The national pool of affordable housing units for those living at or below the poverty line continues to decrease, according to a new report just issued by the National Low Income Housing Coalition. Noting that the gap between what was needed and what was attainable was at its worst during the first 12 months of the Covid 19 outbreak, when rent costs increased by 22%, the report documents a decline of some one million available units for lower-income renters during that same time period. Matters have only marginally improved since the pandemic, contends the report, Gap: A Shortage of Affordable Homes. “Though inflation has cooled and rent prices have flattened entering 2023,” the document says, “the nation’s lowest-income rents still face enormous challenges finding and maintaining safe and affordable rental housing.” Currently, those who are categorized as “extremely low-income renters” are looking at a shortage of 7.3 million affordable units, which means that there are today only 33 such units for every 100 low-income renters. The situation is the most challenging in the West, with Arizona, Nevada, Texas, and California having only 17 rental units available for every 100 extremely low-income renters. States with the highest relative rental units are South Dakota, with 58 available units per 100 low-income renters, Rhode Island at 53, Mississippi at 51, West Virginia at 50, and North Dakota, also at 50. In terms of homes, the study shows 24 available residences for every 100 extreme low-income renters; in Colorado the numbers are 26 for every 100; while New Mexico comes in at 36 homes for every 100 low income renters. Sizing up the statistics, Diane Yentel, chief executive officer of the National Low Income Housing Coalition, said the report is only the most recent evidence that “federal housing investments are more critical than ever for sustaining our communities and helping low-income people thrive.” By Garry Boulard
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A three-story brick office building in Denver is for sale with an asking price of $2.5 million. The well-maintained structure, which has seen some renovation, is located within the boundaries of the Five Points Historic Cultural District, one of the most popular and expensive sections of the Mile High City. Built in 1880, the structure has been the home to the Five Points Business Association and is designated as a Class C building. Listed by the Denver-based realtor NAI Shames Makovsky, the building houses multiple office space, an elevator, and a shared basement conference room. Previous tenants through the decades include the Madam Nichols Swedish body massage service, the Fairbanks Café, and the non-profit Hope Communities. The Five Points neighborhood traces its roots to the 1860s and is home to some of the most historic residential and commercial structures in the city. By Garry Boulard Funding has now been secured for the construction of a series of highway overpasses in New Mexico making it possible for wildlife to get from one place to another without colliding with vehicles. Governor Michelle Lujan Grisham has put her signature to Senate Bill 72, which creates a Wildlife Corridors Action Plan, accompanied by a $5 million appropriation, that will build overpasses to be used by any number of black bears, elk, deer, bighorn sheep, and mountain lions. “Safe, open pathways for wildlife to cross busy roads will not only save lives of the many animals in potential danger, but they will also keep us humans out of harm’s way as well,” remarked Mimi Stewart, the president pro tempore of the Senate and sponsor of the legislation. Stewart added that with “dedicated state investments in place, federal resources will be more attainable.” A study conducted last year by the New Mexico Department of Transportation documented up to 1,200 wildlife and vehicle collisions in the state annually, although in some years the collisions have numbered as many as 1,700. Those accidents cost upwards of $20 million in property damage and other expenses. That report, the New Mexico Wildlife Corridors Action Plan, also noted that “individual animals and wildlife populations need to move across the landscape to follow seasonal food sources or disperse from their natal area, and human-created barriers pose a threat to those movements.” The legislation pinpoints nearly a dozen planned overpass projects in various parts of the state described as “high priority” that will not only reduce collisions but will restore habitat connectivity. New Mexico now joins with 15 other states in the establishment of wildlife connectivity projects. By Garry Boulard Among the states of the Southwest in construction employment, New Mexico placed near the top growth last month. According to a new survey put together by the Association of General Contractors of America, the Land of Enchantment experienced a healthy 4.1% increase in jobs over February of 2022—a figure surpassing Arizona at 2.6% and California at 1.0%. The normally booming Colorado experienced a decline in construction jobs from February of 2022 to February of 2023 of 0.8%. Three other states in the region reported significant construction employment with Nevada leading the way at 11.8%, followed by Utah at 7.3%, and Texas at 5.0%. Overall, construction jobs were up in 45 states. Looking at the national trend, Ken Simonson, chief economist with the Associated General Contractors, remarked: “Unfavorable weather may have held back construction in many states last month compared to January. But construction employment continued to expand almost everywhere in February compared to a year ago, despite a slump in homebuilding.” In terms of the actual number of jobs, the largest states of the Union saw the greatest employment, with Texas seeing just under 38,000 jobs in 2022, followed by New York at 20,400, and Florida at 19,700. Job losses were the largest in parts of the South and Midwest, with Tennessee seeing a decline of 1,700 jobs, and Virginia off by 1,200 jobs. Iowa was down by 1,600 jobs. By Garry Boulard A popular retail space in Phoenix that has served customers since Harry Truman was President is now on the market for just over $3.6 million. Located at 5213 N. Central Avenue, what is called the Central Market is currently home to office space as well as a restaurant and ice cream shop. Designated as a Class C structure, the building encompasses just over 4,200 square feet, and sits on a half-acre site. The building is located within the boundaries of the Windsor Square Historic District, part of the city with luxurious homes built in the immediate years before the 1929 Stock Market Crash. Listed with the realtor Kacour Company, which has offices in Scottsdale, the Central Market underwent a comprehensive renovation in 2011. In previous decades, the property was the home to the Pickwick Realty firm, the Uptown Antiques store, and the Cameron-Lurie School of Real Estate. By Garry Boulard Depending upon the fate of a capital outlay