Preservation Tag Archives

NLIHC, PAHRC Update National Housing Preservation Database

The National Low Income Housing Coalition (NLIHC) and Public and Affordable Housing Research Corporation (PAHRC) updated its National Housing Preservation Database with new data for properties assisted by Section 8 Project-Based Rental Assistance, LIHTCs, Public Housing, HUD-insured mortgages, Section 202 Direct Loans, Section 515 mortgages, Section 538 Guaranteed Loans, fair market rent and Real Estate Assessment Center scores.

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What is the risk that LIHTC Properties in Massachusetts will convert to Market?

The Community Economic Development Assistance Corporation released a report, which explores the risk that LIHTC-financed properties in Massachusetts will convert to market-rate housing at Year 30. Roughly 86 percent of the 15,679 LIHTC units approaching year-30 are subject to some form of longer-term affordability restriction and will not be at risk for market conversion before December 31, 2030.

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NLIHC and PAHRC Release Updated National Housing Preservation Database

The National Low Income Housing Coalition and Public and Affordable Housing Research Corporation released an updated version of the National Housing Preservation Database for 2019. The database includes updated data on Section 515, Section 8, HOME, REAC and Section 202 direct loan usage across the country. In addition, LIHTC properties now have end dates to track when affordability restrictions end.

California Housing Partnership Releases Affordable Rental Homes At-Risk Assessment

The California Housing Partnership annually assesses the historical loss and conversion risk of federally- and state-subsidized affordable rental properties. Its 2019 analysis found that between 1997 and 2018, California lost 15,044 affordable rental homes, one in four of which were financed with LIHTCs, and another 34,554 affordable rental homes are at risk of conversion.

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Report Calls for 44,000 Affordable Homes in King County, WA by 2024

The King County Council in Washington state accepted a report from Regional Affordable Housing Task Force, which calls for building or preserving at least 44,000 affordable housing units by 2024, focusing on households earning up to 50 percent of the area median income. The report explains that to meet the current demand for affordable housing the county needs 156,000 more affordable homes today and an additional 88,000 by 2040. The report directs the municipalities to look at revenue authority that is already established to fund affordable housing and charts a five-year plan to build or preserve at least 44,000 affordable housing units.

NLIHC Publishes Report on Year 30 LIHTC Properties

The National Low Income Housing Coalition and the Public and Affordable Housing Research Corporation have published the new report “Balancing Priorities: Preservation and Neighborhood Opportunity in the Low-Income Housing Tax Credit Program Beyond Year 30.”  The report looks at preservation challenges relating to LIHTC properties as they reach the end of their initial use restrictions.  “By 2030, nearly half a million current LIHTC units, or nearly a quarter of the total stock will reach the end of all federally mandated rent-affordability and income restrictions. Some of these units will be lost from the affordable housing supply as they convert to market-rate rents. Others may be lost to physical deterioration unless new capital investment is available for rehabilitation and renovation. This report sheds light on these preservation challenges with an examination of the neighborhood characteristics of these LIHTC units and a discussion of how scarce resources for affordable housing lead to a dilemma between the priorities of preserving affordable housing and promoting mobility for low-income families to higher-opportunity neighborhoods. The report addresses this dilemma by offering a broader vision for a housing safety net.”

The report is based on data from the National Housing Preservation Database (NHPD) and other sources. The NHPD is a national database of federally assisted rental housing, which includes properties subsidized through HUD, USDA, and LIHTC. The NHPD gives stakeholders information on when and where affordability restrictions will expire. To learn more about the database, go to https://preservationdatabase.org/about-the-database/.