Arizona's housing market...a glance

              2004-2005

ARIZONA'S HOUSING MARKET



...a glance



This report was prepared for distribution at the Governor's Affordable Housing Forum September 13-15, 2005



JANET NAPOLITANO GOVERNOR



SHEILA D. HARRIS, PH.D. DIRECTOR



Dear Reader, We are pleased to present you with an update of the Arizona housing market, as part of the 2005 Governor's Affordable Housing Forum. Housing price data outside of Maricopa and Pima counties is difficult to obtain, as there is not a central source that tracks such information on a yearly basis. The data contained in this document has been obtained from a myriad of sources, including national and local associations of Realtors®, U.S. Department of Housing and Urban Development, Arizona Department of Economic Security, Arizona Real Estate Center at Arizona State University, U.S Census Bureau, Office of Federal Housing and Enterprise Oversight, as well as data produced by the Arizona Department of Housing. The data in this report highlights the difficulties that persons working in various professions have in finding an affordable home in their community. Many organizations from around the state are working to assist families in finding affordable housing in our local communities. However, more needs to be done if we are to ensure that the escalating prices do not begin to impact the economic growth of our state. The purpose of the Governor's Affordable Housing Forum is to look at ways to address the growing problem of housing affordability. We trust that you will find this document, as well as the conference, beneficial. Sincerely,



Sheila D. Harris, Ph.D. Director, Arizona Department of Housing Executive Director, Arizona Housing Commission Executive Director, Arizona Housing Finance Authority



1700 WEST WASHINGTON   SUITE 210   PHOENIX, AZ 85007   602-771-1000   FAX 602-771-1002 T T Y 602-771-1001   WEBSITE www.housingaz.com Home of the Arizona Housing Finance Authority



ARIZONA'S HOUSING MARKET



...a glance

Housing that is affordable and available is becoming increasingly challenging as prices continue to escalate throughout Arizona. Low mortgage rates have been one of the major contributing factors in the strong housing market of the last few years. However, if increases in mortgage rates continue, the housing market will slow down. One certain affect is that mortgage rate increases will make affordable home buying and renting for households even more challenging. This analysis and the associated data tables demonstrate the widening gap between household income and the cost of housing. It also reveals that in recent years home prices have been increasing at a much faster rate than household income. Of course, the rate of increase and the magnitude of home prices vary substantially among Arizona towns and regions. The data also demonstrates that some workforce members, such as retail sales and restaurant workers, cannot afford to buy a house or rent an apartment anywhere in Arizona. Other working professionals such as police officers, firefighters, teachers and nurses can afford to rent an apartment in most areas of Arizona but cannot afford to buy a house in more than half of the communities in Arizona. Many of those who need housing assistance are those who work hard but cannot find an affordable place to live. At the state level, a worker must make a wage of over $26.67 per hour to afford the purchase of a home and $12.38 to rent. In the urban areas of the state, a worker must earn a wage of over $28.25 an hour to qualify to buy a home and $15.71 to rent. In the rural areas of our state, it takes an hourly wage of $9.51 to $63.26 to buy a home and $10.46 to $16.88 per hour to rent.



1



GENERAL TRENDS IN ARIZONA'S HOUSING MARKET



HOME PRICES vs. MEDIAN INCOME



Home prices in Arizona have been increasing faster than income:

The 1990 - 2000 Period (also see Table 5 in the Appendices) -- In 11 out of 15 Arizona counties, home values appreciation rates were higher than households' income. Statewide, housing values increased by 52.2% compared to a 47.5% increase in income. The greatest variations between home values and household income appreciation rates were reported in Gila (23.3%), Coconino (26.0%) and Apache Counties (85.6%).



-- --



The 2000 - 2003 Period (also see Table 5 in the Appendices) -- During this period, home values in Maricopa County increased by 21.2%, as compared to only a 1.9% increase in median household income. In Pima County housing values increased by 22.4% compared to a 2.9% increase in income. Statewide housing values increased by 20.5% while income increased by less than 1%. The same type of data is not available for rural Arizona counties. Even though estimates for the 2003-2005 period are not available from the Census sources, data from other sources reveal that housing price appreciation rates have been much higher than increases in the household median income since 2003.



