Released on October 21, the joint National Low Income Housing Coalition (NLIHC) and the Public Affordable Housing Research Corporation (PAHRC) report 2021 Picture of Preservation estimates that more than 175,000 federally assisted homes could be lost from the nation’s affordable housing stock during the next five years without expansion of preservation efforts.
Using data from the National Housing Preservation Database (NHPD), this report focuses on the challenges of preserving the federally assisted housing stock in the face of the national affordability crisis and chronic underfunding of housing programs. The report summarizes:
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Nearly five million rental homes were supported by project-based assistance in 2020, which represented 10% of the US rental housing stock.
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For-profit organizations owned half of federally-assisted rental homes in 2020.
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Affordability and income restrictions are set to expire for 312,446 (6%) federally-assisted rental homes by the end of 2025. Most these homes are supported by the Low-Income Housing Tax Credit (LIHTC) (44%) or project-based Section 8 (42%).
Analysts summarize that preservation efforts must (1) provide critical funding for preservation and gap financing for new construction and (2) federal policies must be strengthened to protect affordable housing stock.
Click here to review the full report.