What about rental affordability?

The Hill  By Mark Dellonte

Declining housing affordability has received a lot of attention over the past few years, and deservedly so. We’ve seen rising home prices across the country continue to chip away at Americans’ ability to buy their own homes. Declining housing affordability has taken center stage in the national debate over whether it’s a wise move to unwind Fannie Mae and Freddie Mac, the government-sponsored enterprises that back 90 percent of U.S. mortgages.

But while this challenge is well understood, declining rental affordability hasn’t been as much of a hot-button issue. By 2020, more than one million apartment projects backed by low-income housing tax credits (LIHTCs) will come to the end of their compliance periods, making them eligible for a return to market-rate rents. This “LIHTC Ledge” threatens to exacerbate what is already a tenuous situation for the growing tide of renters who can’t find affordable accommodations.

Make no mistake about it: America is becoming a nation of renters.  Since the depths of the recession, millions of Americans have lost their homes to foreclosure, and positive public sentiment toward home ownership is decidedly weakening: More than half of the 1,433 adults surveyed on behalf of the MacArthur Foundation last year believe that buying has become less appealing, while an almost equal share said that renting has become more attractive.

The housing sector is beginning to take its cue from such sentiments. In 2013, one in three of the nearly 1 million new residential housing units was a rental in a multifamily building, the highest share since the U.S. Census began tracking such data in the mid-1970s. Continue Reading on The Hill

Source: The Hill

Related Posts

Lutz Care & Rehabilitation Center January 11 111 2011
Village at West Point February 21 221 2011
New MAP Guide Released September 15 915 2011
Recent HUD News September 20 920 2011
NuVista Care January 11 111 2012
RiNo.jpg RiNo Center Apartments January 11 111 2012
Certainty Of Execution March 2 302 2012
Manchester Oaks Apartments March 5 305 2012
Dealmaker of the Day March 8 308 2012
Dealmaker of the Day March 8 308 2012
Dealmaker of the Day March 8 308 2012
Dealmaker of the Day March 8 308 2012
Dealmaker of the Day March 8 308 2012
Dealmaker of the Day March 8 308 2012
Dealmaker of the Day March 8 308 2012
Dealmaker of the Day March 8 308 2012
Making Headway July 18 718 2012
Canyon Bluffs Apartments July 21 721 2012
Viera Manor ALF September 15 915 2012
Ohio Housing Conference October 24 1024 2013
New MAP Guide Changes February 1 201 2016
HUD Construction Financing March 18 318 2016
VAHCDO Annual Conference March 19 319 2016
New LEAN Handbook May 23 523 2016
ahf-faq-5-copy_26562408-1.png Affordable Housing Finance FAQ January 11 111 2018
Top 5 Reasons We Love HUD January 31 131 2018
NIB_HUDUpdates.png News in Brief: HUD Updates June 12 612 2018
extra mile We Go the Extra Mile June 14 614 2018