-- -- -- --



2



GENERAL TRENDS IN ARIZONA'S HOUSING MARKET



According to the National Association of REALTORS®, home prices in Arizona have been steadily on the rise. From 2002 to 2005, the average home price for a resale home in Arizona increased by 58.1% During the same period, median income increased by only 27%.



Arizona Home Prices and Income

$250,000 $200,000 $150,000 $100,000 $50,000 $128,200 $51,900 $186,000 $149,000 $191,600



$52,700



$53,300



$53,300



$0 2002

Average Home Price Median Family Income



2003



2004



2005



Data Source: National Association of REALTORS® and U.S. Department of Housing and Urban Development



3



GENERAL TRENDS IN ARIZONA'S HOUSING MARKET HOW DOES ARIZONA'S HOUSING PRICE APPRECIATION COMPARE WITH OTHER STATES?



Based on the House Price Index (HPI) prepared by the Office of Federal Housing Enterprise Oversight (OFHEO), housing price appreciation in Arizona was the seventh highest nationally for the first quarter of 2004 to the first quarter of 2005:



STATE



ANNUAL PRICE INCREASE



RANKING



Nevada California Hawaii District of Columbia Florida Maryland Arizona New Mexico Utah Colorado U.S. Average



31.22% 25.42% 24.36% 22.21% 21.42% 20.97% 19.43% 9.43% 6.28% 4.75% 12.50%



1 2 3 4 5 6 7 25 35 47 -



4



Data Source: Office of Federal Housing Enterprise Oversight (OFHEO)



GENERAL TRENDS IN ARIZONA'S HOUSING MARKET



MEDIAN HOME PRICES 2004-2005

Median home prices in Arizona communities range from a relatively low price of $68,000 in Douglas to a very high price of $454,500 in the Sedona area. In general, home prices are much higher in urban areas, communities that are attractive to visitors, and those with a relatively higher percentage of seasonal, recreational, or occasional use homes.

RURAL AREAS WITH LOWER HOME PRICES

$140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0

u Do gla s



URBAN AREAS AND RURAL AREAS WITH HIGH AMENITIES AND TOURIST ATTRACTIONS

$500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0



k d e is d rd lle ce les an Lu an roo lidg rv i ffo en ga oo ge an loy low lobe AreaHolb lor Sa No S C E ns G F rin r Sp Wi rke Pa



tt w ta ity ea on on nix ide rea co Lo Ar cs ys Vis oe es uC fA es w Tu Pa ak na Ph as Pr taf rra ho S do av gs p-L Sie Se Fla eH eto ak Pin L



DATA SOURCE: Arizona Department of Housing and Arizona Department of Economic Security



5



RURAL AND URBAN GROWTH: 2001-2004 EMPLOYMENT and POPULATION GROWTH 2001-2004



Most of the economic growth in the state in terms of employment and population occurred in the urban areas of Arizona during the 2001-2004 period. Statewide, employment increased by 174,200 jobs during that period. Of the total increase 145,399 jobs (83%) was attributed to employment growth in the urban areas. The remaining 28,800 jobs (17%) went to the rural areas. One out of every three additions to total employment statewide occurred in the low wage industries. Workers in these industries on average do not make enough money to buy a house or rent an apartment. Examples of such industries include retail trade, leisure and hospitality, real estate rental and leasing, and other services (i.e., repair shops, barber shops). Population in the state increased by 513,790 persons during the 2001-2004 period. More than two-thirds (76% or 392,650 persons) became residents of either Maricopa County or Pima County, both urban counties. The remaining 24% (121,140 persons) chose to live in one of the 13 rural counties of Arizona. The following charts illustrate that the share of employment growth in rural counties (17%) has been smaller than their population growth share (24%). It is very likely that limited employment opportunities in the rural counties are a contributing factor to this variation.



