The Low Income Historic Housing Rehabilitation Program was created to encourage the repair and rehabilitation of historic residential properties providing housing opportunities for persons and families with low-incomes. The program funds critical building maintenance; structural stabilization work; repair and rehabilitation of historic exterior features such as roofs, walls, windows and doors.

All projects are required to meet city historic preservation guidelines, as well as the Secretary of the Interior’s Standards for the Treatment of Historic Properties. The city will pay 70 percent for eligible work when the 30 percent match is paid by a non-profit organization and for projects where matching funds are provided by an outside agency or other city assistance program. The city pays 80 percent for eligible exterior rehabilitation work on projects where individual grant recipients do not receive funding assistance from a non-profit organization, another agency or assistance program to cover the remaining costs.

The minimum request the city will consider is $3,000 and the maximum funding amount is $30,000. In exchange for receiving funding assistance, owners convey a conservation easement to the city for a period of 15 to 20 years depending on the funding amount.

If you are interested in obtaining the complete application packet about the housing rehabilitation program, which includes the application, program guide and preservation philosophy, call 602-261-8699 or download the packet items from the City of Phoenix website here.

If you need help finding a property that you can fix up and make your own using this grant, give us a call at 602-456-9388.

Here’s your Green Cleaning Tip for August 2017 from Going GreenHouse. Their focus is often on green cleaning products and how to green-ify your home. However, it is important not to forget one important element to cleaning… YOUR LAUNDRY! So, people have been using these laundry detergents for years- is it really THAT big of a deal?  Well, let’s look a little deeper and let you decide for yourself…

Regular detergents contain chorine, phosphates, and other artificial additives that are dangerous to human health. Not to mention, the synthetic dyes and perfumes that can be harsh on your skin and cause allergic reactions and skin outbreaks. Chemicals found in conventional laundry detergent emit fumes that are constantly inhaled throughout the day. Breathing in chemical fumes, even at minute concentrations, may have damaging consequences on endocrinological and neurological health.

Further, we need to halt the damaging effects of phosphate– a common chemical added to detergent for its ability to enable the cleaning components of detergent to act, by preventing interference by the “hardness” of water (mineral ions). This chemical has done significant damage to our environment in last 40 years, mostly due to the poisonous effects on fish and the environment.

Enough with the “problems” what about a “solution”?

Here is where you do your part… for your sake, your family’s sake, and the environment’s sake, let’s make a change. What if we stayed free and clear of these harmful ingredients and switched to a more natural option? You can find natural/organic detergents at just about any grocery store these days, but if you are looking for a more resourceful option, try making your own at home. We even have a recipe for you!

Natural Laundry Soap:

1. One bar of Dr. Bronner’s Pure Castille Bar Soap (try lavender, tea tree, or peppermint)- grate in a food processor until finely ground
2. In a large bowl, mix 1 cup washing soda (find in the laundry section of your local store), 1 cup Borax, and 1 bar grated soap
3. Store in a closed container (like a 1 quart or half gallon mason jar).
4. Use 2 tablespoons to ¼ cup per load of laundry.

If your loads of laundry need an extra boost, try these helpful tips:

•  – Remove musty odors from fabrics by adding ¼ cup white vinegar to the wash cycle
• – Revive dingy whites by adding about ½ cup of baking soda 0r ¼ cup white vinegar to each load
• – Soften clothes by adding distilled white vinegar during the rinse cycle (try sing a fabric softener ball for easy dispensing)
• – Pre-treat stubborn organic stains, such as yellow caused by sweat, with a paste of baking soda and water before washing

For the August 2017 Market Update, we are turning to look at the role of rentals on the sales market, with the help of Tina at the Cromford Report.

For those of you who own rental property, or who are deciding what to do with your rental property, this month’s analysis is particularly relevant.

Here’s the Cromford take on the August 2017 Market Update.

For Buyers:
Good news for buyers, listings for sale between $150K and $300K stopped declining over the past 4 weeks.  This is good news because as the summer progresses, there are fewer buyers to compete with in the marketplace which offers a seasonal relief for those still willing to brave high temperatures and scalding door knobs to view homes.  Supply is still extremely low, but this slight improvement gives as much relief as a hot breeze on a July afternoon.  It’s not much, but it’s something.  Meanwhile, luxury buyers may notice fewer properties to look at this summer as demand was higher during the Spring season and overall inventory has been dropping due to a higher number of closings and seasonal cancellations/expirations.  Expect inventory in price ranges above $500K to continue declining seasonally until settling into a stagnant level in August and early-September.

For Sellers:
There has been a lot of talk about the increased production of luxury apartments and what impact they will have on the residential real estate market.  One segment that is starting to see their influence is apartment-style condominium rentals leased through the Arizona Regional MLS.  While rents on single family homes and townhouses continue to rise, successful leases of apartment-style condominiums have dropped 11% in average rates from a high of $1.26/sf in January 2017 to $1.12/sf by June. The drop is consistent across all lease price ranges for this type of rental and is not seasonal.  Areas that have been particularly affected are Tempe, Old Town Scottsdale and the Central Corridor including Downtown Phoenix.  Considering the lack of supply for sale in affordable price ranges and the added competition from brand new apartment complexes, this may be a good time for landlords of apartment-style rentals to consider selling if they’re unwilling or unable to reduce their rental rate.

Commentary written by Tina Tamboer, Senior Real Estate Analyst with The Cromford Report
©2017 Cromford Associates LLC and Tamboer Consulting LLC 

What we’ve seen for the August 2017 Market Update anecdotally may seem to contradict this analysis.

We had clients who purchased an affordable condo at about $90,000 in CenPho. We closed very quickly (three weeks) and, since the property was vacant, prepared them with resources to get ready to rent the property as soon as they closed. They advertised the condo for rent and had about 8 possible renters within days. They interviewed, chose and the new tenant moved in this week.

In other words, they were clamoring for an affordable rental.

The reason this does not contradict Tina’s analysis may have to do with price point. The new build apartment complexes that she is referring to are often renting much higher than a 40-year old condo. We have often felt that the new rentals are priced too high for the market, and I think that is why the rental rates for the new properties have dropped. As we’ve said before, the apartments are over-built.

That will probably continue to depress rental rates. If you own an older property, however, you are probably right where the rental rates need to be.

So, if you are thinking of purchasing a rental property, now may be the time. Give us a call at 602-456-9388 and we’ll help.