Report Lists Cities with Biggest Shortage of LIHTC Apartments
A recent report from MPF Research, the intelligence arm of RealPage, has found that Phoenix has the greatest mismatch between needy households and housing credits units. According to the data, Phoenix has just 6.08 housing credit units per 100 low-income households, ranking it the lowest out of the top 50 apartment markets studied by the firm. Phoenix was followed by Pittsburgh (6.13) and Syracuse, N.Y., (6.27).
On the other side, LIHTC units were the most prevalent in Richmond, Va., where there are 22 housing credit units for every 100 low-income households, according to the researcher. Kansas City was next with 21.68 units followed by Virginia Beach/Norfolk, Va., with 21.05 units.
However, in every single metro, designated affordable housing units still fell well short of the needed volume, according MPF Research. Although LIHTC apartments can serve households earning up to 60 percent of the area median income (AMI), they often target individuals and families earning less. The new study focuses on the neediest households, those earning no more than 30 percent of the AMI. “Looking at the lists, no clear trends emerge that indicate why designated affordable housing is scarcer in some areas than in others,” says the report.