24% or 121,140 additional people Rural Urban



17% or 28,800 additional jobs



76% or 392,650 additional people



83% or 145,399 additional jobs



Population Growth



Employment Growth



8



DATA SOURCE: Arizona Department of Housing and Arizona Department of Economic Security



APPENDICES



TABLE 1 Housing Affordability for Homebuyers and Renters for Common Occupations in Selected Arizona Communities



City/Town Bullhead City Casa Grande Coolidge Douglas Eloy Flagstaff Florence Globe Holbrook Kingman Lake Havasu City Nogales Parker Payson Phoenix - Resale Phoenix - New Pinetop-Lakeside Prescott Safford San Luis Sedona Show Low Sierra Vista Springerville Tucson* Winslow Yuma Arizona



County Mohave Pinal Pinal Cochise Pinal Coconino Pinal Gila Navajo Mohave Mohave Santa Cruz La Paz Gila Maricopa Maricopa Navajo Yavapai Graham Yuma Yavapai/ Coconino Navajo Cochise Apache Pima Navajo Yuma



Median Home Price* $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 123,000 140,947 119,000 68,333 80,000 252,000 109,450 81,200 85,000 127,000 264,000 110,250 81,000 163,000 203,000 218,195 205,000 186,000 90,000 115,000 454,500 140,000 153,902 95,999 190,000 80,000 124,900 191,600



Hourly Wage Needed to Buy $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17.12 19.62 16.56 9.51 11.13 35.07 15.23 11.29 11.83 17.68 36.74 15.34 11.27 22.69 28.25 30.37 28.53 25.89 12.53 16.01 63.26 19.49 21.42 13.36 26.44 11.13 17.38 26.67 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $



2 Bdrm Aptmt Monthly Rent** 673 770 770 577 770 878 770 667 570 673 673 603 609 667 817 817 570 696 544 650 696 570 577 537 673 570 650 644



Hourly Wage Needed to Rent $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 12.94 14.81 14.81 11.10 14.81 16.88 14.81 12.83 10.96 12.94 12.94 11.60 11.71 12.83 15.71 15.71 10.96 13.38 10.46 12.50 13.38 10.96 11.10 10.33 12.94 10.96 12.50 12.38



HOURLY WAGES Police Officer Teacher Retail Worker



Nurse $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 15.10 16.48 16.48 15.49 16.48 15.38 16.48 17.07 14.90 15.10 15.10 15.38 15.38 17.07 17.89 17.89 14.90 17.58 15.38 15.49 17.58 14.90 15.49 15.77 16.91 14.90 15.49 17.27



Total All



Firefighter Waitperson Occupations $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 15.61 13.03 13.03 15.10 13.03 13.76 13.03 11.49 11.54 15.61 15.61 11.54 11.54 11.49 20.94 20.94 11.54 12.20 11.54 13.17 12.20 11.54 15.10 11.54 16.65 11.54 13.17 17.51 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 6.21 6.37 6.37 6.21 6.37 6.45 6.37 6.38 6.31 6.21 6.21 6.25 6.82 6.38 6.34 6.34 6.31 6.58 7.76 6.22 6.58 6.31 6.21 6.35 6.31 6.31 6.22 6.34 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 11.15 12.37 12.37 11.66 12.37 11.04 12.37 11.57 11.61 11.15 11.15 10.92 9.87 11.57 13.26 13.26 11.61 13.28 10.80 9.81 13.28 11.61 11.66 12.12 12.62 11.61 9.81 12.85



$ 17.52 $ 17.87 $ 17.87 $ 21.88 $ 17.87 $ 17.08 $ 17.87 $ 17.25 $ 16.26 $ 17.52 $ 17.52 $ 15.87 $ 15.87 $ 17.25 $ 23.00 $ 23.00 $ 16.26 $ 17.55 $ 15.87 $ 18.82 $ 17.55 $ 16.26 $ 21.88 $ 15.87 $ 21.88 $ 16.26 $ 18.82 $ 22.08



$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $



15.87 15.54 15.54 15.33 15.54 15.13 15.54 15.60 16.54 15.87 15.87 15.38 15.38 15.60 15.86 15.86 16.54 16.02 15.38 16.14 16.02 16.54 15.33 16.30 18.24 16.54 16.14 16.21



