A new joint report examines the growing preservation challenges facing the nation’s nearly five million federally assisted rental homes.
Washington, DC—The National Low Income Housing Coalition (NLIHC) and the Public and Affordable Housing Research Corporation (PAHRC) announced today the release of their joint report, Picture of Preservation 2021. The report characterizes the nearly five million homes that constitute the nation’s federally assisted housing stock, analyzes preservation risks these homes face, and identifies policy priorities to support their preservation.
The report estimates that 176,760 federally assisted homes could be lost from the affordable housing stock over the next five years if preservation efforts are not expanded. Other key findings are that most federally assisted homes with income and affordability restrictions expiring in the next five years are supported by the Low-Income Housing Tax Credit (LIHTC) or the Department of Housing and Urban Development’s (HUD’s) project-based Section 8 program; twenty-three percent of public housing homes and four percent of homes assisted by Project-based Section 8 failed their last HUD REAC physical inspections; and approximately 143,456 homes awarded LIHTC subsidies since 1990 lost their affordability restrictions early.
The report highlights the need for more financial resources and stronger preservation protections to ensure the continued affordability and physical quality of the federally assisted housing stock. Historic investments in deeply targeted federal programs and strengthened preservation policies in the LIHTC program are especially needed.
The current $3.5 trillion version of the “Build Back Better Act” that includes $327 billion in affordable housing and community development funding provides such critically important housing investments. The bill would provide $37 billion to the national Housing Trust Fund to build and preserve affordable 330,000 rental homes for households with the lowest incomes, $80 billion to the Public Housing Capital Fund to repair and rehab homes for over 2 million low-income residents, and $90 billion for new Housing Choices Vouchers to assist 1 million extremely-low income households pay their rents. The bill would also expand and improve the LIHTC program.
“Stable, accessible, affordable housing is the foundation upon which all other priorities rest,” said NLIHC President and CEO Diane Yentel. “Housing investments deeply targeted towards those with the greatest needs must be protected in the Build Back Better Act. Such investments at the levels currently proposed could end homelessness in the U.S. once and for all.”
“It is important to understand the risks affordable housing properties face so that providers can be prepared to protect their assets and keep their residents safe should disaster strike,” said PAHRC President and CEO Ed Malaspina. “This report is an excellent planning tool that can help preserve this essential resource for the people and communities it serves.”
Read “Picture of Preservation 2021” at: https://bit.ly/3pmkRB8
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About the National Low Income Housing Coalition
The National Low Income Housing Coalition is dedicated solely to achieving socially just public policy that ensures people with the lowest incomes in the United States have affordable and decent homes. NLIHC educates, organizes, and advocates to ensure decent, affordable housing for everyone. For more information about NLIHC, please visit www.nlihc.org.
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About the Public and Affordable Housing Research Corporation (PAHRC)
ThePublic and Affordable Housing Research Corporation delivers research, data, and tools to housing providers, policymakers, affordable housing advocates, and others who are working to help families achieve the benefits of an affordable home or increase the supply of affordable housing. Based in Cheshire, Connecticut, PAHRC is dedicated to building an evidence-based case for why affordable housing matters. For more information, visit https://www.pahrc.org.