NHPD Data Indicates Loss of Affordable Housing Units in the Next Five Years
According to data recently released, the National Housing Preservation Database (NHPD) shows that 488,332 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 LIHTCs. 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.
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.