$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $



10.15 8.35 8.35 8.02 8.35 8.06 8.35 7.23 9.63 10.15 10.15 7.48 10.15 7.23 9.41 9.41 9.63 8.68 7.21 8.34 8.68 9.63 8.02 6.64 8.60 9.63 8.34 9.09



-



Affordability Calculation Assumptions: 30% of income is allocated to housing. For buying a house additional assumptions included 5% down payment, 6% interest rate at 30-years fixed, plus allocation of 21% of the monthly payments to property taxes, insurance and other costs such as PMI. * Most home prices are median, but a few are average prices. Some prices are for 2005, others are for 2004. ** Apartment Rents - HUD's 2005 Fair Market Rents. Rents shown are for 2-bedroom unit.



Can afford to buy or rent.

Data Source: Arizona Department of Housing, Arizona Department of Economic Security, U.S. Department of Housing and Urban Development, Arizona Real Estate Research Center at ASU, various local real estate associations, and local governments.



Can afford to only rent. Cannot afford to buy or rent. 9



APPENDICES



TABLE 2 Employment Growth and Housing Affordability by Industry ARIZONA



Industry

Mining Construction Manufacturing Transportation, Warehousing and Utilities W holesale Trade Retail Trade (Retail Store Workers) Information (Publishing, motion pictures and videos, radio and TV stations and telecommunications) Educational Services (Businesses that provide educational services to schools, colleges and univrsities plus specialized schools, i.e., computer training, language schools, flight training and cosmetology) Health Care and Social Assistance Leisure and Hospitality Finance and Insurance Real Estate Rental and Leasing Professional and Business Services (Legal services, management services, computer services, accounting services, engineering services, payroll services) Other Services (Auto repair shops, barber shops, other repair shops) Government - Federal, State and Local (All government employees including teachers, police) Total Employment



Employment Employment 2001 2004



Employment Employment Change Change 2001-2004 2001-2004 Percent Numbers



Median Hourly Wages Statewide 2004



Can Afford to Buy MedianPriced House



Can Afford to Rent 2Bdrm Apartment



9,600 173,600 201,700 76,600 95,900 268,100 53,900



9,000 200,900 176,300 77,700 96,500 300,900 45,900



-600 27,300 -25,400 1,100 600 32,800 -8,000



-6.3% 15.7% -12.6% 1.4% 0.6% 12.2%



$ $ $ $ $ $



18.99 14.34 16.34 16.55 15.30 10.27



No No No No No No No



Yes Yes Yes Yes Yes No Yes



-14.8% $ 17.13



28,300 191,600 230,000 109,300 44,100



41,200 229,100 250,400 120,500 45,000



12,900 37,500 20,400 11,200 900



45.6% $ 14.64 19.6% 8.9% 10.2% 2.0% $ 13.29 $ 9.12 $ 16.11 $ 11.82



No No No No No



Yes Yes No Yes No



319,900 84,700 377,800 2,265,100



342,500 89,100 414,300 2,439,300



22,600 4,400 36,500 174,200



7.1% $ 19.23 5.2% $ 10.15 9.7% $ 16.67 7.7% $ 12.85



No No No No



Yes No Yes Yes



10



Data Source: Arizona Department of Housing and Arizona Department of Economic Security.



APPENDICES



TABLE 3 Employment Growth And Housing Affordability by Industry URBAN ARIZONA



Industry

Mining Construction Manufacturing Transportation, Warehousing and Utilities Wholesale Trade Retail Trade (Retail store workers) Information (Publishing, motion pictures and videos, radio and T V stations and telecommunications) Educational Services (Businesses that provide educational services to schools, colleges and univrsities plus specialized schools, i.e., computer training, language schools, flight training and cosmetology) Health Care and Social Assistance Leisure and Hospitality Finance and Insurance Real Estate Rental and Leasing Professional and Business Services (Legal services, management services, computer services, accounting services, engineering services, payroll services) Other Services (Auto repair shops, barber shops, other repair shops) Government - Federal, State and Local (All government employees including teachers, police) Total Employment



