An analysis by Freddie Mac provides further evidence that the supply of affordable housing for low income renters is declining. The analysis examined the affordability of rental properties that Freddie Mac financed twice between 2010 and 2016. These properties accounted for more than 97,000 housing units, of which 11% were affordable to very low income (VLI) renters with incomes at or below 50% of the area median income at the time of their first financing. At the time of their second financing, only 4.3% of the units were affordable to VLI renters.
The report also looked at the affordability of all properties financed by Freddie Mac Multifamily between 2010 and 2016. Comparing the units’ rents adjusted by third-party rent-growth data to changes in the VLI income threshold over time, the analysis found that of 17,510 rental units affordable to VLI renters in 2010, only 3,894 were still affordable to VLI renters in 2016.
Freddie Mac’s Rental Affordability is Worsening is available at: http://bit.ly/2iQcptz