•W
committee Begins Work On Mannix Housing Plan
SALEM--A law passed by the 1989
Oregon Legislature establishing a “ Low-
Income Housing Fund” is designed to meet
the severe shortage of low-cost housing in
many urban areas. State Representative Kevin
Mannix, D-Salem, the chief sponsor of the
legislation, was at the State capitol on
Wednesday to explain the goals of the plan
and assist in implementing it.
" what is exciting about the Low Income
Housing fund is that it does not use up any tax
dollars, nor does it cost the people involved
any money, everybody w ins," Mannix told
the House Interim committee on Housing.
Under the plan, the fund will be supplied
by the interest on refundable deposits paid to
property management companies by ten
ants. Mannix said that interest should gener
ate at least $2 million a year to provide
housing for low-income Oregonians.
“ Property managers won’t have any
additional paperwork, they will only need to
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establish a special interest-bearing account
at their bank. The bank will transfer the
interest to the fund for them,” Mannix ex
plained.
“ 1 want to ensure that everyone--low-
income people, property managers, real es
tate agents, legislators--knows how easy and
smooth this can function. It has no tax con
sequences for anyone and puts otherwise idle
money to work for low-income fam ilies."
The program should prove valuable in
cities like Salem, where the vacancy rate for
all housing is around 1-2 percent, that, ac
cording to Mannix, puts those with low-
incomes at a great disadvantage in the fight
to acquire decent housing.
“ Those families on the margin are fac
ing tremendous financial obstacles to getting
into housing,” he said. “ They are people
who work, who are out there trying to make
it in the community. Now this fund can
provide them with a rental subsidy to get into
housing they otherwise could not afford.”
The law sets up the Low Income Hous
ing Fund beginning January 1,1990, in order
to allow property managers and real estate
agents to become familiar with the program
and set up an account at their bank. Partici
pation in the program is not mandatory, and
the funds will be distributed by the Oregon
Housing Agency.
Economists Predict Lower Interest Rates
And Stable Housing Markets In 1990
DALLAS--Lower interest rates, stable
housing markets and increasing popularity
of fixed-rate mortgages were among the
predictions made for next year, by econo
mists addressing a session of the National
Association of Realtors 1989 Convention
and Trade Exposition here today.
John A. Tuccillo, NAR's chief econo
mist; James Christian, chief economist of
the U.s. League of Savings Institutions; and
Neil Roberts, senior manager for Roulac
Consulting Group, gave their perspectives
on the economic and real estate market out
look for 1990 and beyond, during the session
held on the fifth day of the Nov. 9-14 conven
tion. About 15,000 Realtors and guests are
attending the meetings.
Terming his 1990 forecast a “ crashing
bore” becauseheexpects “ m oreofthesam e
stable but slowing growth w e’ve seen in the
tail end of 1989," Tuccillo said long-term
mortgage interest rates should average about
9.5 percent next year, compared with about
10.3 percent this year.
“ Inflation will turn out to be a small
lizard with a big growl,” with consumer
prices rising about 4.1 percent next year,
compared with a 4.8 percent in 1989, he said.
—
—
Christian agreed with Tuccillo's fore
cast, adding that slower housing demand
next year would likely result in slower home
price appreciation and lower mortgage demand.
the three economists agreed that the first
half of the next decade would be character
ized by falling interest rates, which would
cause buyers to turn more heavily to fixed-
rate mortgages than adjustable-rate mort
gages.
by the latter half of the 1990s, Tuccillo
said the aging of the baby boom generation is
likely to bring a decline in housing demand.
“ However, this could be offset by demand
for different kinds of housing by changing
needs of changing households,” he added.
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With regard to non-residential markets,
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