Urban Employment 2001



Urban Urban Urban Employment Employment Employment Change Change 2004 2001-2004 2001-2004 Numbers Percent



Median Hourly Wages Maricopa County (Urban Arizona)



Can Afford to Buy Median Priced Home



Can Afford to Rent 2 Bdrm Apartment



4,200 151,000 186,200 67,800 87,000 224,900 49,300



3,700 173,900 158,400 69,000 87,300 251,200 41,500



-500 22,900 -27,800 1,200 300 26,300 -7,800



-11.9% 15.2% -14.9% 1.8% 0.3% 11.7% -15.8%



$ $ $ $ $ $



17.18 14.94 16.59 16.74 16.03 10.65



No No No No No No No



Yes No Yes Yes Yes No Yes



$ 17.51



19,500 166,000 190,700 110,900 33,200 300,600 73,500 280,200 1,945,000



30,400 198,799 207,900 123,100 34,500 319,600 78,900 312,200 2,090,399



10,900 32,799 17,200 12,200 1,300 19,000 5,400 32,000 145,399



55.9% $ 14.98 19.8% 9.0% 11.0% 3.9% $ 13.80 $ 9.18 $ 16.59 $ 12.72



No No No No No No No No -



No No No Yes No Yes No Yes -



6.3% $ 19.85 7.3% $ 10.35 11.4% 7.5% $ 18.11 -



Note: Maricopa County hourly wages by industry data was used as a substitute for the same category of data in the urban areas of Arizona.



Data Source: Arizona Department of Housing and Arizona Department of Economic Security.



11



APPENDICES



TABLE 4 Employment Growth and Housing Affordability by Industry RURAL ARIZONA



Industry

Mining Construction Manufacturing Transportation, Warehousing and Utilities Wholesale Trade Retail Trade (Retail store workers) Information (Publishing, motion pictures and videos, radio and TV stations and telecommunications) Educational Services (Businesses that provide educational services to schools, colleges and universities plus specialized schools, i.e., computer training, language schools, flight training, cosmetology) Health Care and Social Assistance Leisure and Hospitality Finance, Insurance, Real Estate Rental and Leasing Professional and Business Services (Legal services, management services, computers services, accounting services, engineering services, payroll services) Other Services (Auto repair shops, barber shops, other repair shops) Government - Federal, State and Local (All government employees including teachers, police) Total Employment



Median Hourly Rural Rural Wages Rural Rural Employment Employment Mohave Employment Employment Change Change County (for 2001 2004 2001-2004 2001-2004 Rural Numbers Percent Arizona) 2004



Can Afford to Buy MedianPriced House (Kingman)



Can Afford to Rent 2 Bdrm Apartment (Mohave County)



5,400 22,600 15,500 8,800 8,900 43,200 4,600



5,300 27,000 17,900 8,700 9,200 49,700 4,400



-100 4,400 2,400 -100 300 6,500 -200



-1.9% 19.5% 15.5% -1.1% 3.4% 15.0% -4.3%



$ $ $ $ $ $



14.74 12.88 11.82 14.60 12.05 10.03



No No No No No No No



Yes Yes No Yes No No Yes



$ 13.07



8,800 25,600 39,300 9,300 19,300



10,800 30,301 42,500 7,900 22,900



2,000 4,701 3,200 -1,400 3,600



22.7%



$ 13.74



No No No No No



Yes No No No Yes



18.4% $ 12.74 8.1% $ 7.98 -15.1% $ 12.02 18.7% $ 15.70



11,200 97,600 320,100



10,200 102,100 348,901



-1,000 4,500 28,801



-8.9%



$



8.67



No No -



No Yes -



4.6% $ 14.00 9.0% -



Note: Mohave County hourly wages by industry data was used as a substitute for the same category of data in the rural areas of Arizona.



12



Data Source: Arizona Department of Housing and Arizona Department of Economic Security.



