AARP Report Highlights Importance of LIHTC for Elderly Population
The American Association of Retired Persons (AARP) Public Policy Institute recently released a report highlighting the importance of LIHTC sites for the elderly population. The report finds that 30 percent of housing cost-burdened households are ages 62 and older. According to the report, as a result of low incomes and high costs for housing, there is demand for affordable housing among older renters. Approximately 16 percent of LIHTC properties are intended primarily for older persons, a limited supply of LIHTC units to meet demand. Consequently, older persons may encounter long waiting lists and low vacancy rates for LIHTC units.
In addressing the increasing need for affordable rental housing for older adults, who overwhelmingly prefer to age and receive services in the community, the report suggests that Congress modify the LIHTC to provide greater flexibility in the development of housing projects with supportive services and incentives that encourage the creation of affordable housing in neighborhoods located near transit and other important amenities.
Specifically, the report calls upon Congress to increase the annual allocation to meet the need for affordable rental housing. The allocation should be sufficiently increased to create a net growth in affordable housing units from LIHTC and preservation efforts. Also, it calls on states to make structural modifications in the LIHTC program by incorporating meaningful requirements that address housing accessibility within Qualified Allocation Plans.