
|
| 1998
| +483
|
|
| 1999
| +146
|
|
| 2000
| +254
|
|
| 2001
| +365
|
|
| 2002
| +483
|
|
| 2003
| +590
|
|
|
| Total
| +1,921
|
Source: Calculated with a PD&R operating subsidies budget model by Barry Steffen. Housing authorities are assumed to fill 25 percent of vacancies resulting from turnover with households in a higher income group (incomes higher by 10% of median income, or $4,000). Under these assumptions, income targeting provisions of H.R. 1447 fail to become binding constraints within the budget horizon.
18-month disregard of earned income for certain unemployed
|
| 1998
| 8
|
|
| 1999
| 17
|
|
| 2000
| 34
|
|
| 2001
| 27
|
|
| 2002
| 20
|
|
| 2003
| 17
|
|
|
| Total
| 123
|
Source: Calculated from CBO estimates of same policy in certificates and vouchers, spreadsheet produced 5/23/97 by Carla Pedone using data from SIPP. (Multiply line 61 by 1.25/1.477).
$25 minimum rent
|
| 1998
| 0
|
|
| 1999
| +3
|
|
| 2000
| +3
|
|
| 2001
| +3
|
|
| 2002
| +3
|
|
| 2003
| +3
|
|
|
| Total
| +15
|
Source: Calculated by Mark Shroder taking current appropriations policy (minimum rent anywhere from $0 to $50 at PHA discretion) as baseline. Occupied units in the average month are assumed to be 92 percent of total units. A 10 percent sample of the MTCS between August 1996 and February 1997 showed 247,000 households paying less than $50 per month. Calculations showed an average per unit-month gain among these tenants paying less than $50 per month (from increasing the minimum rent to $25 where it is presently lower) of $1.88 and an average per unit-month loss (from lowering the minimum rent to$25 where it is presently higher) of $0.77, for a net gain of $1.11 per month over 247,000 units.