Sunday, September 24

GAR Attends Arizona Governor Housing Forum

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The Arizona Department of Housing sponsored the 2009 Governor Housing Forum in Tempe, Arizona from September 14th to the 16th, 2009. Scott Allen of GAR Associates was in attendance and made contact with a number of developers, syndicators, bankers and public officials pertaining to trends influencing housing patterns in the state of Arizona. In 2009, GAR Associates was placed on Arizona’s Department of Housing approved list as a market analyst and was given some of the dynamic changes and variables impacting the economic climate in Arizona and its housing market. Attendance at the conference was instrumental in providing background for the upcoming 2010 funding round. Some of the information provided at various sessions included:

  • Discussion pertaining to the importance of preserving affordable rents/housing; preservation projects.
  • An overview of the much-anticipated Arizona State consolidated plan, which addresses housing needs and influences. The consolidated plan will be a 5-year plan running from 2010 to 2014 and it is anticipated that a draft will be issued prior to the end of 2009.
  • A summarization of various Arizona Department of Housing programs.
  • A summarization of bank and syndicator trends impacting deals and projects in Arizona; one critical note here is that they are currently underwriting to 15-20% vacancy based on current poor market conditions.

The forum also addressed some of the foreclosure issues that are currently occurring in Arizona and their impact on rents.

Clearly, there are many variables and influences that will impact the Arizona housing market over the next few years, and GAR Associates feels that attendance at the conference and some of the analysis of current trends will provide them with solid background for preparing market studies for the 2010 Arizona funding round.

Please contact M. Scott Allen at sallen@garappraisal.com if there are any questions or needs pertaining to studies in the state of Arizona.

 

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