“500,000 federally-assisted apartments or rental homes will reach the end of their current subsidy contracts and affordability restrictions for low-income families in the next five years”
Cheshire, Connecticut (PRWEB)
September 25, 2017
New data released today in the National Housing Preservation Database (NHPD) shows that nearly 500,000 federally-assisted apartments or rental homes will reach the end of their current subsidy contracts and affordability restrictions for low-income families in the next five years. Nearly one in four of these units are funded by Low Income Housing Tax Credits (LIHTC). Previous experience suggests that as many as 8% (or 39,066) of these units could be permanently lost from the publicly-assisted and affordable housing stock, because their current owners could opt for the private market. President Trump’s proposed budget cuts to rental programs managed by the US Department of Housing and Urban Development (HUD) could potentially result in even more rental homes being lost due to insufficient funding.
The NHPD supports affordable housing preservation efforts by giving users the information they need to create strong plans for the preservation of publicly-assisted housing. Recently updated, the database allows users to estimate the size of the affordable housing stock in local areas and identify properties at risk of leaving the publicly-assisted housing stock, and develop preservation strategies.
Failing to preserve our nation’s publicly-assisted affordable housing stock will further hurt the nation’s lowest-income families at a time of unprecedented need. According to research by the National Low Income Housing Coalition (NLIHC), the nation already has a shortage of 7.4 million homes for extremely low-income renters. Failing to preserve the publicly-assisted affordable housing stock will also cost more money in the long-run. The Public and Affordable Housing Research Corporation (PAHRC) recently noted that the cost to rebuild and maintain these lost homes would be $6.4 billion over 50 years, compared to $4.8 billion to preserve and maintain the already-existing homes for 50 years.
NLIHC’s CEO and President, Diane Yentel, noted that “we cannot afford to…