request approved by the New Mexico State Legislature, a historic theater in eastern New Mexico may be in line for significant renovation funding. As one of the proposals for capital outlay funding for all of Quay County, some $250,000 will be allotted for work at the long-standing Princess Theater. Located at 110 E. Main Street in Tucumcari, the theater was built in 1917 when vaudeville shows were what packed them in. Just a few years later, the theater began to show motion pictures, undergoing a renovation in 1938 with distinct Streamline Moderne architectural design elements. The theatre was closed, seemingly for good, in the fall of 1962 after a fire broke out on its roof. In the decades since, because the building is owned by the City of Tucumcari, city officials have been trying to find a new use for the structure. Earlier reports have indicated that it could cost as much as $1.1 million to thoroughly renovate the Princess. Some of that funding might possibly be secured through the USDA Rural Development program, as well as a New Mexico MainStreet grant. By Garry Boulard Apartment demand in recent months has slowed, with rents in some parts of the country declining, according to new information compiled by the Joint Center for Housing Studies of Harvard University. But in looking at trends since 2022, a senior research associate at the Harvard center noted that many lower-income renters across the country “still struggle to pay the rent.” The latest statistics play off the center’s comprehensive America’s Rental Housing 2022 study, which noted that rental demand was booming, while also remarking that the “need for a permanent, fully funded housing safety net is more urgent than ever.” According to statistics compiled by researcher Whitney Airgood-Obrycki, asking rents last year climbed by around 11.3%, with growth of more than 6% seen in the most modestly priced markets. That 6% average for the entire year, however, had declined to 4.3% at the end of 2022. A perhaps surprising increase in apartment vacancy rates, notes Airgood-Obrycki, was “in part a function of robust multifamily construction coming online.” Altogether, just over 370,000 multifamily units were completed as of December, with another very large 936,000 units under construction. “The number of units under construction should provide a significant number of completions in coming years,” said Airgood-Obrycki, “but cooling markets conditions will likely lead to a slowdown in starts.” Also contributing to what is expected to be a growing national apartment stock: the passage last fall of nearly $2 billion in local affordable housing bonds nationally. Local elections also saw approval of many ballot measures calling for an increase in fees and taxes “to generate revenues for affordable housing programs.” By Garry Boulard The largest retailer of automobiles in the country is planning to expand its presence in southern Arizona. With headquarters in Richmond, Virginia, the company CarMax wants to build both a new store location as well as a production facility in the metro Phoenix area. Plans are centering on El Mirage, some 18 miles to the northeast of Phoenix, where the company earlier this month purchased around 56 acres to be used for construction of a nearly 83,000 square foot automotive wholesale auction and production center. The site is located at the intersection of Olive Avenue and Dysart Road, and will add to a regional CarMax presence that includes stores in Phoenix, Scottsdale, Tolleson, and Tucson. Founded in 1993, CarMax currently has around 300 locations nationally, in outlets that typically measure around 59,000 square feet. Each of its locations usually has an ongoing inventory of anywhere from 300 to 400 vehicles. The Arizona expansion plans come in the wake of a last quarter 2022 report that showed the company’s sales were off by 28% from the same time period a year earlier. Despite that decline, an earnings statement released by CarMax in December indicated that the company had purchased around 224,000 vehicles in the third quarter of 2022. By Garry Boulard Plans are now underway for the construction of a massive hospital campus in north Scottsdale that is expected to cost at least $400 million to build. The project will belong to the Banner Health healthcare system, which has headquarters in Phoenix, and will see construction built on just under 50 acres of land. That land is located at the intersection of Loop 101 and Hayden Road and will see construction of a multi-story hospital and medical office building, with work beginning either later this year or early in 2024. What is being called the Banner Scottsdale Medical Center will house more than 100 patient beds, as well as 20 observation beds. In a statement, Scott Norlund, chef strategy and growth officer for Banner, observed that “Scottsdale is a natural growth area for Banner, and we are committed to ensuring our patients and health plan members have care close to where they work or live when they want and need it.” The larger Banner Health Network encompasses 15 hospitals in metro Phoenix, as well as eight health centers. The non-profit was launched in 1999 as part of a marriage between the Samaritan Health System and the Lutheran Health Systems. By Garry Boulard After two years of oftentimes explosive growth, rent rates nationally for self-storage space have stabilized, according to a new report by industry analysis service Yardi Matrix. During the first month of this year, the average rate decreased by 2.8% over December. From year to year, the decrease was for the same amount. Rates for 10 foot by 10 foot climate-controlled units dropped by 4.1%, with the rates for units that were not climate-controlled off by a smaller 2.3%. Both forms of units have been on a soft decrease for the last half year. Regionally, the Nashville market came in first in terms of rate growth, with a 2.9% jump for climate-controlled units; while the Raleigh-Durham metro area saw a 3.1% jump in non-climate controlled units. Smaller increases were recorded cross-country, from Boston to San Jose, California. New construction, meanwhile, continues to accelerate, with just over 6,400 self-storage facilities currently in “various stages of development.” Those properties make up 3.7% of the total national inventory. New York today has the largest inventory of self-storage facilities, with Orlando and Philadelphia rounding out the “top three largest new supply pipelines under construction.” New self-storage construction projects are popping up everywhere, with a 100,000 facility by the Safe & Secure Self-Storage company going up this month in Coral Springs, Florida; while the U-Haul company is putting up a 17,000 square foot combined warehouse and self-storage building in Coon Rapids, Minnesota. Los Angeles-based LaTerra Development LLC is currently building five new projects in metro Los Angeles, as well as a new facility in Irving, Texas. By Garry Boulard |
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