Report Highlights Preservation Risks Facing Affordable Housing
Nearly 300,000 affordable units could be lost in the next five years, according to a joint report recently released by the National Low Income Housing Coalition (NLIHC) and the Public and Affordable Housing Research Corporation (PAHRC). “2020 Picture of Preservation” says that although federally assisted affordable housing provides stability for 4.9 million low-income renter households, the need for affordable rental homes still far outweighs the supply.
Fewer than four affordable rental homes are available to every 10 extremely low-income renter households, leaving a national shortage or seven million affordable rental homes. This shortage could increase as exit, depreciation, and appropriation risk continue to threaten the existing supply of federally assisted rental housing.
The report points out that preserving and expanding the nation’s federally assisted housing stock will require adequately funding affordable housing programs, adopting policies that support long-term affordability, developing local preservation strategies, and boosting capacity for affordable housing preservation. The report calls for increased federal investment in programs that preserve existing affordable housing, including an expansion of the low-income housing tax credit.
The report, along with interactive maps of expiring properties, can be found here.