APPENDICES



TABLE 5 Median Home Values and Household Income by Arizona Counties for Years 1990 through 2000 and 2000 through 2003



Median Home Value

% Increase 19902000 % Increase 20002003



Median Household Income

% Increase 19902000 % Increase 20002003



Home Values Increased Faster Than Income 1990-2000



Home Values Increased Faster Than Income 2000-2003



County

Apache Cochise Coconino Gila Graham Greenlee La Paz Maricopa Mohave Navajo Pima Pinal Santa Cruz Yavapai Yuma State of Arizona



1990 $ 16,600 $ 59,700 $ 82,600 $ 58,600 $ 50,300 $ 40,700 $ 56,800 $ 84,700 $ 74,900 $ 51,500 $ 76,500 $ 53,400 $ 71,500 $ 85,300 $ 63,700 $ 79,700



2000 $ 41,700 $ 88,200 $ 142,500 $ 100,100 $ 80,900 $ 62,700 $ 86,500 $ 129,200 $ 95,300 $ 77,000 $ 114,600 $ 93,900 $ 94,700 $ 138,000 $ 85,100 $ 121,300



2003



1990 $ 14,100 $ 22,425 $ 26,112 $ 20,964 $ 18,455 $ 27,491 $ 16,555 $ 30,797 $ 24,002 $ 19,452 $ 25,401 $ 21,301 $ 22,066 $ 22,060 $ 23,635 $ 27,540



2000



2003



% 85.6% 4.6% 26.0% 23.3% 0.1% 10.8% -3.8% 5.3% -4.1% 2.6% 5.1% 7.5% -2.2% 3.6% -2.6% 4.9%



%



$ 156,623



$ 140,232



151.2% 47.7% 72.5% 70.8% 60.8% 54.1% 52.3% 52.5% 27.2% 49.5% 49.8% 75.8% 32.4% 61.8% 33.6% 52.2%



21.2%



22.4%



$ 23,344 $ 32,105 $ 38,256 $ 30,917 $ 29,668 $ 39,384 $ 25,839 $ 45,358 $ 46,216 $ 31,521 $ 28,569 $ 36,758 $ 37,818 $ 35,856 $ 29,710 $ 34,901 $ 32,182 $ 40,558 $ 40,762



65.6% 43.2% 46.5% 47.5% 60.8% 43.3% 56.1% 47.3% 31.3% 46.9% 44.7% 68.3% 34.6% 58.2% 36.2% 47.3%



1.9%



19.3%



2.9%



19.5%



$ 146,124



20.5%



0.5%



20.0%



Note: The American Community Survey data was available only for Arizona, Maricopa County and Pima County and was used for the 2003 median household income numbers. For Maricopa County, the upper bound estimate was used; for Pima County and Arizona the mid-point estimates were selected.



Data Source: Arizona Department of Housing and U.S. Census Bureau - 1990 and 2000 Censuses.



13



2005 GOVERNOR'S AFFORDABLE HOUSING FORUM SPONSORS



Ak-Chin Indian Community Arizona Realtors® Housing Needs Foundation Boston Capital Foundation for Senior Living RBC Dain Rauscher Ruiz Investment Group, LLC



SOURCES

Arizona Department of Housing Arizona Department of Economic Security Arizona Real Estate Research Center at ASU National Association of Homebuilders National Association of REALTORS® Office of Federal Housing Enterprise Oversight U.S. Census Bureau U.S. Department of Housing and Urban Development



Arizona Department of Housing

1700 W. Washington, Suite 210 Phoenix, AZ 85007 (602) 771-1000 www.housingaz.com



Title II of the Americans with Disabilities Act prohibits discrimination on the basis of disability in the programs of a public agency. Individuals with disabilities who need the information contained in this publication in an alternate format may contact the Arizona Department of Housing at (602) 771-1000 or our TDD number (602) 771-1001 to make their needs known. Requests should be made as soon as possible to allow sufficient time to arrange for the accommodation.



The goal of the Arizona Department of Housing is to alleviate many of the issues raised in this document through strategic public investment and technical assistance. If you would like additional information, please contact: Dr. Sheila Harris, Director Jeff Gray, Community and Government Relations Administrator (602) 771-1011 jeffg@housingaz.com



8/2005